$1* Buys $100,000
Globe Life Insurance
$2.17 for Children or Grandchildren
Combining Insurance After Marriage: Updating Your Life and Health Policies
So you’ve decided to take that huge step and tie the knot. Congratulations! Marriage, as you’ll soon learn, comes with all kinds of exciting changes in your life, but while you’re in that blissful honeymoon period, make sure you check a few things off your to-do list.
While you’re busy doing things like figuring out finances, make sure you don’t forget about what marriage means for your life and health insurance policies.
Investopedia recommends re-evaluating “life insurance needs annually, or after significant life events”—marriage being one of them.1 The Insurance Information Institute agrees, noting that after marriage, a couple should review their life insurance needs, like if one spouse isn’t working and would be dependent on the working spouse’s income.2 The Institute also notes the spouse who is not working should consider a separate policy because the services that spouse provides would become a cost to the surviving spouse; and for couples who both work, life insurance would still be important because the loss of one income would financially impact the other.
You should also consider any debts you may have, such as a mortgage as well as college tuition for children if you decide to have them. If you want to know how much life insurance you and your spouse should purchase, contact a financial advisor, an independent broker, or a licensed insurance agent.
Health insurance is something else to consider after marriage. According to HealthCare.gov, there is a Special Enrollment Period after a life event—like getting married—in which you can change health plans outside Open Enrollment.3 Expert Insurance Reviews notes that if you both have good health insurance through work, a change might not be necessary, but “it’s worth taking the time...to get some quotes and shop around,” and that most of the time, it’s more cost effective to move one spouse onto the other’s policy and get a family rate.4 Expert Insurance Reviews goes on to note the importance of finding the “right balance between premiums and coverage.”4
There are other matters to consider when looking at making changes to your health insurance, such as what network, hospitals, and doctors would be included with your insurance.
So after you say, “I do,” make sure you get your insurance figured out early to save money and so you can start planning for your future right away. Think about the final expenses each of you would have in the event of death, and consider what the best life insurance and health insurance would be for the two of you if having children is in your future.
If you have any questions about combining your finances, contact a financial advisor. If you have any questions about health insurance, visit HealthCare.gov or speak to your benefits administrator. If you have any questions about life insurance, contact an independent broker or licensed insurance agent.
2. Insurance Information Institute, 10 questions to help assess your changing insurance needs, 2018, https://www.iii.org/article/10-questions-to-help-assess-your-changing-insurance-needs
3. HealthCare.gov, Changing plans after you’re enrolled, 2019, https://www.healthcare.gov/apply-and-enroll/change-after-enrolling/
4. Expert Insurance Reviews, Insurance Guide: Updates After Marriage, 2017, https://www.expertinsurancereviews.com/insurance-education/insurance-updates-after-marriage/
You might also be interested in...
- 10 Cheap Activities For Family Fun Night
- 8 Habits that Could Be Hurting Your Marriage
- The Benefits Of Coconut Milk
- Top Tips For Bone Health For Women
- Caring for Both Your Children and Your Parents
- Debunking Common Relationship Myths
- Family Life Insurance for Young Families
- Five Expensive Home Improvement Projects that Won’t Boost Value
- Five Home Improvement Projects that Pay Off
- Health Benefits Of Cashews
- Help Your Aging Parents Prepare for Retirement
- How to Get the Grandkids to Help with Chores
- How to Prepare a Family History for the Younger Generations
- Is Herbal Medicine The Way To Go
- Natural Mosquito Repellants
- Planning Ahead: Family Life Insurance
- How To Prevent The Common Cold And Flu Virus
- Taking Care Of The Caregiver
- Ten Best Fruits, Vegetables, and Herbs Families Can Grow at Home
- Ten Tips for Successful Single Parent Families
- Top 10 Health And Safety Tips For Fall And Winter
- Top Ten Household Safety Tips
- Why All Women Need Life Insurance Too
- Why you should go on vacation
- Who Should Be Your Beneficiary
- The Benefits Of Vitamin B
- 5 Reasons To Eat Homemade Chicken Noodle Soup
- 6 Healthy Breakfast Ideas
- 5 Tips To Prepare For Allergy Season
- Unusual Ways To Keep Your Mind Sharp
- Food That Isn’t As Healthy As You Think
- 4 Things That Are Secretly Killing Your Healthy Lifestyle
- Questions You Need To Ask At Your Next Checkup
- How To Make A Comeback After An Illness
- 4 Benefits Of Water Most People Don’t Know
- Heartfelt Advice To Avoid Heart Disease
- What Is Respite Care And Are You One Of Millions Of People That May Need It?
- Three Tricks To Healthy Eating
- How Important Is Estate Planning?
- 5 Backyard Grill Safety Tips
- Combining Insurance After Marriage: Updating Your Life and Health Policies
- Top 5 Crazy Food Options at Globe Life Park, Home of the Texas Rangers
- 4 Dangers of Owning an Exotic Pet
- 4 Ways Life Insurance Helps Families Plan for the Future