While newlyweds traditional receive advice from friends and relatives on secrets for a successful marriage, protecting their financial future is one thing seemingly forgotten in these conservations.
A recent survey by Allstate Insurance Company shows the value of newlyweds' combined assets is approximately $107,000 on average.
However, few newlyweds are actually taking steps to protect their financial future through purchases such as life insurance.
The majority of the respondents (61 percent) did not purchase a policy before marriage and 64 percent of those still had not purchased life insurance within the first three years of marriage. In fact, only 23 percent of these spouses claimed to have bought life insurance during their first year of marriage, and this trend continued in years two (2 percent) and three (7 percent).
First Anniversary -- The Paper Gift
The survey also found that 42 percent of respondents think that life insurance would be a thoughtful and meaningful gift for their spouse. However, just 3 percent of respondents said they received or would likely receive a card or note to meet with a life insurance agent as an anniversary gift.
Allstate offers the following checklist as a guideline when thinking about life insurance coverage:
* Talk to an expert: Work with an Allstate professional to evaluate your financial needs and goals and to determine how much life insurance you and your spouse will need. Each situation is different and it's important to learn about possible coverage amounts and options,
* Plan for the future: Do you plan on having children? Will you have debts that would need to be paid? Will you have enough to cover your children's education costs? Will you have aging parents that may need taking care of? All of these common life situations require planning -- having life insurance in the event of untimely death can help provide an added layer of protection for these situations,
* Don't rely on savings along: Many people do not have enough in their personal savings, and if people don't have enough saved, their family most likely won't be able to pay off final expenses or be able to hold onto assets like a home. Life insurance is important to have for that added layer of protection, and
* Employer-based coverage is not enough: Typically, group life insurance through an employer isn't portable -- meaning if an employee leaves the job, he or she is probably also leaving the life insurance protection behind. Having an individual life insurance policy purchased through an insurance agent or financial professional, however, will have no effect on the coverage provided by an employer.