This can be a very busy time of year for some couples. After an exciting Christmas, New Year’s or Valentine’s proposal, many are now in the middle of planning their wedding. But, one thing most couples do not think about is how their engagement and upcoming marriage may impact their insurance policies.
- Financial Impact: One of the first ways you can see a change is by combining both of your policies once you are married. It is no secret that males under the age of 25 pay some of the highest insurance premiums; however, rates for married men under 25 are typically lower. Insurance carriers also offer discounts multicar and multiline (car and house for example). As you combine your policies, be sure to ask your agent that all discounts are applied to maximize your savings!
- Insuring Valuable Items: You just got engaged, but what about that expensive engagement ring? What would you do if something happened to it? What about the expensive set of pearls your grandmother gave you on your wedding day or the fine china you received as a wedding present? You cannot replace the sentimental value – but you can protect yourself financially. With your homeowner’s or renter’s policy you can protect yourself in the event something unfortunate happens to your jewelry or other valuable items.
- Protecting your Loved Ones: Did you know that over 50% of American adults do not have life insurance and about 40% say they would have immediate financial trouble if the primary wage earner in their household died? Now that you are married, or soon to be, you have a responsibility to take care of someone else, even after your death. Life insurance is more than taking care of your burial, it is protecting your loved one’s future.
This is just an overview of the potential impact your nuptials can have on your personal insurance. The advantage to working with an independent insurance agency like Leal Insurance Services is personalized coverage and competitive pricing.