19 Key Questions to Ask Before Buying Life Insurance as a Couple

Life insurance might not be the most romantic topic for a couple to discuss, but it’s one of the most important. When you’re married, your lives are intertwined, not just emotionally, but financially too. From shared expenses like mortgages and car loans to future dreams like raising kids or retiring comfortably, your financial security is a joint effort. Life insurance is your safety net, ensuring that if the unexpected happens, your partner isn’t left carrying the full weight of those responsibilities alone.

But here’s the thing: life insurance for couples isn’t one-size-fits-all. Every couple has unique needs, and rushing into a policy without asking the right questions could lead to coverage gaps, overspending, or even regrets down the line. Asking the right questions helps you clarify what matters most, your financial needs, your budget, and your long-term goals. It’s not just about protecting the life you have now; it’s about ensuring your partner can maintain their quality of life, even in the face of loss.

With that in mind, let’s dive into the key questions every couple should ask before buying life insurance.

Financial Assessment: Where Do We Stand?

Understanding your financial picture is the cornerstone of choosing the right life insurance policy. Without a clear view of your shared obligations and plans, it’s easy to misjudge how much coverage you’ll need.

1. What coverage do we actually need?

Think about your current lifestyle. If one of you were no longer here, could the other continue covering the bills? For example:

• If you rent an apartment, would your partner need help with monthly rent and utilities?
• If you own a home, would they be able to manage mortgage payments, property taxes, and maintenance costs on their own?

Here’s an example: Jane and Paul recently bought a $400,000 house and have monthly expenses of $3,500. Without Paul’s income, Jane would struggle to keep the house. They chose a policy that covers 10 years of their mortgage payments, ensuring Jane has time to adjust financially.

2. What’s our total debt?

Beyond your monthly expenses, consider all shared financial obligations, such as:

• Credit card balances
• Student loans
• Car loans

For instance, if you and your partner owe $50,000 in student loans and $20,000 on a car, you’ll need at least $70,000 in coverage to prevent those debts from becoming a burden.

Budget: What Can We Afford?

Buying life insurance isn’t just about protecting your partner; it’s also about fitting this protection into your overall financial goals. That means balancing affordability with adequate coverage.

3. How much can we comfortably spend on premiums?

The last thing you want is for your life insurance premiums to strain your monthly budget. A good rule of thumb is to allocate about 1–5% of your income to premiums. If you’re earning $80,000 a year as a couple, that’s $800–$4,000 annually.

Let’s say Sam and Megan, newlyweds in their late 20s, both work full-time and earn $60,000 combined. They decide to spend $1,200 annually on premiums, opting for term insurance that fits their budget while still covering their essential needs.

4. Should we lock in lower rates now?

Age and health significantly impact life insurance costs. Younger, healthier couples can secure lower premiums by acting sooner. For example, a 30-year-old might pay $25 a month for a 20-year term policy, while waiting until age 40 could raise that to $50 or more.

Policy Structure: How Should We Set This Up?

Your policy structure determines how your coverage works and adapts to your life changes.

5. Should we get joint or individual policies?

Joint policies are often marketed to couples as a way to save money, but they have limitations. For instance:

• A joint-first-to-die policy pays out when the first partner passes, leaving the survivor without coverage.
• Individual policies, on the other hand, offer flexibility. If one partner’s health status changes or the couple divorces, separate policies ensure continued protection.

Consider Amy and Tim. Amy has diabetes, so her joint policy rates would be higher. Instead, they opt for separate policies to keep costs down and customize coverage.

6. What happens if life changes, like divorce?

If you have a joint policy and separate, untangling it can be complex. With individual policies, you avoid this issue altogether. Always ask how your coverage adapts to major life changes.

7. What’s the right duration for coverage?

Think about the milestones you want your insurance to align with:

• Mortgage payoff
• Raising kids through college
• Retirement

For instance, Sarah and Matt decide on a 25-year term policy that will cover their mortgage and children’s education expenses.

Choosing the Right Company: Who’s Got Our Back?

Not all insurance companies are created equal. Choosing a reliable insurer is just as important as choosing the right policy.

8. Is the insurer financially stable?

Check financial strength ratings from agencies like A.M. Best, Moody’s, or Standard & Poor’s. A company with strong ratings has the resources to pay claims.

9. How long have they been in business?

Longevity matters. Established companies with decades of experience are less likely to run into financial trouble.

10. What’s their claims process like?

Read reviews or talk to an agent to ensure the company processes claims quickly and efficiently. A seamless claims experience can make a difficult time just a little easier.

Policy Details: Are We Getting the Right Features?

The fine print in your policy can make all the difference.

11. What exclusions or limitations exist?

Some policies exclude high-risk activities, like skydiving or scuba diving. If you enjoy adventurous hobbies, check the terms carefully.

12. Can coverage increase later?

Many policies offer riders that let you increase coverage as your needs grow. For example, a guaranteed insurability rider allows you to expand your policy without a new medical exam.

13. What add-ons are available?

Consider riders like:

• Critical illness coverage: Pays a lump sum if you’re diagnosed with a serious condition.
• Waiver of premium: Keeps your policy active if you’re unable to work due to disability.

Future Planning: Are We Ready for Life’s Curveballs?

Life insurance is as much about preparing for the unexpected as it is about securing the foreseeable.

14. How will starting a family change things?

A new baby often means more coverage. James and Lily, for instance, upgraded their policy after their daughter was born, ensuring funds for daycare, education, and other future expenses.

15. What if one of us becomes uninsurable?

Some policies allow you to convert term coverage to permanent coverage, providing lifetime protection even if your health changes.

16. Can the policy adapt to major events?

Check if your policy allows adjustments for significant milestones, like buying a home or retiring.

Premium Considerations: What’s the True Cost?

Understanding how premiums work ensures you avoid surprises.

17. Are premiums guaranteed?

Some policies lock in premiums for the entire term, while others adjust rates over time. Ask about this upfront to avoid future hikes.

18. What factors could cause increases?

Premiums might rise due to age, health changes, or adjustments to the policy. Understanding these factors helps you plan.

19. Are there flexible payment options?

If money gets tight, can you switch to monthly payments or adjust the policy to lower premiums? Knowing your options prevents gaps in coverage.

Why Now Is the Best Time to Act

Here’s the bottom line: life insurance is one of the few decisions where acting early pays off. The younger and healthier you are, the more affordable your rates. Waiting only narrows your options and raises costs.

Buying life insurance as a couple isn’t just about money, it’s about love and responsibility. It’s a way of saying, “I’ve got your back, no matter what.” By asking these questions now, you ensure that your plan not only protects but empowers the life you’re building together.