Changing Lives, Changing Needs: Marriage and Your Insurance

Posted on Oct 1, 2012

Of course, thinking about how marriage will affect insurance is not at the top of a couple’s list when the wedding vows are taking place, but with every life stage and change, insurance needs to be a priority. The basics such as name and address changes are not the only insurance evaluations that need to be considered before and after the marriage. Is pre-natal care offered on your health insurance? What about that new engagement and wedding band..are you sure they are covered? These and many other questions could cause unexpected losses in the future for newlyweds. By following the 6 steps below, your insurance will be marriage ready:

1. Update all policies to add the new spouse and cancel any unneeded polices (such as policies you will merge like auto, homeowners, or renter‘s insurance).

2. Life insurance would need to be purchased and beneficiaries changed on existing life and annuity policies (although in most states your spouse is automatically your beneficiary it is still best to change). Also, you will want to most likely broaden your life insurance to include your spouse and to raise the policy value.

3. Consider merging your health insurance since the rate will probably be better. Also, if the canceled health insurance is offered through an employer, one of you will want to check to see if the premium portion the employer pays is eligible for reimbursement. Furthermore, you and your spouse should consider coverages such as pre-natal care and lower deductibles when deciding which company to stay with.

4. Renters or homeowners insurance limits will need to change for added spouses’ personal items.

5. Consider getting endorsements for valuables such as wedding rings, furs, etc.

6. If you or your spouse currently do not carry umbrella, long-term care, or disability insurance, now is the time to consider purchasing those additional policies.