If you’re engaged or newly married, the last thing on your mind is reviewing your insurance needs or updating your policies. However, before tying the knot, it’s important to sit down and discuss your current insurance situation and what you might need to change moving forward.
Here are 5 tips to secure your happily ever after:
Locate and review all of your insurance policies
Decide which policies you’d like to keep, which policies to get rid of, and if you need to get any additional insurance. Most policies allow you to make changes at any time. While health policies usually only allow you to make changes during a certain enrollment period, getting married is usually an exception that allows you to purchase insurance for your spouse around the time of your marriage. As you make changes in your coverage, make sure you know when the changes start, so you don’t have gaps in coverage.
Consider potential discounts
Many insurers consider married couples lower risk – which may result in lower premiums. Also, many companies offer bundling discounts for having more than one policy with the same company and offer a multi-car discount for insuring more than one vehicle.
Create a combined home inventory
Once you move in together, it’s important to combine your individual home inventories. Remember to include your engagement ring and any wedding gifts you received as well. Once you’ve completed your new home inventory, consider increasing your policy limits to cover your combined personal items.
Update your name, addresses, and emergency contacts
You’ve changed your name on documents like your driver’s license and social security card, but make sure you also remember to update all insurance policy contact info.
Update beneficiaries on life insurance policies
Contact your life insurance provider to add your spouse as your beneficiary. You may want to revisit your policy to make sure you have the right amount for your new life stage.
To get the conversation started with your partner about insurance before the wedding, check out the National Association of Insurance Commissioners (NAIC)’s 5 Tough Questions to Ask Before Getting Married checklist.