5 Key Insurance Tips For Couples

By: Donna Craven, CPL

Donna is a licensed insurance broker who has worked in the industry for more than 28 years.

5 Key Insurance Tips For Couples

5 Key Insurance Tips For Couples Congratulations on finding your partner in this journey called life! As you move forward together, combining your lives in various aspects, have you considered how to merge your insurance policies for better protection and savings? In the spirit of love and partnership, let’s explore some essential insurance tips for couples that can help secure your shared future.

1. Combine Auto Insurance Policies for Savings
Did you know that most insurance companies offer a discount when you combine policies? If you and your partner have separate cars, combining your auto insurance policies could not only simplify your finances but also save you a significant amount on premiums. Plus, managing one policy is easier than juggling two separate ones.

2. Invest in Life Insurance After Marriage
Life insurance is the ultimate declaration of love, ensuring that your partner is taken care of in the event of the unthinkable. If you haven’t already, getting life insurance after marriage is a crucial step. It provides financial security for your spouse, helping cover living expenses, debts, and future plans like children’s education. Discuss your needs and goals to determine the right coverage for both of you.

3. Homeowners or Renters Insurance for Your First Home
Moving in together or buying your first home is an exciting milestone. Whether you’re renting or buying, ensuring your home and possessions are protected is essential. Homeowners or renters insurance can cover loss or damage to your property and provide liability coverage. If combining households, update your policy to reflect both of your belongings and any new acquisitions.

4. Health Insurance Options for Couples
If both of you work and have access to employer-sponsored health insurance, compare plans to see which one offers better benefits or savings. Some couples find it more advantageous to be on the same health insurance plan, while others benefit from staying on separate plans. Consider factors like premiums, out-of-pocket costs, coverage, and preferred healthcare providers.

5. Disability and Critical Illness Insurance
While it’s not pleasant to think about, accidents or serious illnesses can happen. Disability and critical illness insurance provide a safety net, ensuring that you won’t face financial hardship if one of you is unable to work for a period. These policies can cover living expenses, medical bills, and other costs during recovery.

As you navigate life’s adventures together, taking steps to protect your shared future is a profound act of love. Combining insurance policies where it makes sense can offer both peace of mind and financial benefits. If you’re unsure where to start, speaking with a professional can help you understand your options and make informed decisions.

Remember, every couple’s needs and circumstances are unique. Tailor your insurance coverage to fit your life together, ensuring that you both feel secure and protected as you build your future.