Choosing insurance may not be as romantic as deciding where to go on your honeymoon, but it is one of the most important things you can do as a newlywed. Although most couples are aware of the need to evaluate their insurance needs when they get married, there is a link between that awareness and whether they are taking action. So now it’s time to start discussing insurance for newlyweds.
Car insurance
If you and your spouse have separate car insurance policies, it may be wise to combine them. Get quotes from each of your operators and look around to see if any others offer discounts on multiple vehicles.
Keep in mind that it may not always make sense to package your car insurance. If your spouse has poor driving results, you can stop paying more by packing. Still, you can still qualify for a discount just because you are married. Insurance companies usually offer discounted rates to people just because they are married, due to the assumption that married people drive safer.
Life insurance
Newlyweds who both have a job and are not yet dependent on their spouse̵
7;s income may not see the need for a life insurance policy. But as they build their lives together, the addiction grows. If you are young and healthy, you can benefit from getting life insurance early in your marriage, as you can usually lock in better rates than if you were older. Remember that the older you get, the higher the prices, so do not postpone it for too long.While life insurance is less urgent for young couples who are both working and have no children, it is important for newlyweds with only one working spouse, or those who have children from a previous marriage, to buy life insurance early in the marriage.
If you already had life insurance before you tied the knot, do not forget to add your new spouse as a beneficiary.
Disability insurance
Young people are more likely to become disabled than to die prematurely. In fact, more than half of Americans identified as disabled are in their working years – between the ages of 18 and 64 – according to the Council for Disability Awareness.
Health insurance is historically cheap and can pay you between 50% -70% of your regular monthly income if an accident, illness or injury prevents you from being able to work. If your employer does not offer health insurance, you can buy it on your own. This coverage can be crucial for you and your loved ones.
@coverlink_insurance Are you newlyweds who want to SAVE money? There are lots of discounts we can find for you. Call CoverLink Insurance on 93759299076.
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Health insurance
Do not make the mistake of refusing health insurance, even if you and your spouse are healthy. An illness or emergency can cause newlyweds financial difficulties that could have been prevented with health insurance. If you and your spouse both have health insurance through your employers, you may have separate plans, but it may be cheaper to have the same plan. Doing so can help you reach your annual deductible faster.
Some life events, such as marriage, allow you to join your spouse’s plan as long as it is within the time frame required. If you decide to share a plan, compare both employers’ coverage and costs to determine which plan best suits your health needs and finances. Be sure to consider each plan’s deductibles, co-insurance, copayments, coverage limits, prescription coverage and choice of caregiver. Remember that if you have a preferred doctor, you want to make sure he or she is on your network.
Do not panic if an employer-sponsored health insurance is not an option for you. Coverage is available to everyone through the Affordable Care Act. Visit http://www.HealthCare.gov to review and select a plan through the health insurance market, either during open registration or within 60 days of getting married.
Tenants insurance
If you rent your living space, you should consider rental insurance to cover the value of your property. If you already have a rental insurance, do not forget that you have more to lose now that you have combined belongings, such as furniture, electronics and jewelry. Consider increasing your personal property coverage limits, which may be worth replacing or repairing items that are stolen or damaged.
Homeowners insurance
Homeowners insurance is similar to rent insurance, but it covers more than just your belongings. It also covers your home in the event of fire, theft or other hazards. Both the rent insurance and the homeowners’ insurance also provide liability protection.
We can help.
Resolving your insurance needs early provides a solid foundation for your marriage. Review your financial situation and your goals with your spouse and contact CoverLink Insurance to help you find adequate coverage within your budget.
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