Getting married, here's what you need to know...

Getting married, here’s what you need to know:

Different life events require different changes…and getting married will be a life event that requires changes and may require some to get used to these changes (mostly great changes!!) Life is a journey of experiences, learning, and changes. But when your life changes, different risks are also added and removed that you may not be thinking about.

Life changing event

Most employers have enrollment periods for benefits (life, health, accident insurance, etc.) and allow changes to your insurance for “life changing events” for just this reason.

If you are about to get married, relax, enjoy the wedding and come back to InsuranceShark to review again afterwards. The day and honeymoon go by so fast, so if you don’t live in the moment it may pass you by.

If you are post wedding, lets get down to business.

InsuranceShark recommendations:

Here’s what you need to know:

Update all policies to add your new spouse and cancel any unneeded polices (such as policies you will now have jointly like auto, homeowners, or renter‘s insurance).
- Auto policy:
  - a joint policy will be the way to go, there will be savings.
- Homeowners/Renters Insurance:
  - Eliminate any old unnecessary policies as you consolidate two homes into one. Consider getting endorsements for valuables such as wedding rings, furs, etc.
- Health Insurance:
  - Post wedding and/or honeymoon it will be smart to contact your employer about joining a family insurance plan. Assuming you both have insurance from your employer or if you purchase in the marketplace, a family plan or joint plan is more often cheaper combined than purchasing separately.
- Life Insurance:
  - You will probably want to buy life insurance post marriage. In the event that you lose a loved one, it is devastating but to add the financial effect of how bills that were paid by two are now going to be paid by one, it is added stress that you don’t need at a time of loss. It is also smart to update your beneficiaries leading up to or prior to the wedding.
- Accident/Disability Insurance:
  - Again post wedding you want to investigate as the risk of you or a spouse accident or becoming disabled can be stressful on a marriage and personal finances. If the accident occurred during the course of employment, please refer to our discussions about workers compensation benefits.
- Long term disability:
  - may be a coverage that you might also want to consider adding.
- Destination weddings:
  - It would be smart to buy travel insurance for the wedding, and an event cover in case you or your guests can’t arrive. Not all hotels and/vendors have “act of god” language in the contract and you might lose out on your deposit.