| The date is set, the rings are bought, and the vows are exchanged. Have you contacted your insurance agent? For many couples this is an afterthought when the wedding bliss settles down but this is the one of the most important times to review your insurance coverages and make adjustments to meet your new financial obligations.
Reviewing your insurance coverage and financial needs should be considered before and after your marriage. Are your engagement and wedding bands covered? Do I have enough Life Insurance? Whose Health Insurance is better? If not reviewed, these and other questions could cause problems down the road. Below are 5 easy steps that will help insure your future.
- Auto Insurance - Many insurance companies have better rates for married drivers vs. single drivers. It is important to contact your agent as soon as possible to let them know about your marriage. By combining your policies, you could be eligible for additional discounts such as multi-car. Price should not be the only thing you look at though; your experience with the service and advice you have received from your agent should play an integral part in deciding what company to go with.
- Homeowners or Renters Insurance – Visit your limits of coverage as they will probably need to be increased and add your spouse as a named insured. Find out if your policy covers your belongings on an “actual cash value” or “replacement cost” settlement. Replacement cost settlement is the way to go as your policy will provide you with enough money to replace your damaged or stolen belongings without depreciating the value of it. Check with your agent to see how much your valuable items are covered for such as rings, jewelry, watches, and furs. Most policies have special limits on these items and you may not have sufficient protection. Your agent can also advise you if any of your other possessions require special coverage.
- Life Insurance & Disability Insurance – If you have debts, life insurance can help protect your family financially when you die. It could pay off the house, send the kids to college and provide your spouse with an income in the event of your death. You should also revisit the beneficiaries you have on your existing coverage and change them to your spouse. Young married couples are more prone to become disabled than to die prematurely. That is why Disability Insurance is also important. Disability Insurance provides you with a monthly income in the event that an accident, illness, or injury leaves you unable to work. Contact your agent for more information.
- Health Insurance –If you and your spouse both have health coverage through your employers, compare the plans to determine which plan best fits your needs and finances.
- Financial Services & Estate Planning – Have a will written up. Most couples are married for years before they consider writing a will, the reality is that if you postpone this it may be too late. A will should always be drawn up by a qualified attorney familiar with your financial circumstances, family situation and your wishes for your estate. Do you contribute to a Retirement Plan thru your employer or have an IRA? Planning for your future should also include reviewing your financial needs and retirement planning. Contact your agent to set up a financial needs review.
Weddings are a most exciting and joyous experience! As you begin your new life together, you will find many new pleasures, challenges, and responsibilities. While new financial responsibilities can seem overwhelming, the selection of a professional and dedicated insurance agent is an important step in managing these responsibilities.
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