With all the excitement of getting married, insurance changes are probably the last thing on your mind, but one of the most important things to consider. Name and address changes are not the only insurance changes that need to be considered. Take these six marriage and insurance tips into consideration before and after marrying the love of your life:
- Cancel any policies such as auto insurance, homeowners insurance, and renter’s insurance that the two of you will be merging into one. Update or add the new spouse to any existing policies.
- Meet with your life insurance agent and talk with your new spouse about either purchasing life insurance or changing the beneficiaries on existing life and annuity policies. Many broaden their life insurance policy to include their spouse and increase policy value.
- Merging your health insurance with your new spouse can get you a better rate, allowing you to spend the extra money on other aspects of your new life together. If you are canceling a policy offered by an employer, check to see if the premium portion the employer pays is eligible for reimbursement.
- Change the limits on your renters insurance or homeowners insurance limits for added spouses’ personal items.
- Consider whether you would like to get endorsements for valuables such as wedding rings and other prized possessions.
- If you or your spouse do not already have an umbrella policy, long-term care policy, or disability insurance, it is a good idea to consider these additions.
Stromsoe Insurance Agency would love to welcome you and your spouse into the next stage of life and ease the insurance change process for you. Contact them for additional tips or advice.