Most newlywed couples do not need extremely high levels of life insurance coverage; however, securing extra coverage at a younger age is a sound financial decision. As you begin to purchase things together (such as a house) and acquire debt, it is important to make sure you are adequately covered in the event of a catastrophe. Many find it easy to pay their mortgage when they are part of a two-income household, but those same people could find themselves in a financial pinch if something were to happen to their partner and they had to survive on their income alone. In any event, you should have enough life insurance to enable your surviving family members to maintain their current lifestyle. They should be left financially secure until they can comfortably provide for themselves.

Term life insurance is the most affordable and cost-effective life insurance protection available. The purpose of life insurance is to "indemnify" (replace financial loss), and what most people should be looking for is income replacement for their beneficiaries. Independent financial planners recommend purchasing an amount of coverage equal to 6-10 times your annual gross income. Term life insurance is simple to understand, and allows for personal choice. You pay a low monthly premium based on the term length and amount of coverage you choose. You can choose term lengths such as 10, 20 or 30 years, and coverage amounts anywhere from $100,000 to several million dollars.

As your marriage happily continues into your golden years, you should review your life insurance policy at least every three years, if not more often. Rates may be lower, and your circumstances may have changed, necessitating a change in your protection. If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won't overlap or lapse.