(NC) Getting married is one of life’s biggest milestones, and for many newlyweds, it’s also a natural time to take a fresh look at financial planning. That could mean combining incomes, taking on a mortgage, planning for future children or building long-term goals together. Life insurance can play an important role in that planning by helping provide financial protection for a spouse if their partner were to pass away.

“Marriage is an exciting chapter, often filled with plans for the future. As you build a life together, it's worth considering how your partner would manage financially if you were no longer there," said Domenic Bruno, senior group product manager at TD Insurance. "Life insurance can help provide financial security as you build your future together. "

Why newlyweds may want to think about coverage early

Marriage can change both short- and long-term financial responsibilities. Here are a few reasons couples may decide it’s the right time to explore coverage:

• Shared financial commitments, such as rent, a mortgage, loans, or everyday household expenses.
• Income replacement if one partner relies on the other’s earnings to help maintain their lifestyle.
• Future planning, including children, education savings or other long-term goals as a couple.

The benefits of term life insurance

Term life insurance provides coverage for a set period, such as 10, 15, 20 or 30 years. It pays a tax-free lump-sum benefit to designated or named beneficiaries; this can be used to cover expenses such as mortgage, debt or everyday living costs.

"Some people assume life insurance will be too expensive or complicated to get approved for, but term coverage can be more affordable and straightforward than expected, especially for younger adults," said Bruno.

The cost of a life insurance policy is generally lower when you’re younger and healthier, and premiums are locked in for the length of the policy term, making long-term budgeting more predictable. You may also have a higher chance of being approved without needing an extensive medical exam when you’re younger, helping simplify the process.

By exploring personalized quotes online through reputable insurance providers and researching options, you can find the right plan for you and your loved ones. The goal is to have the right coverage that reflects your needs. For newlyweds building a life together, taking a closer look at life insurance can be an important step in protecting the financial security of the person you love most.