The Marriage Checklist: Insurance Tips Every
New Couple Should Know
(NAPSI)-Amidst the hustle and bustle of returning wedding
gifts and writing thank-you notes, many couples overlook important insurance planning that
will protect the future security of their new family. Once the honeymoon ends and married
life begins, couples should consider getting an "insurance checkup" to gauge the
impact marriage may have on lifestyle and financial situations. Individual insurance
policies may no longer meet the dynamic needs of a couple or new family, especially if
children are involved.
Here are some basic insurance tips to get your marriage off
to a secure start:
Life-Find out what it really takes to
protect your loved ones when you are gone. Although couples often recite the vow,
"Until death do us part," no one likes to think about what life would be like
without their spouse. What would happen to your spouse if you were to die? It's not a
pleasant question to ponder, but one that should be addressed before or just after the
wedding. Deciding on whether life insurance is a good choice depends on your
circumstances-whether you have children or other dependents, what you own, even your
attitudes about debt. It is important to evaluate the current cost of insurance versus the
benefits received. For younger newlyweds, the cost for life insurance will be relatively
low, especially if both are in good health. And if you already have an existing life
insurance policy, remember to update your beneficiary.
Homeowners-Stay sheltered-Protecting your
most significant investment. Many newlyweds are also new homeowners. Because a home is
usually the largest purchase a couple will ever make, it is vital that a couple research
and understand the appropriate policy for their individual situation. There are two basic
parts of any homeowners policy: a property section and a liability section. The property
section covers damage to the home and personal belongings. The liability section covers
expenses like medical, legal, and court-awarded money that might arise out of a lawsuit if
a non-family member has an accident or is injured on the property.
Renters-Renters Beware: Who is protecting
your personal belongings? Many people mistakenly believe that if they don't own a home
they don't need insurance. Renters insurance, which has become increasingly popular in
recent years, covers personal belongings and liability. Both of these coverages are most
likely not covered on your landlord's policy, which generally only covers damage to the
actual structure of the building you live in.
Auto-Consolidate and inquire about
discounts. Check with your insurance agent to learn about the benefits of canceling your
individual auto insurance coverage, and obtaining one policy that covers both of you. This
may result in several discounts, including a lower multi-car rate.
Disability-Like your lifestyle? Maintain
your living standards if the unexpected occurs. Generally, disability income insurance
provides you with income if health problems prevent you from being able to work. If as
partners you need both incomes to maintain your current lifestyle and financial health,
disability income insurance can be a smart choice. In order to prevent duplicate coverage,
be sure to ask your employer if you are covered by the employer-sponsored group disability
insurance.
Countrywide Insurance Services, Inc. (CIS), is a leading
nationwide insurance agency. The company focuses on home-centric insurance products and
services offering homeowners, condo, home warranty, automobile, term life, disability
income and health insurance.
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