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Ties That Bind Can Lower Insurance Costs For Couples

As your wedding day approaches, insurance is probably the last thing on your mind. You're much more concerned about the invitations, the caterer, the flowers and the photographs than you are about how you'll handle your coverage once you're hitched.

But don't put it off. The ties that bind often provide real opportunities for savings on your basic insurance costs. Plus, you'll want to investigate new insurance coverage designed to protect your partner and the lives you're making together.

Here's a quick look at some important insurance questions that all newlyweds should address:


Are you and your new spouse both working? If so, you may each have health insurance at your place of work. Your first step should be to contact your human resources department to find out what your premium cost would be for employee and spouse coverage.  Finally, compare coverage, co-pays and deductibles and then select the policy that combines the best benefits with the lowest out-of-pocket expense.

However, it's best to proceed with caution. In some cases, an employer may not cover a spouse who is eligible to enroll in another healthcare plan. Make sure to check before cancelling any insurance coverage.

Also, ask your HR representative about updating beneficiaries on any life insurance or retirement plans that you may have at work. On some retirement plans, the law actually requires spousal acknowledgment if they are not the beneficiary.


Most insurance companies consider married couples a lower risk than single drivers because they are perceived as being safer. Because of this, most married couples will qualify for lower insurance premiums. Another benefit to combining your auto insurance coverage is that you will qualify for a multicar discount. The savings that result can be significant. Note that if you or your spouse has a bad driving record, maintaining separate policies may be less expensive.

For men under 25, insurers like you much better with a ring on your finger. Car insurance rates for unmarried men under age 25 are higher than average because they're considered high-risk by insurers (the statistics bear this out). Premiums usually go down for men under 25 when they tie the knot.


Now that you're living together, you may have some possessions that you want to protect, such as new furniture, a big-screen TV, computers and appliances. Even if you're just renting, you should have renter's insurance. If you plan to buy a home, you will be required to have homeowner's insurance.

Combining your homeowner's or renter's insurance with your auto coverage will qualify you for what is known as a multiline discount. Again, the savings can be significant.

Ironically, homeowner's or renter's insurance questions often surface when couples buy engagement or wedding rings, or accumulate expensive household items. A standard homeowner's policy usually includes a limit for personal possessions. Also, a standard policy may only cover your ring if it is stolen - there may be no coverage if it is lost.

If you want to make sure you have coverage for high-value items, such as jewelry, or if you want to ensure you have coverage if your ring is lost, consider purchasing a rider. To request this coverage, you must have your ring appraised and provide a copy of the appraisal to your insurer.


Becoming a couple means sharing responsibility with - and for - someone else. If both of you work, you may build a lifestyle that depends on two incomes. If one of you should die or become disabled, there may be loans and other debts to pay off.  Life insurance is a traditional way of ensuring that the surviving spouse is taken care of in the event of a tragedy.

Couples should take the time to review their monthly debts and income. Make sure you have enough life insurance to satisfy these obligations. If you have an existing life insurance policy outside of work, it's important to make any adjustments to coverage and change the beneficiary. If you don't have life insurance, talk with your HUB broker about your options.

Disability insurance is just as important as life insurance. Statistically, disability is a greater possibility for young married couples than premature death. Disability replaces part of your income if you suffer an illness or injury that prevents you from working. This could be especially important if you decide to buy a home.

Many employers offer disability insurance at affordable group rates. Or, contact your HUB broker for more information.

Your newly married status offers opportunities as well as responsibilities. So take a few moments now to look over your insurance needs. It will help ensure that your journey through life gets off on the right foot.

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