Getting married this summer? Read on for ways that marriage affects insurance and other financial considerations to handle before tying the knot...
When you decided to get married, you probably weren't thinking about all the great insurance benefits you could get, just by tying the knot. But it's true that marriage can improve your financial picture if you take time to review your accounts and policies and figure out what benefits you can get as a married couple. So when you're working out those important details of married life, like the right way to fill a dishwasher, don't forget to also take the time to talk about finances and insurance. Here are a few things you should discuss:
The Big Picture:
There's no right way to do finances as a couple. But one thing that guarantees that finances will become a contentious issue is avoiding talking about them. Before your big day, make sure to get everything on the table: be honest about any and all debt; share your financial goals and habits; and talk about how you plan to handle money as a couple.
Depending on your costs and coverages, it may make sense for you and your new spouse to stick with your own individual health insurance plans. But don't put off looking into it, because time is of the essence.
Generally, you generally have 60 days to make a change to any employee-sponsored health insurance after a major life event, such as marriage or childbirth. After that, you will have to wait until open enrollment season comes around again.
If you don't have kids, getting married might be the first time you start to think seriously about life insurance.
For some, tying the knot is a logical step towards having kids and building a family. But even if that family is just you and your spouse, it's a big deal to know that someone is depending on your sticking around, and vice versa. Talk to your insurance agent to find out what type of life insurance policy will protect your loved ones and give you peace of mind.
Depending on your respective driving records and policies, you might save a lot of money by bundling your auto policies. Consider also that if you're going to be sharing vehicles, it's important that everyone who uses the vehicle regularly is covered.
Home / Renter's Insurance:
If getting married also means a shift in living arrangement, it's a good idea to review your homeowner's or renter's insurance to make sure you're covered. Mainly, you want to think about your assets and belongings, and make sure your current policy provides the coverage you need for both you and your spouse. If you or your new partner have an art collection, expensive sports equipment, or anything else that won't be adequately covered under your current policy, you may need to adjust your coverage or purchase a separate rider to insure important valuables.
For any questions about insurance for your new family, call or contact Executive Insurance & Financial Services today.