Insuring Your Happily Ever After
Getting married and embarking on a new life together is one of the most exciting experiences in two people’s lives. It’s a time of hope, promise, romance and … reality. Finding the person who will be by your side forever may have seemed like the hard part, but getting married also requires a lot of time, money, and careful consideration. Whether a couple is planning their wedding or deciding where to live, there are a lot of decisions to make before saying “I do,” especially when it comes to insurance.
Whether a walk down the aisle is in your future or you’re a newlywed, there are numerous insurance issues that come with being Mr. and Mrs. To keep them all straight, we've got some tips on how getting married impacts your insurance. No wedding planner or over-priced flowers required.
• Most auto insurers view marriage as an indication of greater responsibility – especially for men younger than 25 – so most insurance companies offer lower premiums for married people.
• Getting hitched also means you can add your spouse and their car to your auto insurance policy (or vice versa), which will likely lower your rate with a multi-vehicle discount.
• Once you are married, most group health insurance plans allow you to put your spouse on your plan – even if it’s outside the annual enrollment period. If you both are enrolled in group plans, analyze each of them based on your current and future health care needs. One spouse’s plan my have a lower premium, but require a higher deductible. Also check each plan’s policy limits and rules about pre-existing conditions.
• If your new union includes new dependants, and you need to include them on your policy, you should contact your employer to add them to your policy. This can also be done outside the annual open enrollment period. If you have individual health insurance, you may need to prove the child or children’s insurability prior to adding them to the policy.
• If you already have a life insurance policy, you may want to update it so that your new spouse is the beneficiary. If you don’t have life insurance, tying the knot is a good time to get a policy. Life insurance provides you and your spouse with the peace of mind that you’re financially protected from the unexpected.
• Couples can save money on their homeowner’s or renter’s insurance once they are married for the simple reason that they’re under one roof instead of two. Couples who already live together, but have separate policies can get a joint policy after they tie the knot.
• Whether you’re moving in together or already co-habitating, chances are you’re going to receive wedding gifts. Be sure to update your home inventory and insurance policy to include these new items. If you don’t have an inventory, you should create one that includes everything of value that you and your spouse own. Click here for a home inventory template.
• It doesn’t matter if you’re the one who bought the engagement ring or you’re the one wearing it, you'll want that sparkler to be insured. Most homeowner’s and renter’s policies can be adjusted to include a personal property rider to cover the cost of replacing the ring.
• Getting married usually means orchestrating a wedding or some sort of gathering for family and friends, and planning such a party is a big comes with a hefty price tag. While couples make hundreds of decisions when planning their wedding – from finding a reception hall to choosing china – many don’t spend the time and money to get insurance for their big day. Wedding insurance policies are usually relatively inexpensive (about $125 to $275) and protect your big day from being spoiled by bad weather, illness/injury, or a missing officiant or vendor. Wedding insurance will also usually cover damage to or problems with your ceremony and/or reception sites that cause your wedding to be rescheduled.
Before you take your vows, make sure you have the right insurance to help you through good times and bad, in sickness and in health. Contact us with questions about your policy or if you need a new policy. We are always happy to help newlyweds navigate their insurance – and you don’t even have to invite us to the wedding!