Insurance & Finance for Married Couples

When friends and family find out youand your partner have gottenengaged, you’ll likely hear lots of congratulations,along with plenty of marital advice aboutsharing everything. What you may not hear is anything about insuranceor combining finances.Insuranceand shared financeslikelyaren’tthe first thingson your mind as you’re registering for gifts, planning a wedding and going on your honeymoon.

However, insuranceand finances areessentialtopicsto consider when you and your beloved tie the knot.Will you be combining your assets or keeping them separate? Should you add your spouse to your insurance policies or purchase new policies? We have compiled this guide to navigating a changing financial and insurance situation with your spouse and family.

Jump To:

How Does Marriage Affect Your Finances?
Financial And Insurance Items To Take Care Of Post-Wedding
How To Combine Finances After Getting Married
How Does Marriage Affect Your Insurance?
10 Common Questions About Marital Status And Insurance

How Does Marriage Affect Your Finances?

Getting married affects your life in many ways. It’s the start of a new chapter and should beexciting. It can also involve a good deal of adjustment as you learn how to become partners in the practical parts of life as well as the fun, romantic ones.One of the biggest things to consider is balancing marriage andfinances.

There is no one-size-fits-all answer to how marriage affects your finances since it depends on how your and your spouse’s finances look before marriage andthefinancial decisions you plan to make together. No matter what, though, there will always be some adjusting involved whenjoiningyour and your spouse’s finances.

This adjustment can be tricky to navigate, but once you figure it out, you can enjoy some financial benefits to marriage. In a Pew Research study,28% of people cited financial stabilityas a very important reason to get married. If you want financial stability to be a part of your marital bliss, then you should start early discussing your finances.

Financial And Insurance Items To Take Care Of Post-Wedding

Money and marriage are closely related, and there’s a lot to tackle after the wedding regarding your and your spouse’s finances.If you got married recently, now is the time to check off the items on thepost-weddingfinancial checklist below.

1.Write or Revise Your Will

Regardless of whether you have children or assets, you may want to write a will. If you already have a will, you may want to revise it. Wills are one aspect of marriageand moneyyou may want to keep separate. Depending on where you live, your assets and property may not revert to your spouse automatically when you die. Further, if you don’t have a will, your estate may go through probate, which is an expensive and time-consuming process.

If you and your spouse have children, you may want to name a guardian for them in your wills if you both pass away simultaneously. After you have written a will, revisit or update it after significant life changes like a marriage, birth or divorce, or once every decade if no major life changes have occurred.

2.Combine Financial Assets With Your Spouse If Desired

Combining financial assets with a spouse is another common step most newlyweds have on their financial checklist. If you and your spouse currently have separate financial assets, you may want to discuss the advantages and disadvantages of combining themversus keeping them separate.

For many married couples, combining assets will make it simpler to manage and access these assets. Other couples, however, may choose to keep some or all accounts separate, especially if one spouse has credit, tax or legal problems. You may choose to keep some accounts separate, but open a joint bank account from which you can pay your joint expenses like your mortgage, groceries and utilities.

3.Explore Power Of Attorney And Medical Directives

When you write or revise your will, you mayalsowant to create a power of attorney and medical directive.If you give your spouse power of attorney, theycanmake decisions on your behalf if you become incapacitated due to a disease or injury and cannot speak for yourself.

Additionally, a medical directive is essentially a power of attorney, but specifically for health care. A medical directive sets your preferences in specific medical situations and names your appointed person to make choices about your medical care. As with a will, you may want to update these documents after major life changes or once every decade.

4.Discuss Retirement Accounts

Since retirement accounts are individual holdings, you and your spouse should discussmaximizingretirement savings. If you both work, you can contribute the maximum possible amounts to a 401(k) or IRA. If one spouse doesn’t work, the working spouse can open a spousal IRA. With a spousal IRA, the working spouse funds the account, but the funds and account belong to the other partner.Higher-earning spouses can also contribute to their lower-earning spouse’s traditional IRA.

If you’re both able to contribute to your retirement accounts, you’ll be setting yourselves up for a comfortable future retirement. Be sure to also discuss your goals and expectations for retirement, as this can help you plan for retirement contributions. For example, do you see yourself traveling during retirement or laying low near family?

5.Review And Combine Health Insurance

While combining health insurance after marriage isn’t required, doing so may be the most beneficial option.If both you and your spouse have health insurance through work, you may want to compare plans and determine which one of you has the better coverage, along with how much it may cost to add your spouse to your health insurance plan.

