Invitations have been ordered. You’ve shopped for dresses and picked out a venue. The honeymoon flight is booked. You’ve checked your insurance policies.
Not only are you joining two lives, you’re also creating a legal union that will merge all your assets, finances, taxes and insurance coverage.
Look, we get it. Reviewing your insurance coverage before the big day probably isn’t as exciting as making sure the song list has plenty of 80’s hair bands or deciding to serve Beef Wellington or Chicken Florentine for dinner. But the insurance decisions you make now will have a much longer-lasting impact on your life together than finalizing the seating chart.
Sometime between tux fittings and the gift registry, set aside a few minutes to sit down with your independent insurance agent. You can review existing insurance coverage and discuss any new insurance needs you may have based on your upcoming change in legal status. When you do, you can walk down the aisle with confidence knowing your future life together is covered, for better or for worse.
Here are a few tips:
- Bring everything together. Review all of your existing policies: homeowners, renters, auto, life and health insurance. Your agent can help you decide which policies should be combined so that you don’t pay for duplicate coverage. Your agent can also ensure your new spouse is added to all policies so that you’re both covered.
- Make adjustments. If you’ve combined households, you’ve probably dropped a policy or two (maybe more). Make sure that the remaining policy has enough coverage to protect your collective household goods. Don’t forget to consider the value of any shower or wedding gifts you may receive.
- Protect the bling. Have your wedding rings appraised to establish their value – then talk to your agent about adding the coverage you need to insure your jewelry.
- Check for discounts. As a married couple, you may be eligible for discounts on some of your insurance policies, so ask your agent about available cost savings. Auto insurance in particular typically has reduced rates when you combine two drivers on one policy.
- Plan ahead. It’s difficult to see past your wedding day right now, but your future may hold children and any number of other big changes. Now is a good time to purchase life insurance to make sure that your new family’s future is secure.