Now that you’ve opened the presents and returned from your honeymoon, it’s time to consider some of the changes getting married will bring to your financial life. For instance, if you haven’t done so already, you should review your insurance coverage, compare and consolidate your insurance policies. Good news—you may get a discount just for being married, because many insurance companies consider married people a better risk than single people.
Review your existing coverage
- Car insurance
Compare your car insurance policy limits and coverage. It may be less expensive to combine all your vehicles onto one policy because you will be eligible for a multi-car discount. Get a quote from each of your car insurance companies to see which is the better deal. If you change policies, make sure new coverage goes into effect before the old coverage is cancelled so you don’t have a lapse in coverage.
- Homeowners or renters insurance
If you’ve been living separately, you may have both been carrying homeowners or renters insurance. You should be able to cancel one policy if you no longer own or rent that second home, but make sure the policy you’re left with is appropriate for your needs.
For example, you may need to increase your personal property limits now that all your belongings are under one roof. You may also need special coverage for high value items like your wedding and engagement rings, high-end electronics, or expensive wedding gifts.
And remember to officially add your spouse to your policy!
- Health insurance
Now that you’re married, you have a limited time to enroll in a new health plan or join a spouse’s plan—usually 60 days. If either or both of you have employer-based plans offering spousal benefits, you’ll want to compare these three scenarios: you each keep your current plan; you join your spouse’s plan; your spouse joins your plan. Ask questions about monthly premiums, deductibles, and other out-of-pocket costs. If you don’t have health insurance through work, you can buy or change your coverage through your state or federal exchange. See healthcare.gov for more details.
- Life insurance
Consider buying life insurance—even if neither of you have children. The death of one partner could lead to financial difficulties for the surviving spouse if you have bills or a mortgage one person can’t afford on their own.
One more thing: be sure to update your beneficiaries and emergency contacts.
Need help? We’ve got you covered!
Feeling overwhelmed? Don’t be! Your friendly Lakewood Financial agent can help you make sense of it all. Whether you’re an existing client or a new one, we will be happy to help you sort through your options. As an independent agency, we represent many financially sound insurance companies and will help you make the best choices for your financial situation. Call us today at 941-747-4600, or email us for a car, home, renters, health, or life insurance quote.