Newlyweds, Protect Your Future Together: Why Life Insurance Matters After 'I Do' Marriage is a rollercoaster of love, excitement, and big dreams. You’ve said “I do,” danced the night away, and maybe even enjoyed that dreamy honeymoon where everything felt perfect. But reality hits once you unpack those bags—building a life together also means getting real about money and responsibility. But now that the wedding bells have quieted and the confetti has settled, it’s time to tackle some of those practical aspects of building a life together. One of the most important financial steps you can take as newlyweds is to think about how to protect each other, come what may. Okay, so life insurance doesn’t exactly scream romance. It’s not as glamorous as a weekend getaway or an anniversary surprise. But you know what's genuinely romantic? Making sure your love story is bulletproof, even when life throws its worst at you. It’s about showing your partner that, no matter what happens, you’ve got their back. Life insurance is more than paperwork—it’s a way of saying, 'I love you enough to protect our dreams, no matter what.' It’s about ensuring your financial plans don’t crumble when the unexpected happens. Here’s why life insurance should be an essential part of your post-marriage finances and how to get started. For more details on life insurance, check out The Balance's life insurance guide . For more information on life insurance basics, visit NerdWallet's guide . As newlyweds, you’re building a life together, which means making sure your partner is protected, no matter what. One of the most important steps you can take for your new family’s financial future is buying life insurance. Here’s why life insurance should be an essential part of your post-marriage finances and how to get started. 1. Protecting Your Spouse When you get married, you and your spouse become each other's primary financial support system. Whether you're both working, one partner is a stay-at-home spouse, or you’re planning to start a family soon, life insurance provides financial security if one of you is no longer there. Imagine losing not just your partner but also their income or the ability to cover day-to-day expenses. Life insurance ensures your spouse can maintain their lifestyle and cover expenses like rent or mortgage payments, bills, and even future costs like education. For example, if you’re both contributing to a mortgage, having life insurance means that if something happens to one of you, the surviving partner won’t have to worry about making those payments alone. Life insurance gives you peace of mind, knowing that your spouse will be financially taken care of, no matter what happens. 2. Covering Debts Together Marriage often means combining finances, and that includes debts. Whether it’s student loans, credit cards, or a mortgage, taking on debt together means you both have a shared responsibility. If one of you were to pass away, those debts don’t just disappear—they become the responsibility of the surviving partner. Life insurance can help ensure that those debts are covered, so your spouse isn’t left with a financial burden they can’t handle on their own. Term life insurance is often a good choice for newlyweds because it provides affordable coverage during the years when debt is typically at its highest. To learn more about term life insurance, see this overview from Life Happens . To learn more about term life insurance, check out Investopedia's explanation . For example, if you have a 30-year mortgage, a 30-year term life insurance policy can be an excellent way to make sure that debt is covered if something unexpected happens. 3. Planning for the Future Many newlyweds have big dreams for their future—buying a house, starting a family, traveling the world, or building a business. Life insurance plays a key role in ensuring those dreams can still happen, even if life throws you a curveball. It’s not just about covering immediate expenses; it’s also about giving your partner the ability to continue working toward the future you both envisioned. If you plan to start a family, life insurance becomes even more important. It helps ensure that your children will be provided for, even if one parent is no longer there to contribute financially. By planning ahead now, you can make sure that the life you’re building together stays on track, no matter what. 4. Term vs. Whole Life Insurance There are two main types of life insurance that newlyweds should consider: term life insurance and whole life insurance. Term Life Insurance: This type of insurance covers you for a specific period, like 10, 20, or 30 years. It’s typically more affordable and provides the financial protection you need during the years when your responsibilities—like debts and raising a family—are at their peak. Term life insurance is often the best choice for newlyweds because it offers high coverage at a lower cost, making it easier to fit into your budget. Whole Life Insurance: Whole life insurance provides lifelong coverage and includes a savings component that builds cash value over time. While it’s more expensive than term life insurance, it can be a good option if you’re looking for coverage that lasts forever and a way to build financial assets. Whole life policies can also be used as a financial planning tool, but they may not be necessary for every couple, especially when just starting out. 5. Budgeting for Life Insurance As newlyweds, you’re probably trying to balance a lot of financial priorities—saving for a home, paying off debts, and maybe even setting aside money for future children. Life insurance might feel like an extra expense, but it’s actually one of the most important investments you can make in your future. The good news is that life insurance is often more affordable