Getting married is a major milestone in both partners lives and should be celebrated as such; however, you cannot forget about your future and finances together. I know it’s not what newly weds want to even remotely think about but it is VERY important that certain things are taken care of before it’s too late. Monthly budgets and joint bank accounts are great and really solidify two individuals making a new life together, but you shouldn’t forget about your insurance. There are four major insurance plans that you should look into as soon as possible:
Car Insurance
Homeowners / Renters Insurance
Health Insurance
Life Insurance
It may not seem important at the time but you should check your insurance plans every time you go through a major life event (such as getting married). Here are some tips on how you can save on your insurance now that you’re married:
Car Insurance
Although getting married doesn’t change the fact that you aren’t that good at driving, you could still save on your insurance!
Research actually supports that married drivers are less risky for insurance companies to insure and tend to file fewer claims. Married couples car insurance rates tend to drop by around 6%. That’s almost $100 in savings every year! Not only that but you have other discounts too. Most insurance companies don’t offer a specific marriage discount, but they tend to offer lower rates to married couples over single people.
If you and your partner are both bringing a car into the relationship, you should discuss other discounts too. You could get both cars under the same car insurance policy, and maybe get a multi car discount while you’re at it. These discounts could save you up to 25% on your car insurance!
Home / Renter’s Insurance
Moving in together is no small feat and should be taken with the upmost seriousness. Unsure of where or how far you want to move from where you currently live? Maybe renting is best for you – at least for now. Renter’s insurance can protect all your belongings in case of theft, fire, or vandalism. It’s definitely worth the extra $15 per month.
If you’re all ready to buy a new home then homeowner’s insurance is a necessity. You want to make sure you have enough insurance coverage to replace the entire cost of your house (and belongings) in case of something like a fire.
Have any newly acquired valuable jewelry? Make sure that it’s covered by your renter’s or homeowner’s policy since they might not be in the case of theft. Be sure to ask if you need to add a rider in order to fully insure your jewelry.
A little bonus tip for you – BUNDLE. I know it’s basically become an insurance cliche at this point but bundling does actually help you save. In fact, you save 15–20% each year on your insurance premiums just by bundling auto and homeowner insurance.
Health Insurance
If you get your health insurance on the open market then you’re familiar with open enrollment. When you get married, there’s a special moment of enrollment where you’re allowed a brief period to reexamine your various benefit plans.
Essentially, there’s two options. You can either keep the health care plan you’re on now, or change it so you’re on the same plan together. If you both have insurance through work and are both happy with their health care plan, then you should stay on separate policies for now. If one of you isn’t happy about, or doesn’t have a health care plan than you should get on the same one together rather than shop for one individually.
Don’t wait too long until you make a decision about this. In some cases, there is a serious window where you’re allowed to make these changes. Usually, you have 60 days to enroll in a new individual plan, or 30 days for an employment based plan.
Life Insurance
Life insurance is by far the most important topic that every couple should discuss, as dreadful as it may be. Making sure that your partner is financial stable after your death is one of the most loving things you can do for each other.
It’s suggested that for a 15 or 20-year term life insurance policy is 10-12 times your annual income in coverage. You seriously shouldn’t wait to have this discussion and find the right life insurance plan for you. If you got married yesterday and don’t have life insurance yet, you need a policy NOW. Call to see if our life insurance coverage options are right for you.
If you already have a life insurance policy, you should make sure your beneficiaries are updated. You never know what could happen tomorrow and you should be sure that your spouse will receive the death benefit if you suddenly die.
Bonus: Work with a Local Insurance Agent
Your local insurance agents work for YOU, and not just for commission. Get in touch with a personalized insurance agent here. Local insurance agents offer you someone with problem-solving instincts, who goes beyond just being a salesperson and is actively trying to save you money.