Getting Married? Tips on Combining Insurance
Congratulations, you’re getting married! We all know it is important to discuss finances before getting married, but it is as equally important to sit down with your fiancé and discuss insurance coverages and needs. In the first part of the “Getting Married” series we shared tips and questions to consider when combining finances. Now, we will focus on your insurance coverages and needs. Below are some things to keep in mind while combining and/or reviewing insurance policies.
When reviewing your auto polices it is important to ask yourself the following questions: Which policy has the higher premium? Which policy has the higher deductible? Does one of you have more traffic violations or auto accidents than the other that could ultimately affect his or her premium rate? Is one of you receiving better discounts by being a member of a group policy? The answer to these questions all factor into how much you could pay for auto insurance. As a couple you must decide what is best for you, purchasing a policy that insures all vehicles together or continuing to purchase separate policies on your own. One financial tip, shop around!
It is important to do your homework in advance when shopping for auto insurance. If you have questions about a company, agency, or agent please call our office at 877-999-6442.
Whether you rent or own your home, it is important to review this policy with your future spouse as well. Let’s say one of you already owns the home that you both will live in once you are married. Just as you would add your spouse to the deed of the house, your spouse should also be added to the insurance policy. Also think about any special items that your spouse has, or you have together, that you would want to insure on your policy. Often, couples will insure the wife’s engagement ring in case it ever were to be lost or stolen.
Discuss with your agent about the benefits of bundling auto and homeowners insurance to receive a discount on premiums.
Do you or your spouse have life insurance policies? If so, you want to review and update the beneficiary information once you are married. You will also need to name your spouse as the beneficiary if you participate in an employer-sponsored retirement plan.
Your health insurance policies also need to be updated once you are married. For health insurance, review the benefits, co-pays, deductibles, level of coverage, etc. offered by each spouse’s existing plan. Then make the decision of which plan will be most valuable for your family. Although changes to your health insurance are typically only done during the annual enrollment period with your employer or on the Healthcare Marketplace, a marriage is considered a qualifying event which will open up a special enrollment period. Be sure to talk with your employer’s Human Resources personnel or call the Marketplace if you have any questions.
Lastly, you and your fiancé should discuss your insurance agents. You will have to decide whose agent to continue working or purchase a new policy with. If you decide to drop both of your agents and start over completely, check out our DIFS locator service to see who is properly licensed in the state of MI. We encourage you to shop around for rates to ensure you are receiving the best possible insurance quotes. And remember, don’t be afraid to ask about discounts!
To learn more about money management or DIFS visit our website.