When you’re newly married, there are a variety of things running through your head and your spouse’s. Where are we going for our honeymoon? Was the wedding everything we’d ever hoped it would be? Will we be having kids soon or in the distant future? Insurance is probably one of the last things on your mind, but it’s important to consider your options.
Insurance savings for married couples can go into effect for a variety of insurance types. Married couples can often get car insurance discounts and they can apply to use their spouse’s health insurance. The latter is especially helpful if you don’t have employer-sponsored health insurance.
We’ll talk about all of the benefits and drawbacks of having insurance as a married couple. This way you can be prepared for almost any insurance problem once you take your vows at the altar.
#1 – Getting Health Insurance From Your Spouse’s Employer
One of the most important things to do after the wedding is over is let your health insurance provider know you’re married. With so many people struggling to find affordable health care right now, it’s important to find a family plan that can be shared amongst married couples and their children.
Many employers that offer health insurance as part of a benefits package will allow you to apply for coverage for your spouse. This is one of the big upsides to getting married compared to just dating.
One person in the marriage might not have benefits through their employer, they might not have benefits because they work freelance, or they might have lost benefits due to being laid off during the pandemic.
LGBTQ+ married couples should remember they are entitled to the same benefits as straight married couples if they live in a state where same-sex marriage has been legalized. Employers are not allowed to discriminate against non-straight couples.
If they allow spouses to join their employees’ health insurance packages, it doesn’t matter what gender the spouse is.
#2 – Auto Insurance Coverage Discounts for Married Couples
Auto insurance companies provide some perks for married couples that they don’t always give to single people. Married couples sometimes share the same vehicles, therefore both spouses will have to be added to the policy. If married couples are sharing more than one vehicle, they may get a multi-car discount.
Married couples have been statistically proven to get into fewer accidents than single people. Showing your agent you have gotten married will sometimes be a sign of responsibility and indicate you may not get into a car accident because you have obligations to stay safe for your spouse.
This will help you get a discount on your policy, with some reports showing you can get over a five percent discount on your policy for being married.
Having children is something many married couples decide to do. When your children have gotten to the age where they have to be added to your policy, this may bring your monthly premiums up. This is one of the expenses you should be educated on when deciding to grow your family.
#3 – Married Couples and Homeowners Insurance
When you move in with someone in a house, whether it be a spouse or another significant other, you need to add both people to the homeowners insurance policy. If only one person is on the policy, the other person can’t file a claim when there’s damage to the house. It’s important that every adult is capable of filing a claim in the home they live in.
A couple of things to be aware of when you add your spouse to the policy are their credit score and their history of filing other homeowners insurance claims. Both of these factors will indicate whether your spouse is a risk to the insurance company, and they may adjust their prices accordingly to lessen the chances of losing money.
If one spouse is too much of a risk, maybe consider living in an apartment, a condo, or another living space so you don’t have to worry about homeowners insurance. You will instead have to add your spouse to your renters insurance policy if you decide to move into an apartment together.
Just like with car insurance, homeowners insurance policies are skewed in favor of married couples because they tend to be more responsible. If both you and your spouse have a great credit score and no previous claims filed, your homeowners insurance should be affordable.
#4 – Married Couples and Life Insurance Benefits
When you get married and start a family, you might be financially responsible for more people than you were previously. This means if you decide to purchase life insurance, you need to make sure you add your family, such as your spouse and your children to the policy. This makes it simple for them to file a claim in case you pass away unexpectedly.
Some people might assume you automatically have life insurance benefits if you’re married to a life insurance policyholder, but companies need you to verify this. Spouses can’t just send life insurance claims over if they aren’t named in the policy.
It’s also important for married couples to make out a will in case of an unexpected death. This way they can verify to the state if they want their spouse or someone else to get their money and belongings after they pass away. If you don’t name someone other than your spouse in your will, your spouse will usually automatically get your money and possessions.
#5 – Insurance Is a Family Purchase
Insurance should always be thought of as a family purchase. When you are married, you typically drive each other’s vehicles, live in the same house, and want your spouse to get financial assistance from your life insurance. You should always make it a priority to add your spouse to your insurance policies.
Some insurance companies require you to add your spouse to your auto insurance. They will typically ask how many adults live in the house with you, so if you forget it’s not the end of the world. Just remember to prioritize your insurance as a married couple because discounts are usually available when you tie the knot.
Photo by Jeremy Wong Weddings on Unsplash
