Special Feature by Barbara Waltz, co-founder of 24/7 Quote Us, an online resource blog and insurance quote comparison guide.
To Have and to Hold: A Guide to Insurance After Marriage
The caterer is set, the flowers picked out, and everything to the smallest detail has been ordered. With all of the excitement as the big day approaches, it’s easy to forget about your insurance. While all of us use insurance in one way or another, people forget that once they are married, there are a number new factors that should be considered. These steps are usually straightforward and can save you quite a bit money – as well as giving you the security of knowing you and your loved one are taken care of.
Married couples are one of the most sought-after demographics when it comes to insurance companies. Insurance companies consider married couples to be more responsible in their lifestyles as well as financially. Many young couples are able to get much cheaper auto insurance than their single friends.
Young men are classified as one of the highest risks for auto insurance companies, but this risk is mitigated by marriage. Your new status can result in lower premiums. It may also be possible to save additional money on your policies by combining policies under one insurance company, as many will offer a discount for having several policies with their firm.
A successful marriage is one of love and compromise. One of the first compromises to be made is “whose home will we live in?” Some couples get a “new” home once they are married, but in most cases one of the partners will be moving out of his or her old place and into the other's house.
The one who is moving should make sure to cancel his or her current homeowners plan. If you are planning on renting your old place out, look into landlord’s insurance, which protects you as the owner. You should also evaluate the policy that’s in place for the new home. With another person moving into the home along with his or her possessions, the value of the homeowner’s policy is likely to fall short of the actual value of the goods in the home. In fact, bringing in an engagement ring or just one person’s electronics may be enough reason to increase the policy's value.
There are many options to consider when it comes to health insurance for you and your partner, and many areas where you can save money as well. It is important to determine what both of you are looking for in terms of coverage. There is no point in paying for coverage that doesn’t interest you.
Many people have their policies through a group policy from work, and these have less room for customization. The good news with these policies is that they are cheaper than other polices out there, and if your partner is without coverage they can easily get added to it for a slightly increased premium.
If neither of you has insurance through work, you should consider some sort of individual health insurance policy. These can be customized quite a bit, and thus can allow for affordable health coverage. Again, if both of you have a policy with the same company, you are likely to get a discount.
For younger couples, it is vital to check out your current coverage. If you are under a parent’s plan, it will be canceled quickly after your marriage.
Many newly married couples look into their life insurance options. While the risks of needing to use such a policy are low for younger couples, you may want the security of knowing your spouse will be financially OK if something ever happened to you. There are several options that are available, and they are pretty affordable depending on the level of coverage you are looking for. Policies exist that can cover a set period, typically ten years or more, as well as others that will cover the duration of one's life.
With all of this taken care of, it is time to plan your honeymoon and new life together! There are plenty of advantages to marriage that are bigger in the grand scheme of things, but saving thousands of dollars on insurance over the years certainly comes in handy.