My wife and I were recently married and were so engrossed by wedding planning that we did not have a lot of time to think about what we needed to take care of once we were hitched. As far as insurance is concerned there are a number of things that should be done once you are married. Here are 7 of the most important items you should cross off your list.
- Consolidate your home and auto insurance. For a married couple, it typically makes the most sense to share insurance coverage. Having one policy prepared by one agent tends to make life easier for you as a couple. And in most cases, you will get a discount or lower rate for being on the same policy.
- Review your individual coverage. If you want to keep your finances and insurance separate that’s fine, just make sure to review them first. Make sure there is not any overlap in your policies, that way your’re not paying for the same things twice.
- Understand how much insurance is affordable to you. With two incomes, you may have more room in your budget for expanded and better insurance coverage. Cheaper is not always better. If you’re willing and able to make an increase, determine the amount and review the costs with your agent.
- Update your life insurance beneficiary. If you have life insurance before you’re married, whether it’s through your employer or an insurance company, you’ve usually named a parent or sibling as your beneficiary. After getting married, you’ll likely want to change that to your spouse.
- If you don’t have life insurance, consider it. If something were to happen and you passed away, would your spouse be okay financially? Or vice versa? Life insurance makes it easier to do so, it lets you know your loved one will be protected from financial stress when it’s most important.
- Insure the wedding rings. All jewelry (up to a certain value) should be added to your homeowners insurance, especially wedding rings. Save your receipts and the appraisal and if you move after your wedding make sure you update the address on your policy.
- Change your name (if you’ve decided to). A new last name means a new Social Security card, drivers license, passport and more. In general, you should also update your name anywhere you’d update your address if you moved. Think employers, service providers, subscriptions, professional memberships, alumni associations and more.
So that’s it, no so bad right? Does anyone have anything they would add to the list that doesn’t relate to insurance?
Have a great day!