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A life insurance policy can financially protect your spouse, partner or children if something ever happens to you. Naming your spouse as your policy’s beneficiary can provide the relief that comes with knowing they’re taken care of, even if the 2015 Supreme Court ruling that legalized gay marriage is ever overturned.
Life insurance can offer financial security for you and your family if illness, injury or death turns your world upside down. It can help your loved ones focus on building their future, rather than worry about how they’ll pay for it.
Your loved ones are provided for in the face of losing your income, helping them to pay bills and maintain the lifestyle you’ve created together. Your policy can also go toward supporting your children or give your spouse the room to grieve.
Naming your loved ones as beneficiaries on your life insurance policy keeps politics from affecting your payout. Otherwise, the money from your insurance policy could go to your estate, making it difficult for your partner or spouse to receive it, especially if you die without a will.
Underwriting varies by insurer and state, but premiums generally are based on:
It depends on where you live. The federal government prevents health insurers from discriminating based on sexual orientation, but life insurance companies are governed by state laws.
Your state may explicitly ban insurers from discrimination. But it doesn’t mean all insurers will discriminate when it comes to sexual orientation. When shopping for life insurance, contact insurers directly to learn about how they handle sexual orientation.
Estate planning is important for any couple, but particularly for same-sex couples. If Obergefell v. Hodges is overturned in the future, proper estate planning can make sure that your spouse is taken care of.
In addition to life insurance, consider:
Signing up for a life insurance policy as a same-sex couple isn’t much different from signing up as any other couple, though men can expect to pay more than women on average. Name your spouse as a beneficiary on your policy to ensure that politics don’t intrude on your payout.
When shopping for a policy, compare life insurers for a quote that fits your budget and needs.
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Ask your tax advisor about common insurance deductions you could take when filing your return, depending on whether you’re self-employed or not.
A new change to the tax code quietly went into effect on January 1, lowering the minimum interest rate for permanent life insurance policies.
A permanent life insurance policy’s cash value can be used as a retirement income supplement, though using it reduces your policy’s death benefit.
Two permanent life insurance policies that provide lifelong coverage, though variable life is a riskier investment option than whole life.
These coverage options serve different functions but have one benefit in common.
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Survivor benefit plans pay out a monthly benefit to your surviving spouse or dependents — you won’t be able to designate any other beneficiary.
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