This is the time of year when, it seems, everyone is tying the knot -- strolling into wedded bliss. All the checklists and plans are underway, and dreams of the wedding march and the honeymoon dance in your head. But does that checklist include the possible changes to your insurance portfolio as you join two lives and become a couple? Will you need different financial protection? What will managing two careers as a couple mean for you? How will merging two households affect you?
Do your future plans depend upon two incomes? If so, your lifestyle will reflect that. You will have expenses that you have not yet anticipated, and perhaps you have existing education loans or even medical bills to pay. Then there's retirement... yes, it seems so far away, but who knows what the future will bring? Will you buy a home? Will you start a family? In fact, one never knows what life holds in store, so it is important to make plans now to protect what you have and what you expect to have.
If the worst happens and tragedy strikes in the future, having started a life insurance policy now could ensure that the surviving spouse is protected. There are two types of life insurance policies: term which expires and permanent (whole life) which does not. Life insurance is a popular financial planning tool which is much, much more than just a way to pay ones final expenses; and the younger you are when you establish your policy, the less you will pay in premiums and the greater the financial benefit will be, no matter how you decide to use it. Check out Life Insurance details here on our website to find out all the options and prepare to be surprised.
You might already have decided whether you will rent or own your first home. If you intend to own a house, then your realtor or banker might already have spoken to you about homeowners insurance which will cover your investment if your home is damaged and will also protect you if someone else files a claim for injury or damage for which you are responsible. In fact, homeowners insurance might also cover your own belongings if they are damaged, destroyed or stolen. If you will be a condo owner, then you will find the terms of your insurance somewhat different; and if you will be renting your home, the terms will be still more different. You can find out the differences and all you need to know about Homeowners Insurance, Condo Insurance and Renters Insurance here on our website.
Just as you merge your households, you will likely own at least two vehicles, as a couple. The good news is as a married couple, you might expect to pay a somewhat lower auto insurance rate, and there might be other discounts that you need to know as well. If you both are already using the same insurance company and the same insurance agent, it could be easier to arrange for the best rates and the best coverage for your new lifestyle. If, however, you use separate companies and agents, then it is worthwhile to schedule a review of your policies to see which company offers you the best rates and terms before making any changes. If you need to brush up on your auto insurance knowledge before you meet with the insurance agent, you'll find all you need to know here on our website.
So while you might feel overwhelmed with all the details to be handled before you take that walk down the aisle, you can understand why reviewing your insurance needs is one item that should not be left off your list.
Best of luck for a long a happy life together!
In future posts, we will discuss other important things for newlyweds to consider and also take a look at the challenges that we face in other stages of life. So stay tuned...