Posted 2 Apr 2020

Life insurance for Newly Weds

Get Married… Get Insured with newlywed life insurance

Getting married is one of the most exciting and most incredible experiences of our lives leading to a new life with your new partner. Most of us know that the cost of modern weddings can be extremely high so the last thing we need is to think about spending even more money on newlywed life insurance. The reality is that getting married is an ideal time to consider what may happen in the future, good and bad. When you think about your new spouse you should also think about caring for them if you are no longer able to look after them financially. Newlywed life insurance, critical illness cover, and income protection can provide a vital cash lump sum in the event that something happens to you or to them which could seriously impact your household income.

For the majority of people who are planning on getting married, even the idea of thinking about ‘life insurance’ is mind-blowing and will usually below on the long list of priorities. The costs of the BIG DAY are usually well into the thousands of £’s with the increasing price of venues, entertainment, catering and all the other things you will need to pay for.

Life insurance is easier and cheaper than you think…! Most newlyweds will be younger people so life insurance premiums for those people will be CHEAP. Getting married is a major commitment so what better way to show how much you care by helping to secure your new husband or wife’s future with a newlywed life insurance policy.

FAQ’s for Newly Wed life insurance:

  • What makes getting married a good time to consider life insurance?
  • How does Newly Wed life insurance work?
  • Which is the best life insurance or cover for Newly Weds?
  • Is joint life insurance or single life insurance for each of us better?
  • How much Newly Wed life insurance do I need?
  • Will I pay Tax if I claim on my policy?

What makes getting married a good time to consider life insurance?

If you are involved in a relationship with someone special to you, whether
or not you’re about to lead your partner down the aisle, it is always wise
to consider your financial future and any potential issues such as:

  • Will you be starting a family in the near future or any time in the future and could you afford to raise a child if one of you was to become ill or even worse? Getting married and starting a family usually come hand in hand which is also one of the most important times to consider life insurance.
  • Whether you already own your home, intend to buy a home, or rent a property, then you should definitely have life insurance to protect those things. Would your partner be able to continue to pay your mortgage or rent payments if something was to happen to either of you?
  • Do you already have individual life insurance? Then you might want to review those policies to make sure that they are sufficient and appropriate to protect your partner in the event of something happening to you.
  • You may also have been married before or have life insurance with a previous partner so now may be an ideal time to review that life insurance for your new partner. Often we forget about our existing life insurance arrangements which can leave us with inappropriate and unsuitable cover.

How does Newly Wed life insurance work?

Getting life insurance for newlyweds can be one of the most important financial decisions you can make for you and your partner. Life insurance premiums are generally MUCH CHEAPER than people think and you might be amazed by how much cover you can get within your budget. The best thing about getting your newlywed life insurance sorted is the peace of mind knowing that your loved ones are protected, including:

  • You know that your partner will be financially secure in a very difficult time
  • Life insurance benefit payments can be used to clear a mortgage, pay rent, clear debt, pay for funeral costs, and almost anything else you need money for
  • Most importantly, your children and dependents will be financially looked after if you were no longer around to provide for them
  • Getting life insurance at a younger age will be cheaper than waiting for later life where you may develop health or medical problems as well as being older than you are now
  • Smoker status (have you smoked in the last 12 months)
  • BMI (Height and Weight)
  • Occupation
  • Health and Lifestyle
  • Medical history
  • Family medical history

‘Ready to get a quote for your Newly Wed Life Insurance’

Call our team of experts on 01244 732890 or complete our form in ‘less than 60 seconds’

Which is the best life insurance or cover for Newly Weds?

Getting life insurance can be confusing and especially when you are taking more than one person into consideration, which is why it is so important to speak to a trained advisor. Newly Wed life insurance can be tailored to suit your needs and your budget with several main options for cover including life insurance, critical illness cover, and income protection. Some key products to consider include:

Level Term Life Insurance

Also known as ‘Family Protection’ or ‘Term Assurance’ which as the name suggests, is designed to provide cover to protect your spouse, children, and other members of your family. The main point to consider for this type of product is that the amount of cover you take would always remain the same throughout the term of the policy. The main use of this type of life insurance is for parents or for couples where a partner is financially dependent.