For example, if you plan to start a family in the next few years, you may also wanta health insurance plan that includes good maternity coverage. Many health insurance providers lack maternity benefits, so if one of you has this coverage and the other doesn’t, you may want to choose the plan that does.If your employers’ insurance lacks the necessary coverage you and your spouse need or isn’t cost-effective, you may consider switching to a completely new provider.

6.Consider Life Insurance

If you or your spouse didn’t already havelife insurancebefore getting married, now may be an ideal time to purchase policies.While you anticipate sharing your entire lives together, unexpected and tragic events could leave you or your partner without the other. Starting your life insurance policy after marriage helps ensure your spouse will be financially cared for in your absence.

The younger you are when you buy life insurance, the less expensive it will be, as you lock in rates when you get your policy. Term life insurance tends to be the cheaper option over whole life insurance, but whole life insurance can be the better option depending on your financial situation and age.

Learn More About Life Insurance

7.Review And Combine Auto Insurance When Married

Next, youwillwant to review yourauto insurancepolicies andpurchase a single policy for both you and your spouse.Once you’re married and living together, you and your spousewill likelydrive each other’s vehicles. This means you or your spouse may want to add the other to theirpolicy as a permitted driver. As long as you and your spouse have good driving records, you may not see an increase in your insurance rate.

You may want to determine which one of you has the more affordable provider or plan and what it would cost to add a spouse under an umbrella plan. An umbrella plan is usually less expensive than paying for two separate auto insurance policies, so you may want to consider this option if it saves you money.

If your spouse has a poor driving record or a teenage driveron their policy, you may see your insurance rate go up. If you add a teen to your policy, you may want to restrict their driving privileges to your least valuable vehicle.

8.Review And Combine Home Insurance When Married

After getting married, you and your spouse will likely either move into one of your places together or purchase a home to start your new life. The most important thing is to ensure both of your belongings will be adequately covered under the same policy.

If you haveexistinghome insurance, speak with your insurance agent about adding your spouse to your policyand potentially upgrading your coverage if necessary. If you are moving, make sure to switch your coverage to your new home. If you don’t have home insurance, now is the time to purchase a policy.

9. Obtain Disability Insurance

Even if you believe life insurance isn’t currently necessary for you and your spouse, the odds of you or your spouse becoming seriously disabled are much higher than death. This means you may want to obtain disability insurance.

The disabled spouse would not be able to generate income, yet their medical costs could be incredibly expensive.Supporting a disabled spouse on a single income can be a significant financial burden.Disability insurancecan help alleviate some of that financial stress if you or your spouse becomes disabled.If you and your spouse don’t have disability coverage from your employers, you may want to purchase disability insurance yourself.

10.Update Your Taxes

You’ll also need to revisit the topic of taxes when you get married. When it comes time to file for the year in which yougotmarried, you’ll need to determine whether it makes more sense to file jointly or separately.Depending on your situation, filing one way may be more financially beneficial than the other.

For most couples, filing jointly is financially beneficial, but this isn’t always the case.For example, you may file separately to keep your taxes separate from your spouse’s business or if one spouse has medical deductions and earns less than the other. Consider your situation and talk to a tax professional for advice.

11. Add Your Spouse To Your Property Title

If you and your spouse are combining property, such as homes or cars, and you want to add your spouse to your property title, follow the requirements set by your state to do so. While there may be a fee to add your spouse to the property title, it is generally very affordable.

Adding your spouse to your property titles is important because many states follow common property laws, which means assets and property belong to the person whose name is on the title. Titles can affect who gets the property after your death, which means if your spouse’s name isn’t on the title, the property could be given to someone else.

12. Manage Your Credit

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Reviewing your finances and credit reports is an essential step in setting you and your spouse up formaritalharmony and financial success. You can request free credit reports, and you may be able to monitor your score through websites like Credit Karma or your credit card provider.

If you notice any issues when reviewing your credit report, dispute any incorrect information. Then make goals for improving your score if necessary.Managing your credit together is essential, as it has a big impact on your ability to get loans and good rates. For example, if you’re buying your first house together, you’ll need to take out a loan with decent credit, otherwise, your interest rates or mortgage payments could be higher than you can afford.

13. Complete Name Changes

If you or your spouse plan to change your last name orboth ofyour last names, you may need a copy of the marriage certificate. To obtain a new Social Security card, take the marriage certificate to the local Social Security office.

You can request a name change and get a new driver’s license when you have a new Social Security card. Request the name change on credit cards, bank accounts and your other accounts.

14. Create A Debt Payoff Plan

You and your spouse mayenteryour marriage with debt, such as credit card debt, student loans, car loans or mortgages. If one or both of you has debt, create a plan to payit off.Discussing debt as soon as possibleallows youto form a plan and ensure the topic is less painful in the future. Financesand marriage are closely entwined, so you want toensureyou and your spouse are on the same page.

