After the wedding planning is over, there is a lot of important work for couples to do to combine their lives. In fact, the wedding is just the beginning. Once your nuptials are complete, it's time to start planning for the future, uniting your financials and insurance policies.
After the wedding planning is over, there is a lot of important work for couples to do to combine their lives. In fact, the wedding is just the beginning. Once your nuptials are complete, it's time to start planning for the future, uniting your financials and insurance policies. Outlining your goals, updating your insurance coverage and naming beneficiaries are essential towards starting your lives together. Plus, it gets you and your spouse off to a strong start, with shared goals and the best coverage to bring your plans to fruition. With financial strife one of the top reasons couples split, communicating about these topics early on is key to having a great life together.
Keep reading to learn more about updating your insurance policies once you're married.
Why newlyweds should review their insurance coverage
There are a few reasons for you to reach out to an insurance agent following your wedding. Marriage can impact what discounts you're eligible for, your coverage needs and, of course, your plans for the future.
Whether you're saving money for a down payment on your first Pennsylvania or Maryland home together or are planning to start a family in the near future, your insurance rates and needs as a couple are likely to differ from your coverage needs as a single adult. With help from an insurance agent, you and your spouse can secure coverage that fits with your budget and supports your long-term goals.
Auto insurance
Although your accident history and vehicle type factor into your overall car insurance rates, married couples should aim to be on the same policy. When the time comes to update your car insurance policy after getting married, we'd recommend speaking to a professional. They can help you decide whether to share one of your existing policies or to start a new policy altogether. Contact the Keller-Brown Insurance team for guidance regarding your car insurance policy.
Potential savings aren't the only reason to combine your auto insurance. Another factor to consider is whether you anticipate sharing vehicles in any capacity. If you maintain separate insurance policies but occasionally share vehicles, claims could get messy. In the worst case scenario, damages may not be covered if your spouse is involved in an accident while driving your vehicle. Through a shared policy-and a vehicle titled in both of your names-you and your spouse can have peace of mind.
Homeowner insurance and renters insurance
Marriage can also impact your home insurance rates in Pennsylvania and Maryland. Whether you own or rent your home, your insurance provider may consider your marital status as a factor in determining your rates.
Even if your insurance company doesn't offer a rate discount to married couples, you may still be able to cut costs. All you need to do is bundle your auto with your homeowners or renters insurance. Depending on where you live and what policy you choose, bundling home and auto insurance could save you as much as 25%.
Like car insurance, you'll need to ensure your policy protects both you and your spouse. That's why it's still crucial to speak to an insurance agent about your home insurance coverage after getting married. Whoever lives in the home must be included on the policy to be properly covered. Even if you're married, your spouse may not be adequately covered if they're not listed on the policy.
To ensure your household is protected in the event of a break-in or other unforeseen circumstances, take an inventory of all your belongings—including the many gifts you received from your wedding. When documenting your belongings, consider using video to get a reliable record. That way, you can make an informed decision about what level of coverage you need.
Use our home inventory checklist to be sure you don't forget anything.
Life insurance
Both earnings and debts are shared among spouses, so life insurance can be one of the most significant investments you make in your future as a married couple. Should something happen to you or your spouse, life insurance can provide the financial support necessary to keep your family afloat.
Additionally, marriage is the precursor to starting a family for many couples. Acquiring life insurance early, when you're both young and healthy, helps you secure an affordable rate and increases your likelihood for approval. In fact, a person in their 20s may be able to snag a term life insurance policy worth $200,000 to $300,000 for just $20 a month.
When deciding what kind of life insurance policy is best for you, be sure to discuss your long-term goals as well as your current salary, debts and lifestyle. If you and your spouse plan to start a family, then you'll want to consider what additional expenses you might incur over time. Knowing this will help your insurance agent connect you with a life insurance policy that suits your financial needs.
To learn more, visit our guide to the different types of life insurance.
Ensure all relevant titles and beneficiaries are in order
The paperwork doesn't stop with the name change. From your car title to your 401k, getting your spouse's name added to important documents is a critical step in getting your affairs in order after the wedding. Some accounts allow you to easily add your spouse as a beneficiary with an online form, while others may require a mailed form.
Cover your bases by taking stock of you and your spouse's assets after the wedding. Ensure beneficiaries are up to date for:
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Bank accounts
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401ks
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Retirement accounts
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Life insurance policies
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Investment accounts
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Health insurance
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Property assets like your home, car and other investments
This is also a great time for you and your spouse to work out a plan for what to do if something were to happen to either of you. Work together to consider co-beneficiaries as well as how you will make ends meet should the need arise.
Plan for the future
Taking these steps early on in your marriage can not only help mitigate conflict later, but also sets your new family up for success no matter the circumstances. After your wedding, set aside time to outline your insurance needs, your assets and to work with a professional on the Keller-Brown Insurance team to find policies that suit your needs. We're always here to help.