Marriage is a huge milestone and it brings significant changes in every aspect of your life. Therefore, it’s the right time to sit down and discuss crucial financial aspects, such as your insurance needs. Once you become newlyweds, you can go on the same auto and home policy and you may need to update your life insurance.
In this article, we will go over some tips for updating and changing your insurance once you’re married. We will also discuss some discounts you can receive too!
Insurance Tips for Newlyweds
1. Update Your Information
One of the major changes after you get married is your name. Ensure that your last name has been changed on your social security card, driver’s license, credit cards, and more. Also, you need to update your home address and emergency contacts since you’re living together.
This step can be very tedious since most people have many accounts and important documents in their maiden name. Therefore, this should be one of the first steps you take in the process.
2. Review Your Insurance Policies
The next thing you should do is review all the insurance policies you currently have. You need to decide what policies you should keep, which ones you don’t need anymore, and if there are any additional policies you should get. Luckily, the majority of insurance companies let you make changes to your policy whenever.
Since you’re married, you only need one home and auto policy between the two of you. If you don’t know where to start, reach out to your insurance agent and they can walk you through the necessary changes and coverage options.
3. Ask About Discounts
A major insurance benefit to marriage is all the discounts you can receive! Now that you’re married, your insurer may deem you less risky. Therefore, you may receive a discount on your auto insurance policy. Also, oftentimes you can save a lot of money by bundling your home and auto.
Talk with your provider and see what discounts you qualify for.
4. Update Your Beneficiaries
Another crucial tip for newlyweds is to update their beneficiaries on their life insurance policy. The best way to go about it is to contact your insurance provider and request your spouse to be added as your beneficiary. Also, you should review your life insurance payout to ensure that you have enough coverage for this new stage in your life.
5. Combine Your Home Inventory
Last but not least, it’s critical to merge your home inventories when you start living together. Make sure you include any expensive items such as your engagement ring, watches, art, handbags, and more. You may need to boost your coverage amount to include your combined personal belongings.
By following these helpful insurance tips, you can enjoy married life without having to worry about your finances. Insurance is important and everyone needs to be properly protected; therefore, address these changes and updates as soon as possible.