Marriage and Insurance

Recently I had the wonderful experience of marrying my High School sweetheart. It was a great experience that I was happy we could finally share together and move our relationship that much further. But now that we are back to work and real life we have the hassle of making sure our license gets submitted and then we will have to go through the pain of changing her last name with the social security division, drivers license division, credit unions and the list goes on and on. There is another thing that will also need changing now, and that is our insurance. We have not been on each others insurance thus far and we are now married so what should we do?

Well first thing is first to be on each others auto insurance or not to be? Technically since you are married and I assume you are living in the same household, both drivers should be listed in a policy. But that doesn't mean both drivers have to be rated in the policy. For us as young couples sometimes being on separate insurance policies and companies is the best choice. With me being a young male and having a couple of speeding tickets, my insurance is going to be very pricey. She on the other hand has no violations or incidents and is usually rated better, simply because she is not a male. I know it sucks, we pay the price for being dudes who like to drive fast on occasion. I could have a policy with my wife on it but excluded from it so that she can be on her own policy and possibly have a better overall rate for the both of us combined since my negative age, gender and driving history won't have any affect on her policy. This is not absolute though, as sometimes having multiple drivers and cars on policies saves quite a bit of money. It boils down to seeing where you can get the best rate for the right coverage, whether that is together or not.

Getting insurance on that bling is also important. Now that you have made it official and have that gorgeous ring you might want to make sure it is going to be covered in your policy in the event of a loss or theft. Most renters or homeowners policies have an automatic coverage for jewelry, but these usually have a sublimit amount of around $1,000 of coverage. Meaning if your ring is worth more than $1,000 dollars you might want to get a floater on the ring or simply increase the sublimit. If you add a floater the specific piece of jewelry will need to be appraised and this appraisal will provide the insurance company with the value of the replacement making sure you are covering the piece for its actual value and not a sublimit amount.

Your interest in your significant others life is now recognized, even by law. Now that you are married you have an interest in that persons life. Meaning getting a life insurance policy on each other is now and option because you have something to lose if that person is deceased. I would highly recommend getting an insurance policy on each other not only to make sure you are financially secure with your assets even without that person, but also having that money in the event that you lose your significant other will allow time to grieve and go through a normal letting go process by not being stressed with work and money issues. Losing someone you love is hard enough without all of the possible financial burdens. Make sure to sit down with an agent and have a needs analysis on both you and your spouse to determine the right amount of coverage for you.

Marriage changes a whole bunch of things, just make sure you're prepared for everything and plan ahead to secure this life you have with your partner. Planning now will save you lots of heartache down the road.

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Posted by SuketKali, Published at 1:44 AM and have