Your wedding day marks one of the happiest events of your life. You’ve chosen a life partner to build a future together a future filled with dreams and promises, celebrations, and new family ties. As you blend your lives, here are some things you and your new spouse need to check to ensure a solid financial base.
Smart Insurance Ideas for the Newly Married
Review your financial picture.
A dual income is great for lowering debt, saving for a house, and investing for the future. Understand your new cash flow with our Budget Calculator. You’ll want to review your savings, investment, and retirement accounts, too. This is also a key time to buy life insurance, and a representative from The Western and Southern Life Insurance Company can help you assess your needs.
Update your beneficiaries.
A beneficiary review of your current life insurance policies and retirement accounts will help ensure that your new spouse will be protected. Or lock in a new life insurance policy when it is likely to be more affordable.
Combine auto insurance policies.
You may get a better rate if both you and your spouse are covered on one policy. Also, consider carrying homeowner’s or renter’s insurance with the same company that covers your cars. You should be able to lock in a discount by insuring cars and home (or having renter’s insurance) with the same carrier.
Weigh health insurance coverage.
Look at the health benefits each of you has through your employers to see where you can get the best coverage for your needs. Will it be cheaper if each of you keeps individual insurance through your employers? Or can you save money and have the coverage you need by switching to a family plan with one employer? Health insurance choices can be wide-ranging, so research your alternatives to choose the plan that’s best for you.
Products for this Life Stage:*
For young newlyweds, it’s more likely that you will become disabled than will die. Accident insurance improves on your job’s disability coverage, which can help you maintain your lifestyle if one of you is unable to work.
Term life insurance can provide affordable coverage that you can change when life demands. Learn about the options that term life insurance can offer you.
Smart Ideas for the Newly Married:
It’s not what you want to think about when you’re just starting your lives together, but writing a will is a smart thing to do. It’s especially important if either partner is bringing children or substantial financial assets into the marriage.
Retirement saving should be part of every couple’s financial plan. Use our Retirement Calculators to help you plan for a happy future.
Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.
*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase.