After the champagne is gone, the bouquet is tossed, and you are anxiously awaiting your wedding photos, it’s time to get down to business for many newlywed couples. Among the basic financial decisions following a marriage such as combining finances, deciding who is in charge of paying bills, and how to pay for the honeymoon, life insurance should be at the top of the priority list for newlyweds.

Why Newlyweds Should Own Life InsuranceLife insurance is intended to provide for those who are dependent upon you for income. Prior to marriage, individuals do not need life insurance because they are not responsible for anyone but themselves. However, marriage changes everything.

Most newlywed couples do not need extremely high levels of life insurance coverage, but they should have some level of coverage. As a young couple begins to purchase cars, a place to live, and potentially other large home purchases like a new HVAC system or a new roof, etc., it becomes more and more crucial to have a life insurance policy.

While many find it easy to pay their mortgage when they are part of a two-income household, it could spell financial ruin if something was to happen to their partner and they had to survive on their income alone. For this reason, the level of insurance coverage should equal the financial obligation necessary to pay for the current lifestyle and comforts of living.

Surviving family members should be left financially secure until they can comfortably provide for themselves. A licensed life insurance agent can help decide what coverage level is best for you.

Once a couple has children, life insurance becomes crucial. Once children enter the picture, both partners are responsible to contribute financially, emotionally, and materially for the well-being of the child. If one partner is lost, there is a void. While money cannot heal all wounds, it can pay for the mortgage, childcare, outstanding debt, or other bills that can pile up after a death in the family.

In addition, newlyweds can benefit from lower rates because they are young and healthy. The younger and healthier you are, the better rate you'll receive for term life insurance. It is always a better idea to purchase a policy while your health is good and you don’t have any risk factors than to wait until after the car accident, or until after you’ve received a troubling medical diagnosis. If you wait too long, term life insurance rates can become very expensive, or you may be denied coverage all together.

First comes love, then comes marriage, then you should schedule a meeting with your insurance agent to determine an appropriate level of coverage that can start your marriage off with a strong foundation of security.