7 Insurance Policies for Married Couples

by | Aug 7, 2019

Getting married is a joyous occasion where two souls ceremoniously become one. However, it’s also a time marked by a lot of behind-the-scenes changes — like merging finances or finding a new place to live. While many folks plan for a last name swap, Charlie’s willing to bet that very few think about modifying their insurance coverage post nuptials.

Don’t worry, though. Your favorite penguin’s got everything you need to know to make sure you’re properly protected as a couple.

Wedding Insurance

Let’s take a step back — if you’re already married, this is moot. But if you’re not, it may make sense to insure your big day. Even modest weddings can run you thousands, so a $200ish protection plan sounds like a wise move.

Jewelry Insurance

Your engagement and wedding rings are symbols of your enduring love — and likely cost a pretty penny. To protect against loss (no judgement here) or theft, it may make sense to buy some coverage. Often, jewelry insurance gets tacked on to an existing insurance policy, typically homeowners or renters. However, there are some insurers who issue specialty policies designed to safeguard your gems.

Health Insurance

While the two of you may already have health insurance, it’s a good idea to reevaluate your policies when you get back from your honeymoon. Since getting married is considered a qualifying life event in the health insurance world, you can make changes outside of open enrollment. Therefore, if one of you has more affordable or more robust coverage options than the other, get with your respective human resources departments and make the switch!

Homeowners or Renters Insurance

If your dwelling isn’t insured yet, it’s prudent to protect your belongings and property that you share as a couple. If you have a mortgage, homeowners insurance is required and can be pricey. But, like anything else, shopping around will get you the best available deal. Renters insurance, while optional, is generally very affordable — so there’s really no reason not to have it.

Life Insurance

Although it’s tough to think about, one of you could pass away unexpectedly. To protect your loved ones, it’s a smart move to buy a life insurance policy — or increase the amount of existing coverage. The funds can be used to pay off a mortgage or other debt, care for any dependents, and keep the surviving spouse financially afloat until they get back on their feet.

Your employer may offer life insurance as part of their benefits package. However, it’s important to realize that the coverage will likely end when your employment does and may not be adequate to meet your family’s needs. If either is the case, shop around for external policies to ensure continuous and ample protection.

Pro Tip: Check your beneficiaries on existing policies and update them as needed.

Disability Insurance

If you’re a two income household, you may want to purchase disability insurance. That way, if one of you becomes unable to work, the coverage can help fill in the income gap, allowing you to focus more on getting well than on being able to pay the bills.

Car Insurance

If you’ve both got good driving records, getting on the same policy could save you big. Statistically, married people get into fewer accidents, so the insurer’s reduced risk potentially equates to a reduced rate for you. Don’t forget — if you both have a vehicle, many insurance companies will give you a multi-car discount as well.

Final Thoughts

When you say “I do”, insurance is probably the farthest thing from your mind. However, it’s now important for you to be protected as a couple, rather than as individuals. Getting your policies in order will give you peace of mind and can also save you money — so don’t delay!

Tell Charlie: Did you make any changes to your insurance when you got married?

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