Planning a wedding is a huge task and very time consuming, but remember the wedding and honeymoon is just the start of your life together. You need to also be planning a solid financial base for your future. You may have discussed joint or separate bank accounts, combining your households but probably one thing you have not talked about is insurance. Here are a few insurance questions to talk through with your fiance…
Do You Have Any Life Insurance?
Usually, people get a certain amount of life insurance through work. The amount is usually one or two times your annual salary. That may sound like a lot but you need to figure out how long that much would last the surviving partner. For example, if you are buying a house… could just one of you manage the mortgage payment and home upkeep on their own? Typically the work insurance ends when your job does, so changing jobs may mean you now have no life insurance. The easy solution is to get your own individual life insurance policy. The younger and healthier you are the lower the premium cost. Each of you should have a policy.
Do You Have Disability Insurance?
Disability Insurance often called DI or disability income insurance, or income protection is a form of insurance that insures the beneficiary’s earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work. Nearly all of us rely on our paycheck so disability insurance pays you a portion of salary if you were to become sick or disabled and unable to go to work and earn that paycheck. Individual disability insurance policy has the key benefit: it will be with you as you move from job to job. Many people believe Workers Comp will take care of them if they are out of work but that is only true if the disability happened at work. More than 90% of disability claims are due to illnesses, like cancer, for example. That means It did not happen at work so if you contacted cancer you would have no income. Your individual disability insurance policy would come into play. It would replace a portion of your salary so you could continue to pay your bills until you were able to return to work. The longer you wait to take out a disability policy the higher the premium cost will be. Your policy will be with you as you move from job to job.
Once you have discussed all this with your partner you may find gaps in each of your coverage. If so, it makes sense to sit down with an insurance agent. We wish you all the best as you start your journey together!
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.
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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