What do we need to do with our insurance now that we’re married?
Marriage is a pretty big, life-changing thing! You may have changed your name, your address, and where you have to hang a towel after a shower.
What about your insurance? I know it may not be at the top of your list, but let’s raise a few issues that you may need to think about. You may not, of course, but let’s move down the list.
Insurance Issues for Newlyweds to Consider:
* Life insurance. This is probably the #1 thing we suggest newlyweds think through. You don’t need some kind of fancy (expensive) whole life insurance policy that will fund your retirement.
What you do need to think about is a basic, inexpensive term life insurance plan to take care of your spouse if something terrible happens. You’re not on your own anymore.
If you already have a life insurance policy, you may need to change the beneficiary (who they pay if you die) on the policy. But, honestly, you may as well get a quote on a new one to see how it compares. Doesn’t hurt to look, right?
* Health insurance. You may not need to do anything here. If you’ve got coverage through your employer or if you have an individual health insurance plan you’re happy with, there’s no need to change things. But here are a couple things to keep in mind:
- You may have a limited amount of time (30 days is most common) to add your spouse to your employer’s group health insurance plan.
- If you want to switch to a new individual health insurance plan (if you don’t have maternity coverage, for example, and want to get it just in case!), you have a 60-day window to get a new plan. And, of course, we’d be happy to help.
- If you want to change the name on your ID card, call the number on the back and they can help you get that done. There may be a form to fill out, but it shouldn’t be complicated.
* Dental insurance. This is less important, obviously, but the advice we gave above regarding health insurance plans applies to dental plans as well. You’ll have a limited number of time to add your spouse to your plan, but there are no open enrollment deadlines to worry about when it comes to getting an individual policy.
An important note: AC Forrest does not handle these lines of coverage, but you’ll obviously need to check with your agent to get your auto, homeowners, and/or renters policies straightened out now that you’re married.
If you have any questions we’d be happy to help. Congratulations!