Newly married couples not only need to merge households – they also need to merge their insurance coverage. Fortunately, getting married can lead to better rates in many cases. Here are a few things to consider when merging your insurance needs.
Auto Insurance
Discuss auto insurance with an independent insurance agency like ours. We can do the legwork for you to compare policy costs and the best coverage. Married drivers usually enjoy lower rates and bundling your auto or homeowners insurance can lead to even lower prices.
In some cases, a driver with a less than stellar driving record may benefit from the pristine record of their spouse, too. Other times, it’s more beneficial to maintain separate policies for lower premiums.
Your agent can coordinate your new coverage to eliminate any insurance gaps. Your new policy should kick in as soon as the old policy lapses. Otherwise, you’ll probably pay more the next time you shop for insurance.
Homeowners or Renters Insurance
If you each had your own policy, you’ll want to pare it down to a single policy with ample coverage for the combined value of your belongings. Let your agent review which policy offers the best price, coverage options, and customer service.
It’s always a good idea to provide your agent with a current home inventory so they can properly access value and pinpoint items that may need special attention.
When one of the two moves in with the other, it’s usually just a matter of updating the policy to include the spouse and reviewing the coverage limits. However, insurance agents can access many products so they may find a policy that better suits your needs for less.
Life Insurance
Many people don’t consider life insurance when they’re single, but when you marry things change. The loss of a spouse can often cause serious financial strains including the inability to meet financial obligations such as mortgage payments or other debts.
Fortunately, life insurance provides a financial cushion so the survivor maintains their accustomed lifestyle without losing valuable assets. Life insurance is more affordable than most people think, especially when you buy your auto and life insurance through the same company.
Health Insurance
When you marry you have up to 60 days to enroll in a new individual health plan, or 30 days to join your spouse’s employer-based health insurance.
If you choose, you can both stick to your own plans if they offer good coverage and prices. However, it’s often cheaper to get on the same plan, especially if you’re insured through an employer. It’s also quicker to reach your annual deductible and much easier to manage a single policy.
If you both have employer-sponsored insurance, one of you may have better coverage than the other. Let your agent compare coinsurance, copayments and deductibles. If one of you doesn’t have health insurance through employment, you may want to enroll in a plan through the Obamacare marketplace.
Disability Insurance
Disability insurance provides protection if you or your spouse suffers an injury or illness that seriously impacts income. Unfortunately, this scenario occurs more often than you might believe. According to the Council for Disability Awareness, over half Americans identified as disabled are between 18 and 64 years of age.
Sometimes employers offer group disability coverage, but you may also buy a policy through your insurance agent to replace between 50 and 70 percent on income.
Invest a bit of time in an insurance review with your agent. They’ll assess your assets and risks and review your current policies, too.
Why go it alone when your local independent insurance agency can help you find the best possible coverage at the most reasonable rates. Give us a call today and ensure you start married life with the protection you need.
