CAREER & MONEY
Getting Married Requires Talk About Insurance
Soon you and your fiancé will promise to have and to hold each other , for better or worse , for richer or poorer , in sickness and in health , ‘ till death do you part . Before or shortly after saying these vows , you need to discuss your finances , including your insurance coverage , or you might end up testing the strength of those vows . To help , here is a checklist of insurance needs to talk about :
• auto insurance
• home or renters insurance
• life insurance
• health insurance
Spend some time talking together about insurance . Then talk with a financial representative to determine what insurance coverages are best for you .
Auto Insurance Married couples pay less than singles for car insurance . If you and your fiancé do not have the same insurance company , you should combine your policies under one company . Many companies give a multiple vehicle discount that can save money .
Couples can also save money on their auto insurance by buying cars with safety features , keeping a clean driving record and staying with one company for an extended period of time . Talk to your financial representative for specific details .
Home or Renters Insurance Whether you own a home or rent , make sure you have adequate coverage for your home ’ s structure and your possessions .
Check with the company that insures your car to see if they offer home or renters insurance , too . Companies often offer multiple policy discounts if they insure both your car and home .
Life Insurance Life insurance is another coverage you may want to buy or increase the amount of insurance you own . Life insurance is especially important if one or both of you have a number of debts , such as student loans , if you have bought a house , or plan to have children soon .
It provides money for the surviving spouse to pay for funeral expenses , as well as the mortgage and daily expenses . Even if you don ’ t have children , you don ’ t want to leave your spouse in a difficult financial situation .
When talking about life insurance you will need to decide between term and whole life insurance . Term life insurance only covers someone for a set amount of time , such as 15 years . Whole life insurance accrues value and can eventually earn a return . Talk to your financial representative to determine which type is right for you .
Health Insurance If you both have jobs with health insurance coverage , then you will need to figure out how best to maximize your benefits . One of the most important issues to look at is if your doctor is covered in each plan . If you switch to your partner ’ s health care plan , your favorite doctors may not be included under it . If this is important to you , you should consider keeping your own plan or having your partner join yours .
Also , see what each plan has to offer . If your plan has excellent dental coverage but no vision coverage , and your partner ’ s has a great vision plan , you may consider switching if you have poor eyesight , but rarely have dental problems . Compare the out-of-pocket expenses you incur throughout the year with the cost of your plan .
One more aspect of health insurance to consider is disability income . If you or your spouse becomes disabled and cannot perform your job duties , you may lose an income , while daily living expenses may rise . If you cannot afford to live on one person ’ s salary , you should evaluate your health coverage plans to see how and if disability income insurance is provided .
Casey Strong Insurance Agency 820 S . Main Street , Suite 302 St . Charles , MO 63301 636-925-3860 Casey . Strong @ countryfinancial . com
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