Insurances to consider as a newlywed. Getting married is perhaps one of the most exciting life events you can experience. Between the proposal, the planning, and the big day itself, there are endless things to consider. After the exchanging of the vows and once the big day has passed, it’s time for you and your partner to think about how to protect each other and your assets now that you are legally wed. Below are a few types of insurances to consider as you continue your life as a new married couple.
Health Insurance
Health insurance protects you from unexpected, high medical costs. Most likely, you and your partner might have separate health insurance through your employers or may have individual policies through the state you reside in. Once you’ve tied the knot, decisions need to be made on if you both will keep current coverage, if one or both of you will adjust your current coverage, or if one of you will be a spousal dependent on the other’s health insurance plan.
Many employer-sponsored health insurance plans such as Insurances to consider as a newlywed couple allows spouses to be covered in addition to the employee. This could be beneficial in a number of ways, including lower premium costs, lower deductibles, and better in-network coverage. Keep in mind that once you are married, most health insurances will allow you to enroll right away into a new plan, versus having to wait until the yearly enrollment period as marriage is considered a qualifying event. Just remember that you usually have a 30-day window after the date of marriage to enroll in your spouse’s plan, or 60 days to enroll in a new individual policy.
Life Insurance
Another type of insurances to consider as a newlywed is investing in (or potentially changing) once you are married is life insurance. Life insurance is a contract between an insurance policyholder and an insurer, where the carrier will pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the policyholder. Once you are married, you will want to contact the insurer to designate a beneficiary if not already done. A life insurance policy payout can help pay for unexpected funeral expenses, a mortgage, or provide financial stability for the widowed spouse and any children or dependents.
Auto Insurance
Now that you are married, it’s time to reevaluate your auto insurance policies. If you are insured through different companies, take some time to research which might be the more cost-effective option. Factors such as age, zip code, and yearly mileage can impact the cost of your auto insurance, so it is important to evaluate your available options. This is also a great opportunity to evaluate what available discounts are available. For example, many insurers offer a multi-car discount or a lower price when bundling auto and another type of insurance. If you choose not to combine, update your insurer as soon as you can as you may still qualify for lower rates due to your new marital status.
Homeowners Insurance
Depending on the timeline of your marriage, you may be looking forward to purchasing a new house as a married couple. During this time, investigating the different options for homeowners insurances do not consider as newlyweds are critical to helping identify a potential future budget, but to also provide peace of mind during another exciting life event. Homeowners insurance gives coverage to either rebuild or repairs your home in the case of damage. This damage typically includes smoke and fire, hail and wind, and theft and vandalism. Similar to the other insurances listed above, it is important to evaluate your available options with your partner, as factors such as the condition and age of the home might impact the policy cost. While homeowners insurance is not legally necessary, most mortgage lenders will require some level of coverage, so it is important to take some time to find the best option for you.
Weddings are a magical time for all involved, but there is so much more to a relationship and marriage than your one special day. Building a life together takes patience, time, and a feeling of safety. Considering the different insurance options available will offer you reassurance for future stability. Remember to discuss the amount of coverage you desire for each, and know that as you grow together, you can always increase your policy amounts to your new circumstances as they change.
