Committing yourself to the person you love means making future plans with that person. It also means confronting life’s difficult moments. To better face unexpected situations and stay happy, ensure that you have adequate financial protection.
If you do not yet have life insurance, you would be wise to take out coverage to ensure the financial security of your spouse in case of an untoward event. If you designate your spouse as beneficiary, your spouse will receive the benefit payable in accordance with the associated conditions. If you already have life insurance protection, you might think about increasing your coverage to protect your spouse from potential financial worries.
If you or your spouse becomes disabled as a result of an accident or illness, disability income insurance will replace your salary so that you can maintain your standard of living.
Accident insurance will help you face contingencies and assume the costs of an accidental injury or death. In certain cases, you may be able to obtain the reimbursement of costs that either are not covered or are partially covered by group insurance plans.
The diagnosis of a critical illness is very unsettling—not only to you but also to your spouse. If a critical illness means that you must quit your job, critical illness insurance will allow you to continue to pay your day-to-day expenses and devote 100% of your energies to your recovery, free of financial worries.
If you are a member of a group insurance, plan, you may want your spouse to benefit from the plan. Inform your plan holder of your new situation so that the necessary changes may be made to your coverage.