Decreasing Term Life Insurance

This product is also known as ‘Mortgage Life Insurance’ which is simply because this type of cover is specifically designed for protecting a mortgage (Capital and Repayment). If you have a mortgage or a loan then you should consider ‘decreasing term life insurance’ to ensure that it will be repaid in the event that either you or your partner were to pass away. The main feature of this type of cover is that your sum assured (amount of cover) will decrease at roughly the same rate as your mortgage or loan.

Critical Illness Cover

A critical illness cover or serious illness cover policy is designed to provide you with a ‘cash lump sum’ in the event that you or your partner were to be diagnosed with an illness as listed on your policy wording. Some things to consider for critical illness cover are that the number of conditions covered can vary from one insurance provider to another and your pay-out can vary for some insurance providers (partial payments). The main point to remember when buying critical illness cover is that ‘cheapest does not mean best cover’ in this instance.

Income Protection

Anyone with a job or especially those who are self-employed should also strongly consider income protection to cover if they are unable to work for a period of time due to sickness or injury. Most employers would generally provide you with sick pay for a period of 2 weeks to several months (for public sector workers) which will provide you with an income for a period of time. Also if you’re self-employed it is absolutely crucial to make sure that you’re protected because if you can’t work then you don’t earn.

Is joint life insurance or single life insurance for each of us better?

Joint life insurance policy

A joint life insurance policy will provide you and your partner or spouse with a single policy to pay out once if either of you passes away. Some of the main Pro’s and Con’s include:


A joint life policy is cheaper than two single life insurance policies because it only ever pays out once.

Joint life insurance will be guaranteed to payout during the term of the policy regardless of which partner passes away.


Once the policy has paid out if you or your partner passes away then your policy will end at that point. A policy can be set up on joint life ‘first death’ or joint-life ‘second death’ which means that it will payout on the death of the first or second policyholder.

If you separate from your partner at any point then your policy will need to be reviewed to make sure that it fits your new circumstances.

Two single life policies

There are several potential points to consider for and against having 2 single policies that you should think about before taking your Newly Wed life insurance.


A single-life policy will provide cover for one individual so 2 single policies will therefore provide you with technically double the amount of cover. You can also easily vary the amount of cover for each person to reflect the level of income that they bring into the household.

If in the event that you separate from your partner, you can keep your policy and your partner can keep their policy as they are based on your own life. If you have children at this point you can write your policy into Trust to make sure that the benefit is allocated properly.


Two single policies can often be higher premiums than one joint life policy depending on the amount of cover required for each individual on the policy. This is not always the case as coverage amounts can be adjusted to suit your budget.

How much Newly Wed life insurance do I need?

The main point to consider when buying life insurance for Newly Weds is that you should take as much cover as you can afford or enough cover to protect your partner financially if you pass away. Life insurance is difficult to figure out how much cover you need but consider what you think you would want your partner to get if you were no longer around.

Some basic calculations for figuring out how much-newlywed life insurance or any other type of life insurance policy are:

  • A multiple of your income (e.g. 10 x salary)
  • An amount per dependent (e.g. £50,000 or £100,000 per person)
  • Your mortgage or loan amounts

There are various ways you can determine how much cover you need and you should also think about looking at our life insurance calculator.

Will I pay Tax if I claim on my policy?

You also have the option of avoiding Inheritance Tax (IHT) by writing your policy into Trust which will mean that any benefit of over £325,000 will not be taxed. Your estate will be calculated as your assets so your policy being written into a trust will fall outside of your estate and therefore avoid tax.

Also, the main advantage of writing your newlywed life insurance policy into Trust means that you will avoid probate. Anyone who has been through probate in the past will know how difficult and how much time this legal process can take which can be extremely distressing, especially if your partner needs money. A Trust Deed will ensure that your policy does not fall into the probate process so the payout will be fast.

iam INSURED will advise you on the basic elements of Tax efficiency and will help you to avoid your Tax liability as much as possible. Our policy ‘Trust Service’ is absolutely FREE so speak to one of our experts to find out more.

To find out more about Newly Wed Life Insurance or to speak to one of our team of ‘iam experts’ call 01244 732890 or complete our forms in ‘less than 60 seconds’.

  • A multiple of your income (e.g. 10 x salary)
  • An amount per dependent (e.g. £50,000 or £100,000 per person)
  • Your mortgage or loan amounts

There are various ways you can determine how much cover you need and you should also think about looking at our life insurance calculator.

Daniel Sharpe-Szunko
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