than people think, especially if you’re young and healthy. Start by determining how much coverage you need. A common rule of thumb is to get a policy that’s worth 10 times your annual income. Then, shop around and compare quotes from multiple insurers to find the best rates. There are many online tools that can help you get started, such as Bankrate's life insurance comparison tool , and locking in a policy while you’re young will save you money in the long run. 6. Working with a Financial Advisor If you’re unsure about how much life insurance you need or what type of policy is best, consider working with a financial advisor. An advisor can help you assess your financial situation, understand your options, and make sure you’re getting the right coverage for your new life together. They can also help you understand how life insurance fits into your broader financial plan and ensure that you’re making the best choices for your family’s future. Conclusion: Building a Secure Future Together Marriage isn’t just combining last names or sharing a Netflix account—it’s about creating a future where both of you feel safe and secure, regardless of what life hurls in your direction. While life insurance might not be something you discuss over a romantic dinner, it’s one of the best ways to protect your partner and show just how committed you are to their well-being. Think of it as another promise you make to each other: that you’ll do everything in your power to keep each other safe, even in the face of life’s uncertainties. By making life insurance part of your financial plan, you’re not just covering debts or future expenses—you’re ensuring that the dreams you’re building together today have the best possible chance of coming true, no matter what. So, take the leap, explore your options, and secure your happily ever after by making life insurance a key part of your financial foundation. Your future selves—and your partner—will thank you. Life insurance is an essential part of post-marriage finances that helps provide stability, cover debts, and keep your dreams alive even in the face of unexpected events. By choosing the right coverage and planning ahead, you can give each other the ultimate gift: peace of mind. Start exploring your options today, and make life insurance a key part of your financial foundation as newlyweds.
Can I Claim Life Insurance as a Business Expense? If you own a business, you're probably always looking for ways to save money on your taxes. One common question is whether you can count life insurance as a business expense. The answer? It depends on several factors. Let’s break it down so you can understand when life insurance might be deductible and when it isn’t. 1. When Life Insurance Can Be Deducted In some cases, you can deduct life insurance as a business expense, but it’s not very common. Usually, the only time you can deduct life insurance premiums is if the policy directly benefits the business, such as protecting the business financially in case of the loss of a key person. For example, if you have a "key person" life insurance policy—one that covers a key employee whose death would hurt the business—the premiums might be deductible. This is because the policy is meant to protect the company, not just the individual. Key person insurance helps your business if someone important, like a founder or top executive, passes away. Since the business is the one receiving the money if the person dies, the premiums might count as a business expense. For more information, check out this article on key person insurance . 2. When Life Insurance Is Not Deductible Most of the time, life insurance policies are not deductible, especially if the person receiving the money is a family member or someone not related to the business. The IRS doesn’t allow a deduction if the policy benefits someone personally rather than the business. Simply put: if the policy benefits an individual and not the business, it can't be deducted. If you own a small business and buy a policy that benefits your spouse or kids, it’s considered a personal expense and cannot be written off. The IRS states that the life insurance must be directly related to the business to be deductible. For more details, this IRS publication on life insurance deductions can help. 3. Group Life Insurance for Employees One exception to the rule is group life insurance for employees. If you offer life insurance as part of an employee benefits package, the premiums you pay could be deductible as a business expense. This is because the policy is provided as a benefit for employees and helps you attract and retain good workers. However, there are limits to how much coverage can be deducted. Policies that offer more than $50,000 in coverage may have some tax implications that you need to consider. 4. Is Deducting Life Insurance Worth It? Even if you qualify to deduct life insurance, you should think about whether it’s the best financial decision. Sometimes, paying the premiums without the deduction might make more sense, especially if your main goal is to take care of your family or protect your business without dealing with complicated tax rules. Always consult with a financial advisor or tax expert to determine what’s best for your situation. Tax laws can be complex, and professional advice can help you avoid costly mistakes. Conclusion: Know the Rules So, can you claim life insurance as a business expense? Sometimes, but only in specific situations. If the policy is related to the business—like key person insurance or group life insurance for employees—you might be able to deduct the premiums. For individual policies that benefit your family, the answer is no. Make sure you understand the purpose of the policy and consult a professional before making any decisions about tax deductions.