In your debt payoff plan, include strategies for reducing expenses and increasing your income, both of which can help you put more money towardyourdebt payoff. As a couple, you can set goals for how much you want to pay off in a certain timeframe. Additionally, you may want to look into debt consolidation options.

For example, you may want to pay off your highest-interest debts first. If you have a high-interest credit card, your first goal may be to pay off the balance in four months. Then your next debt payoff goal may be paying off your student loans in three years.

15. Develop A Budget

Creating a budget is crucial to set you and your spouse up for financial success in your marriage. You can use a spending tracker to manage how much you’re spending versus how much you’re earning. You may want to do this for a few months to help you set a realistic budget.

A tracking tool can show you where you’re spending too much money, so you can find places to cut back. You can also determine how much you spend monthly on needs versus wants, then create arealistic budgetfor your current lifestyle, helpingyou create the life you want in the future.

16. Manage Your Credit Cards

Spending can cause friction in a marriage, so it’s important to have an open, honest discussion about avoiding debt and when credit cards should and shouldn’t be used.

You or your spouse may be better positioned to managecredit card accounts. In this case, you may want to consider adding your spouse as an authorized user on your accounts so they can manage the accounts and make payments. If you or your spouse have credit card debt, revisit the subject periodically to avoid unexpected credit card bills.

17. Discuss Your Career Goals

Depending on what stage you’re at in your career, you may not be entirely sure about your ideal career path. Or you may be unhappy in your current career and are already looking to make a major career shift. Discuss with your spouse what your current and future goals are for your career, particularly because these goals could require you or your spouse to compromise.

A career change could also put you in a different financial situation than you are now, potentially requiring your spouse to pick up more or less financial burdens. Discussing these possibilities with your spouse is important for setting expectations.

18. Discuss Your Life Goals

While you are discussing your career and financial goals, you may want to discuss your life goals as well. What are you looking for in life? What would you like to accomplish on your own and with your spouse? What can you do to achieve these goals?What can your spouse do to help you reach these goals? These goals may include family, lifestyle and more, impacting your finances.

Talking to your spouse about the life goals you both have can ensure you’re on the same page and can offer each other the support needed to help you reach your goals.

19. Revisit Your Goals

Remember to check in with your spouse regularly about your goals, whether your goals are for saving, debt payoff, building credit, reaching career goals or achieving life goals. Agree on times to revisit your goals.For a short-term goal, you may want to check in once a week. For longer-term goals, you may want to check in once a month, every few months or annually.

Goal check-ins allow you to determine if you and your spouse adequately support each others’ goals and how you can continue working toward them. This is also a good time to address any potential changes that may affect your ability to reach your goals individually or as a couple.

20. Update All Accounts

Finally, ensure you update all your accounts after you’re married. If you move, update your change of address with every company that bills you regularly. Add your spouse to any leases you have and to emergency contact listings. Update the beneficiary declarations on your insurance policies and retirement plan to include your spouse, along with updating your safety deposit box and bank account agreements.

How to Combine Finances After Getting Married

It’s always smart to sit down with your partner before or just aftergettingmarriedtogo over your newlywed finances.Below is a step-by-step guide to combining finances after a wedding.

1. Organize Your Accounts

The first step of financial planning after getting married is getting organized, so you know how much you and your spouse have and where the assets lie. Both you and your spouse should make three lists:

Assets:Inventory what you own, such as properties, savings accounts, investment accounts and vehicles. List where these accounts are and how much you have in each.
Points from loyalty programs:Both of you should list any loyalty programs you participate in. These allow you to accumulate points you can redeem for perks, such as programs with hotels, airlines and credit cards that you can use to get free flights or hotel stays. List the programs you participate in and how many points you have with each.
Liabilities:You and your spouse should alsolistwhat loans and debts you have and how much you owe on each.

2. Evaluate Your Finances And Investments

Take stock of all your assets and debts, so you can determine your net worth. Besides retirement accounts, investments you may own include:

ETFs
Bonds
Stocks
Commodities
Mutual funds
Stock options
Certificates of deposit

You and your spouse should discuss your current approaches to investing and your investment goals. Ask your financial institutions if they offer a joint account option and how to add your spouse’s name to your account. Alternatively, you may be able to make your spouse a beneficiary. If you both have multiple investment accounts, you may want to speak with a financial adviser about how to best move forward.

