The legal act of getting married, as opposed to just living together, can have some immediate impacts on your financial situation. Sitting down to do monthly budgets together and opening joint checking and savings accounts are all part of merging your lives. Just remember whenever you go through a major life event and getting married is a major as it gets, it is SUPER IMPORTANT to do an insurance coverage checkup. There are four types of insurance that newlyweds need to talk about…
- Car insurance
- Homeowners or Renter’s Insurance
- Life insurance
- Health insurance
Car Insurance Tips for Newlyweds
According to the National Institute of Health, never-married drivers are far more likely to get in an accident than married folks.There is a really good chance you might be able to get a discount on your car insurance just for getting married! A recent report found that when single people get married their car insurance rates drop by about 6% which adds up to close to $100 in saving each year. And if you have two cars to be insured you may also get a discount. A good tip is to shop around for insurance. prices. Getting married is a great excuse to look around and make sure you and your spouse have the right amount of coverage in place. Look for an agent who can help you look for a better deal and it’s beholden to just one insurance company.
Homeowner’s or Renter’s Insurance Tips for Newlyweds
While marital status is generally not used for pricing a renter’s insurance policy, the value of your possessions is. And that value most likely has just increased. So protect it! If you plan to rent for a few years before purchasing a home you will need renter’s insurance. You will want to have enough coverage to replace all your stuff in case of theft. fire or vandalism. Renter’s insurance is well worth the $15.00 to $20.00 a month. Homeowners insurance is a no-brainer and is usually required but you can still make sure you are getting the best deal for the coverage you need. A good insurance broker will know how to protect you from leaving yourself open to problems you may never even thought about.
Life Insurance Tips for Newlyweds
Now that you are married you definitely need life insurance. Life insurance for newlyweds may not be your focus on the big day. But after your married (ok, after the honeymoon), it’s a key topic for young couples. Life insurance is about making a promise to those you love, it makes sense to assess life insurance options for you and your new spouse. Even if you think other financial priorities come first, you should explore life insurance policies and features to determine if one fits in your budget. Each spouse should get a 15 or 20-year term life insurance policy with 10-12 times your annual income in coverage. So if you make $60.000 a year and your spouse brings home $50,000, you should get a policy worth at least $600,000 while your spouse takes out a policy worth no less than $500,000. What you are striving for is that after 15 or 20 years you will have accumulated enough wealth that you will not need insurance. You can be self-insured. Do not put off getting insurance as a young couple. A tip to remember also is if you do already have insurance you may need to update your beneficiary.
Health Insurance Tips for Newlyweds
Marriage discussions should include practical matters such as health insurance — whether to maintain separate policies or combine plans. normally you must wait until open enrollment to make any changes to your healthcare coverage. However once the wedding ceremony is over you and your spouse can take advantage of a special enrollment period. You can get on the same health care plan together or stick with the coverage you currently have.
- If you each have company insurance and you are happy with the cost it is probably best to each keep your health insurance separate.
- If one of you is a stay at home parent, or in business for yourself and do not have access to an employer-based plan, it may be less expensive to get covered under the same plan.
Just remember you will only have about 60 days after the wedding to enroll in a new healthcare plan.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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