Marriage can be quite an adventure – especially since you’ve vowed to live with your partner for better and worse, for richer and poorer, and in sickness and health. Likewise, this adventure means going through every nook and cranny in life together, especially in finances. Tying your wedding knot means it’s time for you and your partner to review your insurance promises.
You address significant financial uncertainties and questions, “Do you both have enough money to cover daily living expenses and pay off debts? Would you financially manage to have a child shortly?”
With these issues awaiting you in marriage, it’s best to be prepared with the insurance plans listed below.
Auto Insurance for Married Couples
Getting married means you get a discount once you avail of joint auto insurance. You can save more money on your premium (the amount you need to pay for your insurance policy) if both of you have a good driving record with minor accidents. More so, when you qualify as an infrequent driver (one with no speeding tickets, claims, and other incidents.)
Additionally, having the same insurance provider is more convenient for you and your spouse. This makes upgrading your account to a joint insurance policy easier. Also, combining into a joint policy makes you eligible for multi-vehicle discounts.
You can even find an auto insurance policy that accommodates the coverage or deductibles for all your cars. Although insurance providers require the same coverage policy for all vehicles, there are also those with differing coverage types based on the car you’re covering.
Overall, getting car insurance for couples allows you to bring two cars into one household and even qualifies you for potential discounts and benefits that can reduce your premiums. Doing so means you avail of a single policy and reduce your overall auto costs!
Life insurance is incredibly beneficial for couples. You get the insurance that pays for unexpected costs in mortgage or rent, household bills or piled-up debts, and even funeral costs. Before marriage, you weren’t relying on anyone for financial support for these costs, but getting married means a different thing. Once married, you’ll need an extra hand to help you stay afloat whenever a financial loss happens.
When applying for life insurance, you have two choices: term life insurance and permanent life insurance. For term life, you get an insurance policy that lasts for a limited number of years which could be ten, 15, 20, or 30. On the other hand, permanent life lasts your entire lifetime and is more expensive than a term life.
In addition, permanent life insurance is divided into two categories as well – that being whole-life insurance that covers your entire lifetime, accompanied by a savings account that grows at a guaranteed rate, and universal life insurance that covers your lifetime, adds a savings account, and a death benefit as well.
Since life insurance has plenty of options to choose from, you and your partner should discuss the pros and cons of each policy. Even consider the future if you want. Life insurance can help pay for child care and education for married couples, so it’s also advised to consider this when you discuss it.
You should also consider talking with an independent insurance agent if you want a clearer and more objective viewpoint. Ultimately, it would help if you determined how much coverage you’ll both need and what policy fits your needs.
If you have individual health insurance, it is an excellent time to review your plans and get joint coverage together. You could opt to get a plan with a high deductible if you already have a health savings account to reduce your costs further.
Doing so allows you to benefit from a low monthly premium and save tax-free money if you need more healthcare. However, if you can’t afford to max out your savings account or cover the cost of your deductible while waiting for the coverage, you may want to view other joint health insurance options.
Lastly, disability insurance is helpful if you’re constantly dealing with high-risk jobs. You can be assured that you have added protection for your wallet once you experience an illness or injury. Also, you could be sure that you won’t have any additional costs if you’re unable to work – whether that be permanently or temporarily. You could even use disability insurance during maternity leave if the occasion requires it.
If you want beneficial disability insurance, it’s advisable to find a policy that has long-term coverage. Doing so can ensure you are on an emergency fund for an extended period. Likewise, group disability insurance is also an option, although these options are typically found within the same workplace.
Overall, disability insurance is beneficial for married couples to reduce any financial losses when you or your partner become injured or ill. Without insurance and income, both of you would have difficulty with everyday necessities and bills.
Marriage life is indeed an adventure, and it has become even more so, especially since you have to think of the financial needs that come as a couple. Nonetheless, this guide has outlined the four most vital insurance plans you need – auto, life, health, and even disability insurance.