His, Hers and Ours - How Getting Married Impacts Your Life Insurance Needs
You need to consider many different things as you plan your wedding, from how to choose the perfect caterer to where to go on your honeymoon getaway. Chances are life insurance is not high on your pre-marriage checklist, but perhaps it should be.
Getting married can have a big impact on your life insurance needs, and that life insurance coverage should play a major role in the consolidation of your finances. After the wedding, you and your spouse will be moving through life as one entity, and that can mean big changes to your insurance needs.
Life Insurance Checklist
As the big date arrives, you will need to make a number of important decisions regarding life insurance. Creating a pre-marriage life insurance checklist is one of the best ways to get started. Your checklist should include the following items. Some of these things may be obvious, and you may have already taken care of a few of them. Other items on the list are not so obvious and are easily overlooked. Taking the time to go through the checklist is a great way to get ready for your new life together.
. Review your existing coverage and that of your spouse. Do you both have coverage through your employers, or do one or both of you have coverage on your own?
. When consolidating your coverage, which insurance company should you choose? Be sure to get quotes for the life insurance you need from your company and the company that covers your spouse.
. Does it make sense to keep your original coverage? If you have free coverage through your employer, you certainly do not want to give that up.
. Is the life insurance coverage you and your spouse carry still enough to protect your combined earning power. If you are now a two-income family, you may need to raise your life insurance coverage substantially.
. Be sure to make your spouse the beneficiary on your life insurance policy and have your spouse do the same. Make this important change as soon after the wedding as possible.
. You may need to add contingent beneficiaries to your life insurance policies as well. You can name anyone you want, but a lot of people choose a child, parent or close relative.
. Can you save money by consolidating life insurance with your other insurance needs? Buying your life insurance, car insurance and homeowners insurance from the same company could save you and your spouse money and even allow you to purchase additional coverage.
No matter how buy your wedding planning keeps you, it is important to take the time to talk about your finances and your insurance needs. Finances will play a big role in your life together as a couple, and the sooner you start talking about those sometimes difficult subjects the better off you will be.
It might not be fun to talk about life insurance, and no one likes to think about their own mortality. Even so, it is important to consider your life insurance needs as you and your spouse get ready to start a long and exciting new life together.
About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities' licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s customized process and needs' calculators. You can reach Seth at 1-800-651-1953 or firstname.lastname@example.org.
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