tips & advice
Marriage & Insurance
As the big day approaches, insurance is likely one of the furthest things going through your mind. Many people do not even think about what to do with their coverage until they need to use it or at least until well after the ceremony. While there is a lot to consider and evaluate with your current situation, it is not all that time consuming, particularly with use of the internet to read about policies and get pricing from various sources.
In order to help you and your future spouse out, I have compiled a short list of things to think about and specific list of issues that are unique to different insurances.
Before You Make Any Decisions :
− Determine what you are wanting in terms of coverage. If you on a set budget or just do not want certain aspects of coverage you should not take them. Knowing what you want in advance makes it simpler for you to find what you want and to get the best price.
Insurance Overview:
− Contact your current insurance company and notify them of the change of status from single to married. This will generally give a modest discount in premiums
− Shop around ! Do not assume that your current insurance company will give you the best rates for the coverage you are looking for.
− Look into your current policies for yourself and spouse and see if it is possible to add the other to that policy. In many cases this will allow for a discount by consolidating and bringing your spouse (or moving yourself) to the other policy.
− Bundling insurances (if possible) can also save a great deal of money. If your insurance company offers more than one type of insurance you need, check what kind of discounts are available.
Auto Insurance:
− Depending on how your policy is structured, you may need to add your spouse to the plan if they will also be using your car.
− For younger males, discount auto insurance is more achievable as a married man as insurance companies will see you as being more responsible and thus less of an insurance risk.
Home Insurance:
− Check the set value of the homeowners policy for the home you will be living in. As one of you will be moving the value of the possessions will increase greatly and it is important to have the policy reflect this value in the event of an incident.
− If you are keeping your old place to rent out, cancel the prior policy, and change into a landlords insurance policy. This policy is suited for those who are renting out a home rather than those who live there.
Life Insurance:
− Many people look into life insurance at this important period of their lives. There are several options, those that cover a set period of time and those for the duration of one's life. The set period plans are much cheaper and tend to be the choice of younger couples as it meets their budget more and covers them during a more financially unstable portion of their lives.
Health Insurance :
− If you are a younger couple and still have your health insurance coverage through your parents, this coverage will cease once you are married and so you should plan for coverage to take over once that is finished.
− For those with a group plan from their work, it is pretty simple to add your spouse to the policy. If both of you are without coverage, you should consider an individual health plan, these tend to cost a bit more than a group plan but can still be very affordable.
The earlier this is taken care of, the better. One of the biggest advantages will be the savings that you will receive from being a married couple but perhaps the biggest advantage is the peace of mind of knowing that you are your new husband or wife are covered in the event of needing insurance.
This article was written by Barbara Waltz, an industry expert and one of the founders of a well known insurance blog at www.247quoteus.com.