A Married Couple's Insurance Coverage

The insurance needs of a couple with no children certainly differ from those of a couple with kids. Often couples without children are not discussed in current dialogue.

Here are some important things to consider if you are married. . . without children.

• Health Insurance

Your employer probably covers your health insurance, at least in part. You and your spouse need to review the details of this coverage and, in the event you both have plans through work, determine which plan is best suited to your needs as a couple.

In the event neither of you have health plans through work, you'll have to find a private health insurer. Insurance policies for this type of coverage will have a higher premium as opposed to those offered through employers since you won't receive a group rate discount. There are some insurance plans that can put you in a group rate under certain circumstances. It is suggested you research group rates and see if you can get into a group pool or plan. This would greatly reduce your premiums.

If, after research, you find you can't get a group rate and that private insurance plans are too pricey, you should get catastrophic coverage. This insurance is also termed as Major Medical. It will only cover you in the event of a dire emergency like such as severe injury or illness. It is a minimum, but important health insurance. You can generally expect to pay in the neighborhood of eighty dollars monthly.

• Life Insurance

There are two types of life insurance you can purchase. Term life insurance pays only the face value of the life insurance policy. The policies are purchased for spans (the term) of one to thirty years. Whole life insurance combines a term with an investment. The investment might be in stocks, bonds, or other types of financial venture. Whole life insurance pays value built up over time above the face value of the term and you may even borrow against its value.

Again, your employer may provide some life insurance coverage, but these policies are generally small and you will need something better in the event your spouse dies.

In deciding how much more coverage you will need, you need to consider things like funeral expenses, your spouses continued living expenses, and how much it will cost to pay off your home and cars.

These suggestions should help you in determining what sort of insurance options are available to you as a couple. One thing you may well find exasperating is that your rates for health and life insurance as a couple with no children are going to be higher than if you had kids. Go figure!