DON’T TEST FOR RICHER OR POORER: INSURANCE OPTIONS FOR NEWLYWEDS

Marriage usually changes the way in which insurance is thought about and approached. Insurance, especially for newlyweds, is much more complicated than merely insuring a specific object. Think of life as a growing puzzle. You're constantly laying down new pieces and fitting it all together. Marriage is a big puzzle piece that's often accompanied by other pieces of your life puzzle, such as a mortgage and children.

We all hope that these pieces fit together without interruption or chaos. However, that isn't always the case. Insurance is a way to protect your puzzle pieces and secure the future of your new family.

Life Insurance. Marriage inevitably brings about many changes – from where you live to your standard of living. These changes usually are designed around the income of the primary breadwinner or the combined income of both spouses. Either way an unexpected death can result in financial hardship if not anticipated carefully. Life insurance is intended as protection should one spouse die unexpectedly and leave the other with the responsibility of this new life.

When purchasing Life insurance, there are many factors to consider, mainly inflation, monthly debts and income, and future financial obligations. A good rule of thumb for ordinary families is to have a minimum coverage that's 10 times the primary annual income. However, this wouldn't be applicable in all situations; for example, you might have a disabled child that increases financial obligations. It's best to speak with our Life insurance agents to help you determine how much coverage you actually need.

If you have an existing Life insurance policy, then it's important to revisit the policy and make any adjustments to coverage and possibly rename your beneficiary.

Disability Insurance is just as vital as Life insurance. Statistically, disability is actually a greater possibility for younger married couples than premature death. Disability insurance is especially important for young couples taking on the responsibility of purchasing their first home. Imagine for a moment that you or your spouse suffers an illness or injury that results in an inability to work. The absent income could mean an inability to pay your mortgage, especially if the affected spouse was the only one working. Disability insurance is designed to protect you from such circumstances by covering a portion of your income.

Automobile, Homeowners, And Renters Insurance. Most couples will find it more cost efficient to use the same automobile insurance company. Many carriers offer a discount based on the number of vehicles insured and possibly an additional reduction for carrying Homeowners insurance with them as well. Even those not financially ready for a mortgage should still use Renters insurance to protect their newly combined possessions

Health Insurance. Just as with Auto insurance, many couples might find it more cost efficient for both health insurance policies to be through the same company. Spouses can generally be added to an existing policy after marriage. Look to see which option offers the lowest premiums. And, if planning on starting a family immediately, be sure to look at which options cover prenatal care.

Financial solvency is hard enough when you only need to worry about yourself. Now that you have a spouse, there are even more angles to cover and ways things can go wrong in your puzzle. Why test for richer or poorer when there are so many ways to guard against the latter?
Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Further Reading
Just as one might use a CPA to prepare their income taxes or an attorney to help them with their estate planning, many choose to use an insurance agency to write their insurance policies. This choice is mainly made because a person feels they need pr...
Your business insurance value has no relation to your policy premium or your policy premiums, the value of your insurance portfolio related directly to the risks you insure against. If you are not an insurance expert, it is important for you to meet ...
As you prepare for your wedding, take time to think about life insurance. It gives you peace of mind and financial resources if something unexpected happens to your new spouse. Provide Financial Support After your spouse dies, you may face fina...
Purchasing life insurance as a senior is an important investment, but it can be expensive. Fortunately, term life and guaranteed universal life (GUL) offer affordable premiums, guaranteed and personalized death benefit amounts, and optional riders. C...
If you or a loved one are diagnosed with cancer, consider your life insurance options. A life insurance policy gives you peace of mind as you provide financial support for your loved ones. Assess your Risk Before an insurance company will ...