Life Insurance for Married Couples
The average cost of life insurance for married couples is $51 per month. However, the best life insurance company for married couples depends on the ages, medical records, and coverage needs of both people in the partnership. If you and your spouse are in good health, you’ll have no problem securing affordable life insurance for married couples, including joint policies like first-to-die or second-to-die life insurance.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Jul 22, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 22, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- The average cost of life insurance for married couples is $51 per month
- If both partners are in good health, you’ll quickly secure traditional life insurance coverage
- Joint policies, like first-to-die and second-to-die life insurance, are also good options for married couples
Depending on you and your spouse’s age and health status, life insurance for married couples costs $51 per month per person on average.
Below, learn why married couples should invest in coverage, including life insurance for stay-at-home parents, and determine if traditional coverage or joint life insurance for married couples is right for you.
When you’re ready, you can easily find the best life insurance company for married couples near you by entering your ZIP code into our free quote tool above.
What are the average life insurance rates for married couples?
Ultimately, life insurance quotes for married couples are heavily influenced by the kind of coverage you and your spouse purchase and how much you need. However, if you’re both in good health, you should easily qualify for traditional term life insurance or whole life insurance.
The table below compares the typical term life insurance rates for married couples by age and gender for a 20-year policy with a $250,000 death benefit.
| Age | Female Average Monthly Rates | Male Average Monthly Rates |
|---|---|---|
| 25-years-old | $11.56 | $13.15 |
| 30-years-old | $11.75 | $13.22 |
| 35-years-old | $12.19 | $13.85 |
| 40-years-old | $15.60 | $17.94 |
| 45-years-old | $22.49 | $27.85 |
| 50-years-old | $31.42 | $40.82 |
| 55-years-old | $46.95 | $63.79 |
| 60-years-old | $82.47 | $109.80 |
| 65-years-old | $168.39 | $222.25 |
Affordable life insurance for married couples is usually easy to secure, averaging $51 per month.
You can even purchase a policy for your spouse as long as you have their consent and prove insurable interest. You also have the option to purchase joint life insurance for spouses or domestic partners.
Usually, joint life insurance policies for married couples are slightly cheaper because there’s only one death benefit shared between the two spouses.
For example, first-to-die life insurance pays out only when the first partner passes. Whereas second-to-die insurance, or survivorship life insurance, pays out one death benefit after both partners pass.
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Why do married couples need life insurance?
According to the Centers for Disease Control and Prevention (CDC), an average of 2 million marriages occurs in America each year. For married couples, life insurance provides financial security and comfort for both partners.
Because couples usually combine their income, your financial investments and obligations often increase after marriage. From buying a new home or car to having children, supporting these costs on a single income can be impossible.
Often, any remaining personal debts also become the sole responsibility of the surviving partner. Therefore, investing in proper life insurance coverage means you or your spouse can close out any significant end-of-life expenses and continue to live the same lifestyle.
Case Studies: Customized Life Insurance Solutions for Married Couples
Case Study 1: Traditional Term Life Insurance
John and Sarah are a married couple in their 30s with two children. They want to ensure that their family is financially protected in case of their untimely passing. They decide to explore traditional term life insurance options.
They contact an insurance agent who assesses their needs and recommends a 20-year term life insurance policy with a death benefit of $500,000 for each of them. Both John and Sarah are in good health, and after completing the necessary medical evaluations and underwriting process, they are approved for the policies.
John pays a monthly premium of $150, while Sarah pays $130. They have peace of mind knowing that if either of them were to pass away during the term of the policy, the surviving spouse and children would receive the death benefit, providing financial security for the family’s future.
Case Study 2: Joint First-to-Die Life Insurance
Mark and Emily are a married couple in their 50s who have paid off their mortgage and are nearing retirement. They want to ensure that their surviving spouse will have enough funds to maintain their lifestyle and cover any remaining financial obligations.
They decide to explore joint first-to-die life insurance, which pays out a death benefit upon the first spouse’s passing. They consult an insurance agent who helps them find a reputable insurance company offering this type of policy.
Mark and Emily choose a joint first-to-die life insurance policy with a death benefit of $1,000,000. They pay a monthly premium of $350. They have peace of mind knowing that if one of them were to pass away, the surviving spouse would receive the death benefit, providing financial stability and allowing them to continue their retirement plans.
Case Study 3: Whole Life Insurance With Cash Value
Michael and Laura are a married couple in their 40s who want to build wealth and leave a legacy for their children. They decide to explore whole life insurance with a cash value component.
They meet with a financial advisor who helps them understand the benefits of whole life insurance as a long-term investment and estate planning tool. They choose a whole life insurance policy with a death benefit of $500,000 and a cash value accumulation feature.
Michael and Laura pay a monthly premium of $500. Over time, the cash value of their policy grows, and they can access it through policy loans or withdrawals if needed. They have peace of mind knowing that their family will receive the death benefit upon their passing, and they have an additional asset that can be used for various financial needs during their lifetime.
Life Insurance for Married Couples: The Bottom Line
Married couples should invest in enough life insurance to allow the surviving family to continue to live with the same level of financial security.
Consider what your family would need if you pass, their financial goals, and what you’re hoping to leave behind to any potential heirs. Then, choose between purchasing two separate policies for each partner or a single joint policy.
Don’t wait to find the right coverage for you and your loved ones. The average cost of life insurance for a married couple increases the older you and your spouse get. Enter your ZIP code below to start comparing quotes for free before you buy life insurance for married couples.
Frequently Asked Questions
Why do married couples need life insurance
Life insurance is important for married couples because it provides financial security and protection for both partners. When you get married, you often combine your financial obligations and may have shared responsibilities such as a mortgage, car loans, or raising children. Life insurance ensures that if one spouse passes away, the surviving spouse is financially protected and can maintain their lifestyle, cover debts, and future expenses.
Can I change my life insurance beneficiary to my spouse after getting married?
Yes, you can update your life insurance beneficiary at any time, including after getting married. Contact your insurance provider to request the necessary forms or instructions to make the change.
Are there any tax benefits to having life insurance as a married couple?
Life insurance death benefits are generally tax-free for beneficiaries. However, it’s always recommended to consult with a tax professional to understand the specific tax implications based on your individual situation.
Can I convert my term life insurance policy into a permanent policy if I get married?
Most term life insurance policies offer a conversion option, which allows you to convert your policy into a permanent policy, such as whole life insurance, without the need for a medical exam. This can be a valuable option if you want to secure lifelong coverage for you and your spouse.
Should married couples consider getting life insurance for stay-at-home parents?
Yes, life insurance for stay-at-home parents is crucial. Even though they may not have an income, they provide valuable services that would require financial resources to replace, such as childcare, household management, and more. Life insurance can help provide financial support to cover these costs in the event of their passing.
Can married couples apply for life insurance together?
Yes, married couples can apply for life insurance together, especially if they are interested in joint policies. Joint applications typically require both spouses to provide their personal information and go through the underwriting process together.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.