How to Talk to Your Partner Regarding Buying Life Insurance

Mar 15, 2020 | Family Insurance, LIFE INSURANCE, PERSONAL & FAMILY

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Partners find it difficult to talk about life insurance with each other. This is mainly because part of the conversation implies life scenarios like the possibility of someone dying. Scenarios which really make us feel uncomfortable. However, there are a few things you can do to make it easier.

Step 1! Starting the Conversation

You probably don’t want to think about what’s going to happen to your loved ones when you’re gone. It’s not an easy thing to deal with. So how do you begin the discussion about buying life insurance with someone who does not want to think about death?

Start by talking about your goals. Where do you want to end up in life? What kind of house do you want to own? If you want kids or already have, how will you pay for their education? Even if you’ve already had these discussions, refresh your thoughts to get the conversation going.

Be specific. Make a note of your assets and obligations. These include things like your house, cars, loans including any other assets or debts. How much is it all worth? How much does it cost to sustain your current lifestyle? If one of you were to die today, would the other be able to afford it? This will get your partner — and you — thinking about how to protect the things you care about and your loved ones’ financial steadiness.

Plan. Once you go through the weight of financial responsibility, bring up life insurance as a means to help safeguard each other financially when one of you dies. How much coverage do you need to cover your expenses? How much can you afford in premium payments? Make a commitment to one another to get a insurance quotes and discuss your alternatives.

Do We Both Need Life Insurance?

It is better for both of you to have your own policies, so the surviving spouse is financially protected in the event one of you passes away.

What About Employer-Provided Life Insurance?

While many employers offer life insurance as part of employee benefits package, it may not be enough to cover your expenses or what your income provides to your family. It is also important to contemplate the likelihood that you might quit or be fired from the job, which means you may be left without life insurance.

Get Started With Life Insurance

If you are ready to start your life insurance search, contact Cynosure to get a quote. We will help you find the right policy.