With all of the engagements going around, there has probably been a lot of talk between couples about finances. There’s a lot to talk about: joint checking and savings accounts, who pays the bills, how much can someone spend on shoes/electronics, etc.
But what about life insurance? To me, increasing the amount that my life insurance covers AFTER we get married makes a lot of sense. What if, heaven forbid, something happens to your fiancé/fiancée BEFORE you get married?
I just talked with Her about this scenario as I was writing this. If Her died, I would probably be okay, since a smaller portion of the debt is mine. But if I died, Her would probably have a lot of trouble staying afloat.
My feeling is that I would still want Her to be provided for in the very unfortunate event of my death, married or not. Having my life insurance cover Her needs makes the most sense to me, especially since we’re living together and have already mingled our finances in other ways. In order for my life insurance to cover her future needs, I would have to supplement the life insurance that I have now.
Is this a good idea? What would happen to your finances if something happens to your fiancé/fiancée?