Getting married is one of life’s most exciting milestones, but there are some very important things to consider when you start building your new life with your spouse. In order to set up a financially-stable future that ensures lifelong protection from the unexpected, you will need to purchase insurance for different parts of your life. Even if you already have individual coverage, now that you’re married, you’ll want to take a look at your current policies to identify ways to minimize risk and cost, while maximizing coverage that will keep both of you protected for the long term. You may also consider combining policies to take advantage of multi-policy discounts, lowering overall premium costs.
Car Insurance
If both of you were car owners prior to getting married, it’s assumed that you each had your own auto coverage. Now is the time to compare your individual rates and coverages, and discuss your options with your insurance broker to discover more competitive rates. By combining policies, you could also be eligible for policy discounts. Also, married individuals often have lower risk profiles that may qualify them for lower premiums.
Homeowner’s & Renter’s Insurance
When a couple gets married, it’s important to report their new status to their existing insurers — especially when it comes to homeowner’s or renter’s insurance. Getting marries often brings additional belongings that need to be insured, including electronics and furniture. As a newly married couple, you may also consider purchasing specialized coverage known as “personal property coverage”, which is a standard part of most homeowner insurance policies to cover some high-value items, such as your wedding rings.
Life Insurance
It’s tough for a newly married couple to think about losing each other. But it’s important to consider life insurance to minimize the financial burden that one spouse may experience if the other passes. Life insurance policies can help pay bills, settle debt, replace the deceased spouse’s income, or finance your children’s education in the unfortunate event of an unexpected death.
Health Insurance
Marriage is typically considered a qualifying life event that opens a special enrollment period to make changes to health insurance policies. During this period, you can either enroll in a new plan or join your spouse’s health insurance plan. Of course, maintaining separate policies is also an option, but it’s important to note that there are many benefits to being on the same health insurance plan as your spouse, including the likelihood that you’ll reach annual deductibles faster.
At Doeren Mayhew Insurance Group, we understand how important it is to find the right insurance coverage at every stage of life. We specialize in providing personalized, professional guidance for a variety of insurance coverage options. Contact us to learn more about your insurance options, and to set up a consultation today.