Being a young couple today is certainly different than it was half a century ago. Back in the 1960s, only about 3% of married couples lived together before tying the knot. These days, around 75% of couples choose to ‘test the cohabitation waters’ before walking down the aisle1. Whether married or just considering it, today’s couples in their mid-20s to mid-30s face an increasing number of financial obligations that apply not just to themselves, but to their partners and children (if any).
Young couples – an exciting life stage
If you happen to be a DINK (Double Income, No Kids) you’re in a unique position in which you can join forces with your partner to establish a solid combined income. You are both in the thick of building your individual careers, and may even be able to put a deposit down on your first home together, perhaps in preparation for starting a family. If you happen to be a DINK (Double Income, No Kids) you’re in a unique position in which you can join forces with your partner to establish a solid combined income With two incomes, it’s easier to find the money for a better car and better accommodation, with more disposable cash to do the things you both enjoy. You’re probably saving money by living under one roof as well.
In the past decade there has been an increase in female breadwinners in Australian households, which, though fairly slight, demonstrates the expanding income-earner role taken by women both in married and unmarried relationships2. Before children come along, this is the perfect time to forge your careers, establish an enduring economic base for the future and look at sensible ways to protect what you’ve accumulated as a couple.
Why life insurance is so important for young couples
Young couples are generally looking at three new sets of financial responsibilities as they move forward: getting married, buying a first home and starting a family. Each of these new circumstances makes consideration of quality life insurance a must. Young couples can often be well placed financially, but what happens to your savings and most valuable assets if the unexpected happens and you are no longer able to work or adequately manage your home? In your single days, from a financial perspective, you were only looking after yourself, but now there are others in the picture to think about. Providing for your loved ones in the event of untimely death or permanent disablement is as important as ever.
Young couples can often be well placed financially, but what happens to your savings and most valuable assets if the unexpected happens and you are no longer able to work or adequately manage your home? Don’t be a victim of the dreaded ‘it will never happen to me’ syndrome – make sure you’re looking after those you care about most. Life insurance cover can be tailored to meet your needs and fit your personal circumstances and budget.