What Insurance Questions Do I Need To Ask My Future Spouse?

Getting married is an exciting life change, so exciting that it can be easy to forget about many of the mundane tasks that are so important for a newlywed couple to take care of. Of course, one of those tasks that almost always gets overlooked is updating your insurance policies. Now, we know delving into insurance can be stressful, so we’ve made it as easy as possible for you. These are the three insurance-related questions every newlywed couple needs to task their spouse.

Do You Have Life Insurance?
This is a big one. While it can feel odd to think about your spouse passing, particularly if you are newly married, it is still incredibly important. The truth is there is never a great time to dwell on the passing of your spouse, but you will rest easier knowing that you have taken the proper precautions when you have a proper life insurance policy.

Many people think that because they have a life insurance policy through their work, that they don’t need to pursue a life insurance policy on their own. However, the reality of most employment-based life insurance policies is that they normally offer one to two times your annual salary in coverage. Depending on your financial situation, that might not be enough to keep the surviving spouse comfortable. Plus, if you leave that job your life insurance policy might not leave with you.

The best way to fix this problem is to get a life insurance policy yourself! This way you know it will follow you wherever you go, and you can choose the right amount of coverage for your lifestyle. Remember, the younger you are when you purchase a life insurance policy the cheaper your policy is going to be. That means that if you don’t currently have a life insurance policy then there is literally never going to be a better time than right now to get one.

Do You Have Disability Insurance?
Many people incorrectly believe that disability insurance is only for people with disabilities. Actually, disability insurance pays you a portion of your salary should you become sick or disabled and unable to work. This is crucial for anyone who relies on every paycheck to cover their essential expenses. For most newly married couples, that is the case.

Yes, a good workers comp package will cover you if you get injured on the job, but what if you get really sick? Or perhaps you get hurt off the job? For many people not having any kind of paycheck for an extended period of time is simply not an option. This is when disability insurance comes into play. It will continue to pay you a portion of your salary so that you can continue to pay your essential expenses.

Who Has The Best Health Insurance Plan?
One of the great financial benefits that come with saying “I do” is the ability to get joint policies. While joint policies can be helpful for different types of coverage, they are borderline essential for healthcare.

Marriage is one of the qualifying life events that allow you to change your insurance coverage, even if you’re in the middle of a policy cycle. That’s why healthcare coverage is one of the first things you should visit after tying the knot. Most insurers allow you to change your healthcare coverage if you do so within sixty days of getting married.

If only one of you has healthcare coverage, then which plan to choose is easy. However, if you both have coverage through your employers you should take the time to look at both policies. Use this side-by-side comparison to find the plan that’s best for you and your family.

Getting married is a huge deal and should be a very exciting time! As much as you may not want to worry about insurance during your newlywed period, it can set you and your spouse up for future success.

If you have any questions, or just want to inquiry about a new policy we encourage you to reach out to TGS Insurance. The TGS Insurance staff are experts in their industry and are always happy to answer any questions you may have. Visit www.tgsinsurance.com to learn more.