Couples Life Insurance: One of the Many Perks of Getting Married
March 13, 2015

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Couples Life Insurance

Couples Life Insurance may not be top of your mind when planning a wedding, but the discounts and coverage married people can qualify for once they’ve tied the knot are worth researching.

Once you’ve officially signed the marriage certificate, you can access better rates and more comprehensive plans. Some couples might even be able to combine their policies, getting even better discounts for holding multiple policies with the same company.

Wondering what types of coverages you should have once the vows are exchanged? Here are the most common types:

Life Insurance

Life Insurance premiums are partially calculated on your marital status, so your renewal rates may be cheaper once you get hitched. Keep in mind that once you combine your incomes, your Life Insurance needs will likely change. It’s a good idea to meet with your insurance agent before you exchange the rings and review your needs and existing policies – and don’t forget to ask about plans that have a savings benefit if you’re thinking about kids.

Car Insurance

You’d be surprised at the price difference between a 24-year-old bachelor’s car insurance compared to that of a wedded man of the same age. Insurance underwriters see the married beau as a completely new (and less risky) man, and his rates change accordingly.

Statistically speaking, married men have fewer accidents. If you both have cars with policies from different companies, consider bringing them both under one plan. Many car insurance companies offer discounts for families with more than one vehicle.

Home Insurance

Insuring your house means covering both the structure itself, assuming you own your home, and the contents (you’ll need this second policy whether you own or rent).

There are two ways you can save:

  1. If you sell one of your homes, you’re only insuring one house.
  2. You can cover your combined contents under one roof. So if you have $200,000 in covered items (everything in your home – furniture, electronics, jewellery, etc.) and your mate has $50,000 in covered items, you can save $50 a year by combining the $250,000 in covered items under a single policy.

Health Insurance

Once you and your partner are married (and you both have group health insurance plans through your respective employers), review which plan makes the most sense for your new life. Chances are, their coverage and premiums vary greatly. It’s almost always cheaper to add your partner to a group health plan than to hold separate policies. The same goes for self-employment policies.

It’s smart to plan beyond the wedding cake and best man toasts when it comes to the wedding – and insurance needs are no exception. Want to learn more? Read up about Couples Life Insurance here.

Looking for personal service when it comes to life insurance? We specialize in helping couples find the right Life Insurance for their needs. Contact us to find out more. 

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