Valentine’s Day Proposals: Pre-Wedding Insurance Discussion

What better day than the national day of love to pop the question.  Surveys say that 39 percent of engagements happen between Thanksgiving and Valentine’s Day. Planning a wedding is exciting for every young couple. While discussing insurance needs may not be as fun as picking the perfect wedding gown or sampling wedding cakes, it is just as important. Getting married and sharing lives means making sure that you and your spouse are protected from unexpected financial disasters.

According to the National Association of Insurance Commissioners (NAIC), nearly three-quarters of newlywed couples acknowledge the importance of discussing insurance up front; however, fewer than half take the plunge.
The NAIC hopes to nudge young lovers toward post-nuptial, kitchen-table conversations about their insurance needs with the following insurance tips:

Wedding Insurance
Since the cost of an American wedding is now estimated at $26,000, the insurance market to protect against weather, illness or even “cold feet” is increasing, according to insurance companies. In case you are wondering, an estimated 2 million-plus weddings are conducted annually in the U.S. Couples might want to check with an insurance agent to see if this insurance could be useful for their situation.
Health Insurance
Merging households could also mean blending health insurance plans. Find out which of you has the better employer-sponsored health insurance. You will also want to compare the cost of adding your spouse to your policy against keeping your own health insurance. Insurance companies are no longer allowed to deny coverage for pre-existing conditions, nor can they charge more based on medical history.  Your insurance agent can help you crunch the numbers to find the best plan to cover all your medical needs.
Auto Insurance
It’s not always a simple decision whether to merge auto insurances or not, especially when one spouse has a poor driving record. You might want to continue with separate auto insurance coverage. Keep in mind, if you combine your auto coverage from the same company that carries your homeowners or renters insurance, you may be eligible for additional discounts. Combining policies can save up to 20 percent.
Home Owners/ Renters Insurance
Whether moving into a rental or buying your first home together, factor homeowners insurance or renters insurance cost into the equation, especially if you hope to renovate. Location, size of the dwelling and construction type are all factors that determine your insurance premium. Combining households also means combining your belongings. Make a home inventory of all of your belongings to determine how much coverage you’ll need.
Life Insurance
Marriage typically changes a couple’s life insurance needs. Consider such factors as age, mortgage debt, future income potential and plans for children when figuring out how much life insurance to purchase. Life Insurance can be used to pay off debts, provide income, and generally ensure that the surviving spouse’s lifestyle doesn’t suffer a severe impact if something were to happen.
Having the insurance talk is a great way to start your marriage off on the right foot – you’ll be saving and budgeting wisely in a timely manner. With adequate insurance you’ll enjoy peace of mind and a strong foundation to begin your life together.