Just because you don’t have children to worry about doesn’t mean you and your partner aren’t without financial obligations. Your responsibilities are geared towards each other.
Whether you’re living in a de facto relationship or happily married, you still share increasing financial obligations as you accomplish goals together. Is marriage on the charts? You may wish to buy your first home, get a promotion or change industries, and even plan for kids down the track. These are all expensive affairs.
- Financial Independence
- Savings goals
What cover may be right for couples?
If your health took a major knock and you couldn’t work, life might be very different living on only your partner’s income. They might find themselves also responsible for household upkeep like cleaning, cooking and grocery shopping. It may not be paid work, but these chores equate to a dollar value if you both had to pay someone else to fulfil them because you could no longer contribute.
An accident can change your life instantly. If you were seriously injured and unable to work, how would you and your partner stay on top of everyday living expenses while you’re trying to get better? Not to mention those hefty medical bills.
The end isn’t something young lovebirds think about, but death is inevitable. If something did happen and you were no longer around, what would it mean for your partner and the financial obligations you leave behind?
The earlier, the better
Facts of life
Even if the worst doesn’t happen, it’s still much cheaper to get life insurance as a young couple compared to later on in life.