Getting married In 2026? Make a life insurance plan

Thinking about insurance is probably the last thing you’ll be thinking about when you’re getting ready to say ‘I do’, however looking after one another is absolutely fundamental to what marriage is all about.

During those carefree days of being single, it’s likely that nobody was reliant on you for financial support. After you get married, this changes as most spouses rely on each other to contribute together as a household - to fund a lifestyle and any children you plan to (or already do) have.

Why do married couples need life insurance?

As newly-weds, having life insurance in place is certainly something you should consider.

You both need to consider a policy that will keep the other financially afloat if one of you were to pass away. It’s an uncomfortable thought, but nobody knows what the future holds.

When it comes to buying life insurance, the younger you are, the less expensive it will generally be. This means there’s usually no better time than now to arrange life insurance cover, however it’s important to understand the range of options and products available to you and your partner.

A payout from a life insurance policy can be used to cover funeral costs, mortgage (or rent) and any other household bills and debts. It could also be used towards childcare and, eventually, school or university fees for any offspring. It may also be used to leave a legacy to the people who mean the most to you.

The good news is that the type of insurance you want, the amount you want to secure and the premiums you’re willing to pay are entirely up to you, and can be surprisingly affordable. This makes life insurance accessible to virtually everyone.

What Life Insurance Policy Is Right For My Partner & I?

If you’ve already been looking at different options, you may have noticed that you could get a separate ‘single’ life insurance policy as an individual, or as a joint policy with your partner.

Some couples like this option as it’s easier to manage, usually cheaper than both having separate policies and it’s also often quicker to set up.

Joint Life Insurance

Single and Joint Life Insurance policies are similar, but with a few key differences:

‘Single’ Life Insurance covers just one person and if the policyholder were to die during the term of the policy, their loved ones would receive a payout. If you and your partner were to decide to take out two separate ‘single’ policies, then a payout could then be claimed for each policy if both policyholders die within the term.

Joint Life Insurance covers two people on a single policy and means there’s only one monthly premium to pay. Some people find this simpler to manage and you’ll only need to complete one application, but you would have to answer questions for both policyholders.

It’s also important to know the difference between the two types of life insurance policies you’re most likely to come across, being ‘term insurance’ (the more basic form of life insurance) and ‘whole-of-life’.

Term Life Insurance

A term life insurance policy is a popular choice for younger newly-weds because it’s affordable and most often long enough to cover the needs of children — such as the years until they flee the nest.

‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.

Whole Life Insurance

A ‘whole of life’ life insurance policy however may be a better option for couple’s tying the knot who are older.

As we all (unfortunately) die one day, a ‘whole of life’ policy pays out a lump sum whenever that day comes. Naturally, these policies are typically more expensive than term insurance policies since as long as you keep paying your premiums, the insurer will always have to pay out, whereas you may outlive a term insurance policy.

Whole-of-life insurance is also known as life assurance by many insurers.

One of the main benefits of whole of life insurance is that it can help your family deal with any bills associated with inheritance tax. Currently, if an estate is valued at more than £325,000, inheritance tax will be charged at 40% on the value of the estate above that threshold.

However, the tax will need to be paid before your loved ones are given access to your estate. This can put your family in a difficult position - they need to pay a tax bill which may run into (tens of) thousands of pounds, but they wouldn’t be able to use the money in your estate to do so.

As a result, many families are forced to take out loans just to cover this bill, which at an already upsetting time, may be particularly stressful.

A whole-of-life insurance policy could help avoid this issue. The payout would provide the funds required to clear the inheritance tax bill without your loved ones needing to take out a loan or go into their own savings to cover it. This though, is reliant on the policy being written in trust.

Whole-of-life cover may also appeal if you are determined to leave some form of inheritance to your loved ones.

Other Situations Where You Should Consider Life Insurance

Life insurance isn't just handy for marriage; it can also be useful in a wide range of situations:

Purchasing a Home

Buying a new home is an exciting and significant milestone in life. It is also a time when financial responsibility increases. Life insurance is crucial for homeowners as it provides protection and peace of mind. It ensures that your family/loved ones are not burdened with the risk of losing their home after your death.

One way life insurance helps is by covering the outstanding mortgage repayments. If you were to pass away, the proceeds from a policy can be used to pay off the remaining balance on your mortgage. This prevents your family/loved ones from potentially losing their home.

Learn about mortgage life insurance

Having a Baby

Bringing a child into the world is an incredible and life-changing experience. As you anticipate the arrival of your little one, it's natural to think about all the things you need to prepare for their arrival - from baby cribs to strollers and everything in between.

Life insurance may not be the first thing on your mind when you're expecting a baby, but it's a vital financial tool that can provide peace of mind and financial security for your growing family.

Planning For a Funeral

Funeral planning shouldn’t be overlooked. While it may be a topic that many would rather avoid, taking the time to plan ahead can provide peace of mind for both you and your loved ones.

First and foremost, it's essential to have open and honest conversations with your family and loved ones about your wishes for your funeral. This includes discussing whether you would prefer a traditional burial or cremation, as well as any specific religious or cultural customs that should be observed.

Your life insurance payout could be used to help cover the cost associated with your funeral, so that your wishes are carried out.

For Your Children

It's every parent or guardian's duty to ensure their child has the best start in life. While you may not be able to oversee every step of their journey into adulthood, life insurance can provide a financial safety net.

This is especially the case if you were to pass away before they reach their 18th birthday. The proceeds from your policy can help cover some of the costs associated with adulthood. For example, helping them buy their first home or car.

Owning a Business

As a business owner, your death could have serious financial implications. Not only would your family/partners be left to cope with the emotional impact of losing you, but they could also be faced with the daunting task of managing and running the business without you.

Life insurance can provide financial protection for both your family and business in this situation. The proceeds from the policy can help to cover any debts or ongoing costs of the business. This way, your business can remain intact even without your help.

Learn more about life insurance for the self employed and business insurance.

When Should I Buy Life Insurance?

The simplest way to know whether or not life insurance is right for you is to ask yourself whether anyone depends on your income. If yes, then life insurance may be a priority.

Furthermore, if you have financial obligations that would need to be taken care of in the event of your death, such as a mortgage, it can help with covering such costs.

If you're unsure about your needs, you can speak to our expert advisers. They can answer any questions you have about the process, as well as provide suggestions on different life insurance policies that may suit your needs.

Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.

If you experience financial difficulty and can no longer pay your premiums, please contact your insurer before cancelling your policy and before it lapses automatically as they may have options available to stop you losing the plan.

Go Online For A Quote Today

Once you’ve both given this information some thought, it’s then really easy to arrange and compare online life insurance. Simply enter your details into our site and we’ll ask some questions to generate quotes so you’ll be able to see what policy works out best for you. You could even have cover arranged in as little as 30 mins.

Rather Give Us A Call?

If you’d prefer to speak with one of our friendly humans, they will be able to guide you through the process and support you in choosing the best cover for you and your partner.