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Budgeting & Finance

Photographs + Finances: Protecting Your Modern Family

June 20, 2017

Love. Is. Love.

Love is always something to celebrate. And when you love someone, you take care of them. At Our Life Covered℠, we are committed to helping every family, every couple, and every human find a life insurance policy that fits.

Think for a moment about how many pictures you have of your family. The professionally shot ones hanging in frames on your living room walls. The vacation snapshots on your desk at work. The hashtagged moments on your Instagram, and thousands more saved on your phone or your computer or hovering sweetly in your cloud at any given point.

Because there are so many ways to build a family, our pictures all look different, but the love is there, every time.

Different Picture, Same Love 

There are big families, and small families.

Families who share DNA, and families who don’t.

Families with a mom and a dad.

Families with single moms or single dads.

Families with two dads.

Families with two moms.

No matter what your family photographs look like, though, the joy of seeing your togetherness captured forever is the same.

Unconditional love. Uncontainable pride. A universal instinct to protect.

However your family is constructed, life insurance is one way to help keep them safe.

Decide Together

Thanks to the 2015 Supreme Court ruling in support of nationwide marriage equality, gay and lesbian couples in every state finally have access to the same protections and tax benefits as any other legally married couple. But just like in any other household, there is almost certainly a financial partnership that would be in jeopardy if tragedy were to strike. This is why life insurance for same-sex couples is important.

  • Decide together how much coverage you need to protect the family you love.

Remember that regardless of earnings, both partners should consider getting insurance. Even if your income is significantly smaller than your spouse’s, you should carry at least enough coverage to take care of final expenses and the cost of any services that would be made necessary by your passing.

For example, the average cost of childcare in the U.S. is $9,589 per year, so if you stay home with your young children now, you’re definitely making a financial contribution to the family even if you’re not getting a W-2 at the end of the year.

  • Decide together what kind of policy makes the most sense for where you are in life.

Term life insurance is “if you die in the next __ years” coverage. It’s most likely the least expensive option, and as long as you pay the premiums, your family will be protected for the duration of the term (usually 10, 20, or 30 years).

A shorter term gives you more flexibility, but since rates are generally fixed (but do increase with age if you’re starting a new policy), locking in a lower rate for more years isn’t a bad idea either. Because life insurance rates are usually lower for women due to their longer life expectancy, lesbian couples may end up paying a little less than average for dual coverage.

Whole life insurance is “when you die” coverage. It’s typically more expensive, but it’s permanent, and it may gain cash value over time. While the idea of having life insurance you might get to use before you actually die can be appealing, make sure you chat with a financial advisor about the pros and cons of life insurance as your needs may vary depending on your situation.

Your Love…Covered

At Our Life Covered, we know that the easier we make it to take care of your family, the more time you’ll have to enjoy your family. To fill your heart and fill your photo albums. We can’t make everything as simple as it should be. But we CAN help you find a policy to protect the love in your life.

Ready to get started? Go to ourlifecovered.com or call 888-828-9760.

Our insurance experts can help you navigate the details and find a policy that works for YOUR beautiful family.

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