After the hustle and bustle of wedding planning, to the wedding day, to becoming newlyweds, to making a new home together, insurance concerns sometimes can fall through the cracks. Newlyweds have a lot to consider when it comes to combining their insurance policiesand getting the proper insurance coverage. There are legal issues involved when two lives come together, and insurance is one of them. There are considerations such as coverage for property, wedding rings, life insurance, and combining car insurance policies. These are the most common insurance concerns for newlyweds which can be taken care of quite easily with a little bit of knowledge and tips. The following will help cover the insurance basics for newlyweds.
Life Insurance
Typically it takes marriage to happen for individuals to take out a life insurance policy if they hadn’t done so before. Wanting to protect one another and children in the future is given serious thought and consideration at this stage in one’s life. For the ones that already carry life insurance policies, this is the time to update their beneficiary information and to consider adding additional coverage to increase their death benefit amount. For new couples who are starting out, this is the time to seek out a policy that covers both individuals regardless of who makes a higher income. It is best to remember that even if income is not a concern, having life insurance coverage will help pay for expenses in the event of a death.
Car Insurance
Combining car insurance policies for newlyweds is a great way save some money for bundled policies, as well to ensure all drivers in the household are covered on all vehicles. This is a great time to shop around for car insurance quotes to see which company will best serve the needs and budgets of the new household. Combining home and life insurance policies, along with car insurance will add even more of a discount.
Personal Property
Whether or not a couple has lived together before marriage, there are sometimes concerns with personal property coverage when they get married. For couples that have never lived together before, this is the time to make sure all of their contents in the home are covered. Some valuable items require special coverage such as wedding gifts and jewellery. Items that exceed the coverage limit on the policy will need to be scheduled on the policy to ensure proper coverage is provided.
It is important for newlyweds to take the extra step to organize their insurance coverage needs as a single unit. This will ensure they are protected and are getting the best value for their needs. Starting a new life together also means taking care of all the details involved in becoming a married couple.
