FAQs About Insurance
How have my insurance needs changed now that I'm married?
Most people carry insurance on their physical assets, such as cars and boats, but with a new marriage you must approach the subject of insurance with a much wider vision. It is intrinsically more complicated than insuring a specific object. You must anticipate and secure the future and protect the first pieces of the puzzle that will eventually be part of a much bigger picture. Marriage is about the rest of your life, which we all hope will be free of calamity but can be protected should it not be.
Life Insurance
Beginning a new marriage is about change. We change the way we live, often the place where we live, and our standard of living tends to escalate. Life insurance can help cover these changes should one spouse die prematurely. It is comforting to be assured that in the event of your death your spouse will not be faced with the daunting task of trying to pay off debts and perhaps, expensive funeral costs.
We can assist you in determining how much coverage you require. Such amount would be based on your monthly debts, future obligations, inflation and other factors. A common rule of thumb is to carry life insurance at least equal to 10 times your income. This simple rule will not work for everyone though. For example, consider the impact of your future financial obligations if you have a disabled child.
If you bring existing life insurance into a new marriage it is important to remember to rename the beneficiary. If your employer offers life insurance coverage, this alone may not be sufficient to meet your family's needs.
Disability Insurance
Many young couples will purchase a new home at the beginning of a marriage resulting in a new monthly obligation to the bank. Imagine the huge financial burden should one of the spouses get injured or suffer from a long-term illness which prevented them from working. Disabilities are far more likely, statistically, than premature death. Disability insurance will help cover the disabled spouse's income and newly acquired monthly expenses should something unfortunate happen. Such coverage is especially important if the couple is relying on one spouse's income to meet their financial needs.
Health Insurance
In some cases it is more cost efficient to have health insurance with one company. If both spouses have separate coverage through employers, examine this option to see if your premium costs are reduced. If you are looking ahead to having a family, check to ensure prenatal costs are covered.
Homeowners and Automobile Insurance
As with health insurance, auto insurance premiums may be reduced if one company insures both spouses. If you add your property insurance with the same carrier you are likely to save additional premium dollars. If you are renting a property it is equally important to insure your newly acquired possessions with renter's insurance.
Start off your new marriage the way you want to finish, intact financially and covering all the angles.
Get Quotes
Get insurance quotes, fast and easy. Compare plans, rates and benefits with one click.
My Benefits
Current group customers can view their benefit packages online, quickly and easily.