Tiny Details for Your Big Day: Joining Insurance Policies

You’ve chosen your gown and booked the venue. You’ve tallied every RSVP — what are you still forgetting? 

Marriage involves practical and financial considerations, as well as love and romance. One tiny detail you shouldn’t overlook means joining your various insurance policies. 

When you were single, you only had to consider immediate needs, but marriage means planning for another person and the future. Do you hope to start a family soon? You’ll never get any younger, so race against the actuarial tables by locking in a low life insurance rate now. Moving into a new home — or even one partner’s old one — is the ideal time to review your renter’s or homeowner’s coverage. 

Omitting the tiny detail of calling your car insurance may cost you. While your rates should decrease automatically, unless you both have the same carrier, you could pay twice what you need. Automotive coverage also includes your spouse, so there’s no need to pay for a separate policy. 

Your spouse’s employer covers 100% of your costs once you say “I do,” but before you cancel your coverage, investigate copays and deductibles. If you have a condition like diabetes that requires ongoing medical care, you could find yourself in the hole. If you know you can manage your 50/50 monthly match more than an unexpected hospital bill, weigh your options carefully. 

You and your future spouse decide to spend your 10th anniversary backpacking through Europe for a month. Wouldn’t it be nice if the bank wouldn’t say no to your loan request? You can invest in a whole life insurance policy that lets you borrow against the principle at low rates — get protection and vacation savings in one fell swoop. 

While it isn’t the most romantic part of getting hitched, joining your insurance policies protects you and your new family while saving you money. Please remember this tiny detail before you walk down the aisle.