It can be both exciting and stressful for newlyweds to merge their lives together. Once married, you tend to move in together, share finances, share debts, change last names, and transition from single life to a partnership. However, one of the most important actions newlyweds must take is updating their insurance policies. Besides health, once you’re married, you should review your auto, homeowners, and life insurance policies to ensure it’s taking into consideration your new marriage and providing adequate coverage. For instance…
Car Insurance
Did you know once you’re married your car insurance rates can drop? In fact, one study by InsuranceQuotes.com concludes that a married 20 year old may pay 21% less than a single 20 year old. While this difference can be due to a number of factors, the general reason is that married drivers are considered less risky compared to their single counterparts, therefore allowing for cheaper rates. Additionally, as a married couple, you may receive multicar discounts. For a full list of available discounts and how to maximize your coverage while minimizing your car insurance costs as newlyweds, contact OAK Insurance Solutions.
Homeowners and Renters Insurance
If you’ve been living separately, then most likely you and your spouse have been paying for separate home or renters insurance. However, now that you are living together under one roof, one of you will need to cancel your coverage. While the policy you keep should cover both of you, you must still notify your insurer about the marriage so they can list your spouse on the policy. Additionally, you may select to increase your coverage limits because you are combining your belongings once married (i.e. furniture and electronics) and adding high-value items (i.e. wedding rings). To review your current policies and decipher what’s the best coverage for you and your spouse, again…contact OAK Insurance Solutions.
Life Insurance
Once you’re married, you’re officially sharing your life with someone else. Although you may not have thought about life insurance while single, life insurance as a married couple is a must. If you or your spouse die, life insurance can help replace the lost income, pay off debts and expenses (i.e. funeral and burial costs), provide an inheritance, add financial security, and maintain a particular lifestyle. According to one study, “91% of widows lose everything in the first twelve months after their husband’s death…Houses, cars, education for kids, their entire lifestyle is forced to change.” However, this doesn’t have to be the case. Life insurance can prevent such loss and provide peace of mind that although one is gone, they can continue to help take care of their loved ones. To learn more about why Life Insurance is a must, visit “5 Reasons You Need Life Insurance from OAK Insurance Solutions.”
To sum it up, when you get married, you begin sharing a life with your loved one. Your money may be their money and their money may be yours. Similarly, since we live in California, a community property state, your debt may be their debt and their debt may be yours. In other words, if one dies, you can potentially be struck with a mountain of debt and less income to cover it. For that alone, life insurance is a must. Additionally, your need for protective coverage may increase. You may need to protect two drivers, two vehicles, additional belongings, a bigger home, etc… Therefore, you must maximize your coverage as a couple while minimizing your costs. Here at OAK Insurance Solutions we can help you with that. We can review your current insurance policies, identify your coverage needs and any consequent gaps since getting married, as well as maximize policy discounts to keep costs low. For an insurance quote, contact us today.
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