Life Insurance for Unmarried Couples

Lifestyle changes and the latest trends indicate that more and more couples are opting for lives together without saying, “I do.” In fact, Denver ranks high among major cities with the most young adult unmarried couples1 in America. Life insurance is not exclusive to married couples. Unmarried couples should consider all the ways to protect and provide for their partner should the worst and unexpected happen. Let’s take a look at what life insurance offers an unmarried pair. 

Financial Protection

Life insurance’s primary purpose is to provide crucial financial protection to your loved ones in the unfortunate event of your untimely death. This protection becomes even more vital for unmarried couples, who lack the legal benefits and inheritance rights automatically granted to married couples. By having life insurance policies in place, unmarried partners can safeguard their significant other’s financial wellbeing, ensuring that important expenses like mortgage payments, debts, education, or daily living costs are fully covered. This thoughtful step can offer peace of mind and reassurance, granting additional security to both partners in times of need.

Covering Shared Debts and Expenses

Married or unmarried, couples often find themselves sharing numerous financial responsibilities, such as joint mortgages, car loans, or credit card debts. These shared obligations can become a significant burden on the surviving partner if the other partner passes away unexpectedly. However, having proper life insurance in place can help alleviate this stress. Life insurance may provide a much-needed safety net by offering a lump-sum payout that can be used to cover these shared debts and obligations. This financial support could ensure that the surviving partner can not only maintain their stability but also avoid being overwhelmed by unexpected expenses during an already challenging and emotionally draining time. By providing this added layer of protection, life insurance can provide peace of mind for couples, knowing that their financial future is more secure, even in the face of unforeseen circumstances.

Funeral and End-of-Life Expenses 

Funeral and end-of-life expenses can pose a significant and potentially unexpected financial burden. This especially applies to unmarried couples who may not have access to the same financial support systems available to married couples. For instance, the benefits provided by a partner’s employer may be inaccessible.

In such circumstances, having a life insurance policy may be crucial. Life insurance can provide financial coverage for funeral costs, medical bills, and other final expenses.

By securing a life insurance policy, unmarried couples can help prevent some of the financial hardships that may arise. This added peace of mind allows them to navigate through this difficult time.

Disclosure: The amount of life insurance coverage that you may qualify for or apply for is subject to medical and financial underwriting by Southern Farm Bureau Life Insurance Company in Jackson, Mississippi. 1 Summers, DJ. “Denver’s young adults among nation’s most marriage-dodging.” KDVR Fox 31, 19 Jul. 2023.

Colorado Farm Bureau Insurance is here for all your life insurance needs. Speak with one of our agents today to find out which coverage is best for you and your partner.