For Richer or Poorer – Are You Covered?

I’ve been married for 6 months now, and the anniversary of our engagement is approaching. We’re still adjusting to life as newlyweds, and it’s been a turbulent ride, mostly due to finances. With the layoffs, benefits have absolutely gone out the window. Insurance such as medical, dental, and vision come to mind, but how many of you have life insurance policies on your spouse? What about renter’s insurance, home insurance, car insurance?

Why You Need Life Insurance

Life insurance is essential in the event that your spouse passes away. It will help you take care of your children, handle outstanding bills, and assist you with the transition from two incomes to one. Many people think life insurance is expensive but you can get an affordable policy that fits in your budget. If you’re young like we are, you can find life insurance for under $20/month if you’re both in good health and choose term life insurance. If you choose whole life insurance, you’ll pay a lot more, but it’ll be a fixed price throughout your life. Costs depends on your age, your health, and the length of your plan. You can purchase insurance through your job, your bank, or through an independent agent or company.

Why You Need Renter’s Insurance

When we first rented our apartment, the sales associate asked if we’d like to purchase renter’s insurance. When we said yes, initially, I thought it was an upsell, but I learned it would certainly come in handy. Thankfully we didn’t have to cash in on it, but if there was a fire or something happened to our complex, we would’ve had things under control. It was a one time fee and quite affordable.

Insure Your Engagement Ring

You may love your diamond, but the chances of you losing it aren’t as slim as you may think. My ring cost a whopping $400, so insuring it isn’t on my list of things to do. If I lose it, I’ll most likely just get a replacement. For you lucky ladies that got rings that costs several months worth of salaries, you better check out your options. Ask the retailer where your ring was purchased if they have plans, especially for you ladies who never take your ring off (many stories of rings falling down the drain).

Join the Same Auto Insurance Plan

Did you know you can get a discount on auto insurance if you’re both on the same plan? Hubby and I are still covered under our parents’ plans because it makes sense for now, but once we’re back up on our feet, we will join forces and get a discount, making insurance a lot more affordable for married couples in their 20s than they would’ve thought. Compare car insurance online and see if your costs drop as a married couple.

Newlyweds don’t really think about insurance until it’s too late. Sit down and talk about different coverage options, make sure you are beneficiaries on your plans, and keep all of your documents in a safe place.

4 Responses to For Richer or Poorer – Are You Covered?

  1. Penny Pinching Pro says:

    Good points.  My fiance and I are on the same renters insurance policy, and he had the engagement ring covered under his renters as soon as he bought it.  (We weren’t living together at the time, so it was only his policy then.)  We’re on separate car insurance policies for now, though we’ll switch that once we’re married.  I don’t see much point in life insurance right now, though.  While we’re both working and there are no kids, it doesn’t make much sense to me.

  2. Renters is an upsell, but it’s only a few dollars a month.  And I can tell you, after going through a housefire, I am SO glad we had it.  So glad.  You could put the ring under a valuable personal property plan from the same company you buy all your other insurance through.  The more plans you bundle together with one company, the more money you will save.  Most companies probably offer all of these plans.  

  3. The importance of having adequate insurance cover cannot be stressed enough. You may resent having to pay a monthly premium but at least you can be sure that your family’s financial security won’t be compromised in the event of your death.

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