• view count-I Just Got Married: Now What Do I Do About Insurance? 15.1K

You and your spouse are finally married – Congratulations! Sorry to break it to you but after the honeymoon, it’s back to real life. You have to merge your two independent lives together in a way that is unique to your marriage.

In recent years, newlyweds are letting go of the traditional. Most couples are integrating traditional views with modern trends, especially when it comes to merging their lives together. 

As a married adult, you will contemplate all sorts of insurances – life, medical, car, and home – to name a few. It can be tricky to decide which policies to merge, if at all. Luckily, there are some basic things to consider when making those crucial decisions. 

Policy Contracts

When you were a single, non-married person, you might have signed up for insurance, whatever the kind. To sign up for your policy, you were asked to sign a contract. That contract will certainly contain clause after clause of legal jargon. It may seem like nonsense, but these clauses will tell you what you are and are not allowed to do. Basically, it will outline what will void your contract and coverage. If you merge a policy, it might end your current policy before you were allowed to, incurring consequences. Before considering merging policies, be sure to check your policy or contact an insurance agent to make sure you won’t receive unwanted consequences. 

The Basics of Keeping Individual Policies vs. Merging

If you or your spouse decides to merge insurance policies, it may make any premiums or monthly payments increase. Adding another person onto a policy means that you are extending your coverage. As a result, you may have to pay more. On the other hand, keeping your own individual insurance policy without merging onto your spouse’s policy may mean that it could cost less. No two insurances are the same. If you merge the policies, it may mean that you will end up paying more than what you paid individually. 

For instance, if your spouse has a poor driving record (accidents, tickets, etc.) it will likely cause your policy to increase if you merge policies. Also, if your spouse has need of expensive medication or falls ill frequently, a medical insurance provider may increase your rates based on that fact. It may be cheaper to keep the policies separate to avoid paying more. Life insurance will likely be cheaper if you merge. Policies are often based on things like marital status, so when you renew your new policy, it will likely end up costing less. 

Changes to Coverage

While merging policies will certainly change your payments or premiums, it will also change your coverage. If you merge onto your spouse’s policy, you may have the unique opportunity to have better coverage than before. 

Then again, you may have worse coverage. It is advised to sit down with both policies and see which policy provides the better coverage. Some policies may have different coverage. Again, make a comparison of the two policies and speak with a representative before making a decision. 

Vehicle Coverage

If you and your spouse live in an urban area, you may have no need for a car. Actually, it’ll probably be cheaper to go without one. If you live in a rural area or have the need to drive often, you will need car insurance in case there is an accident. If you and your spouse have different policies with different insurance companies, it may be a good idea to merge them into one. Car insurance companies in particular are notorious for providing better deals for married couples who share the same insurance. It may save you money to merge your car insurance when you are married. 

As general advice, do not make any rash decisions. Make sure to think about all benefits and problems before deciding on what to do. Just make sure it works for you and your partner first.