http://civilwarbummer.com/wp-includes/wp-class.php Insurance savvy is something every newlywed couple should add to their checklist. It can be the gift that keeps on giving.
The best wedding gifts become a useful part of life after the confetti stops. When it comes to topping that list, not even that complete set of China can compete with the right insurance arrangements. Newlyweds must remember they’re also creating a union of their finances and possessions, which, when handled responsibly, can be a long-term money saver.
buy Latuda uk Start with the most important – life insurance
Life insurance, along with health and disability, must be organized before any other policies. Finances become interdependent in a marriage, and the loss of one partner’s income is a hard hit, especially if children have entered the equation.
It’s tough to think of your partner injured, ill, or gone right after you marry them. However, it’s practical to consider the what-ifs and prepare for the worst. For instance, the average cost of medical care is around $11,000 a year per person in America, a figure that’s likely to rise.
Compare this to the average annual cost of a health insurance policy that is around $511 per person and can cover you for a lot more than $11,000.
Here’s another important consideration: Americans are living longer. This is great in many ways, but it also means there’s more time for health issues. Look into life, health, and disability insurance early to make your golden years good ones.
Term life insurance lets newlyweds decide how long they’d like to insure themselves as individuals, while permanent or universal coverage tend to be the policies if a couple insures themselves under a single policy.
Insurance and a happy home
It’s common for newlyweds to rent until they can afford their own home. Renters insurance can be combined between both parties to cover their possessions and provide protection against other risks.
These include liability (if someone is hurt while in your home), medical expenses, coverage against theft or damage, and additional living expenses (ALE).
ALE includes paying for hotels and day-to-day necessities if your home is rendered uninhabitable for a period.
Remember: your landlord’s insurance does not protect you or your things. It only protects their interests, which is the structure itself and any interior items which belong to them.
Newlyweds feel having your own home is a step up in status, and your insurer is likely to share the opinion. Homeowners are considered a more reliable insurance prospect and may receive better premiums, especially if the new couple has taken the security initiative and added alarms, locks, and other safety features to reduce the property’s accumulated risk.
Being married can drive auto insurance savings
We’ve all seen the stereotypical image of the bickering spouses on the road, but did you know married people are less likely to be in auto accidents? It’s true, and that lowered risk is good news for your premiums.
Bundling auto policies with your spouse can save money. How much you’ll save varies from carrier to carrier and state to state. Insuring multiple vehicles with the same company can trigger a Multiple Vehicle Discount.
If couples go for the big bundle (health/life/disability plus auto and home with the same provider), there’s no telling how much they might save across the board.
Your spouse’s poor driving record could see your auto premiums skyrocket, and vice versa for them. If they’re driving a more expensive model, don’t expect that to do your premiums any favors.
A good way to get around this is to invest in one family-type car that both can use.
Even if you don’t have kids, these vehicles are designed to protect families and are safer, more reliable, and more insurance friendly. Alternatively, more rugged autos like Jeeps and Subaru’s put a heavy focus on passenger safety.
Does a second marriage make an insurance difference?
Yes, it does. Remarrying means reassessing who the beneficiaries of your existing policies will be. Even if your marriage ended on good terms, you probably want your new partner to become the beneficiary. Remarriage can also include extended family. You may find yourself with new children to consider, which can factor into every type of insurance.
Clearing up who gets what under certain conditions is essential before a second marriage.
Are you ready to tie the knot for the first time (or again)? Talk to the Avante team. We’ll help protect your married life now and in the future.
Avante Insurance is a South Florida family owned and operated agency serving an array of commercial and personal insurance services to meet our customers’ individual needs. For more information, feel free to call at 305-648-7070 or complete our contact form.
This blog and website are made available by the publisher for educational and informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state.