According to Investopedia, insurance is a contract represented by a policy. Under the contract, an individual or entity receives financial protection or reimbursement against losses from an insurance company. When it comes to protecting your family, the primary types of insurance include home, health, auto, life, disability, and extended care.
Because marriage changes everything, your insurance needs also change. Simply stated, a new marriage changes the type and amount of coverage you need.
This resource covers six specific topics. Designed to help better understand your insurance, specific questions help identify which types of insurance may be beneficial.
Use the information to analyze both your joint and individual policies. As a result, it helps you determine if any changes should be made. Then, consider whether you need additional insurance in this new life stage.
For example, here is a brief excerpt from the section on auto insurance:
Auto insurers often offer discounts for married people and multi-car policies. As a newlywed, you and your spouse should review your existing coverage to determine how you can find the best price. Contact your current providers to obtain quotes on a new combined policy. But don’t limit your search to just the companies you’re working with now. Get quotes from several insurers to make sure you’re receiving the coverage you need —at a price that includes every discount you’re now eligible for.
UNDERSTAND THE MARRIAGE DISCOUNT
The amount you might save drops as you age.
- A 20-something newlywed could save more than 20% on their premiums.
- A 30-something newly wed might save only 2% on their policy.