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Marriage changes a lot many things in life not only personally but financially as well. Getting married means that your spouse would like to have a say in all your financial moves. There are many financial liabilities that need your attention after marriage, one of which is the insurance policies that you had invested in before getting married.
Usually, these changes in your insurance policies after marriage might come as a pleasant surprise for you, as you will now be able to avail a host of benefits. These benefits include lower premiums, getting a better coverage at the same rate or getting discounts by availing multiple insurance policies from the same insurer.
Insurance policies which change post marriage
Insurance policies that need to be addressed post marriage include:
Life Insurance- Premiums that you pay towards your life insurance policy might decrease after your marriage. Furthermore, you may also need to update the beneficiaries in your insurance policy. You can either change the beneficiary or add a beneficiary to your existing list of beneficiaries. Additionally, you can also specify the percentage which each beneficiary will receive from the proceeds of your life insurance policy.
Home Insurance- Prior to marriage, you both might be paying for home insurance individually but after marriage you will only need to secure a single house and its contents. The cost of covering the contents under a single policy will be lower as compared to two individual policies. Also, you will need to update the list of family members in your home insurance policy.
Auto Insurance- Auto insurance will be comparatively lighter on your pocket than it was before marriage in case you both use a single vehicle for conveyance. Alternatively, if you and your spouse have separate vehicles, then buying auto insurance from the same insurer may allow you to earn discounts.
Health Insurance- Same is the case with health insurance plans also. Getting your health insured individually might cost you a higher amount as compared to a family health care plan. Hence, after marriage it is always advisable to go for a family health insurance to reap benefits along with higher health cover.
3 reasons why reviewing insurance policies becomes imperative post marriage:
1. To save more
Single life is carefree as you are responsible only for yourself. But the scenario changes post marriage as you now have a family to support. You need to save more to be financially secure. In that context, you will need to invest more wisely than ever before.
Marriage brings along with it the added responsibility to save more, and your insurance policies come to your aid to help you in this endeavor of yours. You can reap the benefits of saving on your insurance premiums and getting a more enhanced cover by adding your spouse to your existing insurance policies.
2. To cover your spouse along with you
Many insurance policies like health insurance allows you cover your family along with you. Such family health plans are offered at discounted rates as compared to individual health policies. So, remember to cover your spouse to avail benefits.
3. To update the beneficiary(ies) in your insurance policies
Beneficiary is the person named in the insurance contract who is entitled to receive the benefits of the policy upon the death of the policy holder. After marriage, you may need to change the beneficiary in your policy or add your spouse and children to the existing beneficiary list.
Post marriage, your insurance policies are one of the most important financial concerns that need your attention. Be proactive in consulting your insurance provider(s) regarding the changes that need to be made to your existing insurance policies. All analyzed and assessed, marriage influences your insurance portfolio in a very conducive way.
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