Life Insurance for a Married Couple (Discounts & Rates)

Life insurance for a married couple is something to consider if you and your spouse rely on each other financially. When you’re deciding on life insurance for your married life, a few financial factors to keep in mind include final expenses, debts, and income needs. If any of those will be challenging to manage if one spouse dies, a life insurance policy is a good idea. Getting quotes for married couple life insurance is a good place to start when shopping for the right policy for your needs.

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Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers, listeners, and loyal fans benefit from her practical advice. Laura is a trusted source for national media who frequently seek her practical advice on various finance topics for TV,...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Mar 30, 2021

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The Highlights

  • Life insurance for married couples can provide financial protection if one spouse dies
  • There are multiple policy types to consider including term and whole life insurance, which are individual policies, and first-to-die and second-to-die life insurance, which are joint policies
  • You’ll also need to decide on the policy amount, which will vary based on your needs and current finances

When you’re looking for ways to plan for your future, one component that can be incredibly confusing but important to decide on is life insurance. Even if you’re single, this can be complex, but what if you’re married? All the details of married life can seem overwhelming. Can you buy life insurance for a married couple? What do you need to know? Read this article to find out.

If you want to buy affordable life insurance for a married couple, it’s as easy as entering your ZIP code in the free tool on this page to start comparing life insurance for a married couple quotes today.

Why should married couples get life insurance?

Married couples should consider getting life insurance for financial protection if something happens to one spouse.

This is particularly important if you rely on each other for financial support in any way because the missing income will need to be replaced so the living spouse can remain financially solvent. According to the Insurance Information Institute, you should consider three finance categories: final expenses, debts, and income needs.

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What type of life insurance should married couples get?

There are several life insurance options for married couples, but in most cases, you’ll find that a term life insurance quote for married couples is the most affordable. With term life insurance, you’ll have coverage for a set period of time, defined by the terms of your policy.

Other life insurance policy options include:

  • Whole life insurance – this is an individual policy that provides coverage for your entire life; it also has a cash value associated with it that can be borrowed against, if needed
  • First-to-die life insurance – this is a joint policy that includes a payout to the surviving spouse, but the coverage ends at that time (even though it was a policy on both individuals)
  • Second-to-die life insurance – this is a joint policy that provides a payout to surviving heirs after both spouses have died

If you’re a newlywed, it’s the perfect time to make decisions about life insurance. This is especially true because the longer you wait and the older you are, the more a life insurance policy will cost you.

Take a look at this table to see what we mean. We averaged term life rates from some of the largest life insurance companies in the country for non-smokers purchasing a $100,000 policy with three different term lengths to give you an idea of how rates can increase with age.

Average $100,000 Term Life Insurance Policy Rates for a Non-Smoker by Age, Gender, and Term
Age (Non-Smoker)Monthly Rates for a $100,000, 10-Year Policy for MenMonthly Rates for a $100,000, 10-Year Policy for WomenMonthly Rates for a $100,000, 20-Year Policy for MenMonthly Rates for a $100,000, 20-Year Policy for WomenMonthly Rates for a $100,000, 30-Year Policy for MenMonthly Rates for a $100,000, 30-Year Policy for Women
25$11.14$10.78$12.26$10.79$15.20$12.90
30$11.02$10.89$12.04$10.96$15.87$13.41
35$11.31$11.34$13.02$11.69$16.67$14.32
40$12.74$12.43$14.99$13.42$21.69$18.10
45$15.67$15.26$19.61$17.09$29.03$23.15
50$20.23$19.01$26.72$22.08$40.18$32.24
55$27.51$24.16$41.17$31.31$79.06$55.42
60$39.57$32.50$66.33$50.76Not AvailableNot Available
65$65.54$48.87$113.44$80.73Not AvailableNot Available
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Keep in mind these rates are for a fairly small life insurance policy and will vary based on your policy type, size, and duration, as well as your age, health factors, where you live, and more.

How much life insurance do married couples need?

Only you can decide exactly how much your policy should be, based on your income, bills, debts, and how much you can afford to pay in premiums (since life insurance is an additional expense). However, it’s a good idea to consider purchasing a policy that is at least 10-to-12 times your annual salary.

Life Insurance for a Married Couple: The Bottom Line

If you’re married, you should consider whether a life insurance policy is right for you. Things to consider include final costs (like funeral expenses), debts, and income needs if you or your spouse die. If you decide to buy a policy, you’ll need to decide what kind, individual or joint, and term or whole life insurance.

Before you go, if you want to buy life insurance for a married couple, you can get started right now by using your ZIP code in our free tool to start comparing life insurance for a married couple rates today.

Are you looking for free insurance quotes?

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