Let’s be honest—shopping for life insurance isn’t anybody’s idea of a good time. It’s right up there with dentist visits and cleaning out the garage. But here’s the thing: making the right choice now can keep your family comfortable and drama-free down the road, especially when plans change or health surprises pop up. Whether you’re newlyweds, raising kids, or empty nesters, here’s what’s important to know as you start comparing policies.
Start with the Why—What Are You Protecting?
Before you get deep into the numbers and scary-sounding terms, pause for a minute. Why do you want life insurance? Is it to pay off the house if something happens? Replace lost income for a few years? Cover the cost of moving or keeping your spouse secure if they eventually need extra care? Different couples have different reasons, and clarifying yours will make the rest of the choices a lot simpler.
NerdWallet does a great job of breaking down different “whys” and how they connect to actual policies.
Know the Types—Term vs. Whole Life
Here’s the quick version: term life insurance is like renting. You pick a coverage amount and a set number of years (maybe until your youngest is grown or the mortgage is paid off), and it’s usually cheaper. Whole life (also called permanent insurance) is more like owning—you pay more, but it covers you for, well, your whole life, and often builds a little cash value over time.
Term is straightforward and cost-effective when you’re younger or just covering immediate needs. Whole life makes sense if you want lifelong coverage, help with estate planning, or extra money in the later years that grows slowly but surely. The Insurance Information Institute gives a clear rundown of both options.
Don’t Forget Both of You—Individual, Joint, or Survivorship Policies
Some couples try to save by getting one big policy, but there are several ways to cover both of you. Individual policies are super flexible (you each get your own, change as needed). Joint policies cover both of you, but only pay out once—either after the first (first-to-die) or second spouse passes (second-to-die or survivorship). That last option is sometimes used for estate planning or for those worried about future long-term care expenses.
Think about your future plans. If one of you might outlive the other by many years, separate policies can make things much simpler.
Factor In Health, Age, and Adjust as You Go
Rates get higher the older you are or if you have health setbacks. Still, you might be surprised—some companies offer no-medical-exam options or adjust premiums depending on your current health. Don’t be afraid to shop around for quotes; every insurer is a little different, and a health hiccup with one might not be a deal-breaker with another.
And don’t set it and forget it! Check your policy whenever life changes: retirement, a new mortgage, a major move, or after the birth of a grandchild.
Peace of Mind Over Perfection
Picking a policy isn’t about finding the absolute “best” or outsmarting the system. It’s about protecting each other and making big changes—good or bad—a little easier to manage. Breathe, take your time, and know you’re giving each other the gift of calm for whatever tomorrow brings.