3. Choose What to Combine vs. Keep Separate

Once you determine how much you and your spouse have and how much both of you owe, the next step in the process is deciding what finances you will be combining and what you will be keeping separate.Consider these options:

Combining everything:In this case, you and your spouse will combine all your savings, checking and nonretirement investment accounts. You treat all debts and assets as joint and share equal responsibility. You will also use the same debit or credit cards to cover your expenses.
Combining some assets and liabilities and keeping others separate:Think yours, mine and ours. In this case, you may choose to have joint savings and checking accounts, but you also each have individual checking accounts and possibly a savings account. This approach is helpful when buying gifts for each other, for example. Ultimately, it’s up to you and your spouse what you want to combine and keep separate.
Keeping everything separate:In this case, both of you treat your assets and debts as individual responsibilities, but you cover household expenses together. You’ll determine how much you each will put toward joint costs like groceries, utilities and rent. You’ll each transfer money to a shared checking account, which you’ll use to pay bills.

4. Open Joint Accounts

Next, open joint savings and checking accounts. Many couples first take this step when they’re ready to deposit gift money from their wedding. However, you may want to start financial planning when engaged or living together to begin practicing money management.

5. Communicate With Your Partner

Finally, when you combine your finances after getting married, it’s essential to communicate openly and honestly with your partner.Work together to create a budget that leaves room for contributing tomonthly savings, anddiscuss your long-term financial goals so you can work toward them.Set up regular check-ins to sit together and review your finances. These sessions can be monthly, biweekly or weekly.

How Does Marriage Affect Your Insurance?

In addition to joining your finances, you’ll also want to talk to your spouse about joining insurance policies.Someinsurance policies are affected more than others depending on your situation.We will discuss in detail how getting married affects three types of insurance — home, auto and life.

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1. How Does Marriage Affect Home Insurance?

If home is where the heart is, then it’s the perfect place for you and your spouse to enjoy married life together. Whether you already own a home or are purchasing your first home together as a couple, there are some important things you should know regardinghome insurance.

If One or Both of You Already Owns a Home

If you and your spouse are both homeowners when you tie the knot, then one of you is likely planning to sell your home so you can move in together. Sharing one mortgage payment and one home insurance premium together will save you both money.

When you are selling your home, make sure you maintain your home insurance coverage until you have officially closed on the sale of the property. Let your insurance company know at leasta month before the closing date, so they can prepare to issue you a refund for any payments you have made that go beyond the day you close.

When you move into your spouse’s home or your spouse moves into your home, you’ll want to make sure you are both listed on the insurance policy. You’ll also need to determine whether the level of coverage you or your spouse currently has for personal possessions is still enough when you add in new possessions. For example, adding your spouse’s electronics to the household may merit a higher degree of coverage. The good news is that your new marital status may lead to a lower premium rate.

If You Are Purchasing a Home Together

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If you’re purchasing your first home together, then you’ll want to begin looking into purchasing a homeowners insurance policy early on in the process. This is because most mortgage lenders will require you to have a policy in place before you can close on the home. In many cases, you’ll be expected topay the coming year’s premiumupfront so it can be put into escrow.

If you already have another type of insurance policy, such as car insurance, from a carrier you trust, you may want to consider bundling your homeowners policy with this existing policy. Bundling policies can help you save money. It’s always a good idea to do your research, though, and look into other possible insurance providers, especially if you’re not extremely satisfied with your current provider.

There is a lot to considerwhen you’re buying your first home. Take some time to learn about insuranceandother important aspects of buying a home so you and your spouse are financially prepared and understand how to navigate this unfamiliar process.

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2. How Does Marriage Affect Auto Insurance?

While it’s less likely that both you and your spouse own a home when you get married,you both likely owna car. There arewell over5million registered vehiclesin Missouri alone. If only one of you owns a car, then the only change you have to make with yourauto insuranceis to contact your insurance company and have your spouse added as an approved driver to your policy.

If both you and your spouse owned your own vehicles before getting married, then you should both already have at least the minimum required level of auto insurance for your state.ExceptforNew Hampshire, every other state mandatesthatdrivershave a specific amount of liability insurance, which covers the costs of damages to the other driver, passengers and vehicle when you get into a wreck for which you were at fault.

If you and your spouse have separate auto insurance policies, you’ll want to decide together whether to terminate one of your policies in favor of the other or to seek out a new policy together. You can enjoy some great benefits when you share an auto insurance policy with your spouse:

Your rate will automatically lower:Some great news for all newlyweds is that you’ll most likely enjoy a lower rate on your auto insurance automatically due to your new marital status.This rate change is because insurance companies know that married people are statistically more responsible whendriving.
You can share vehicles:Sharing an auto insurance policy makes it easy to share and swap vehicles whenever you want without worrying or having to notify your insurer. Your spouse will always be covered under your shared policy, regardless of which vehicle they’re driving if they get into an accident.
You can get a multi-car discount:Most couples will enjoy substantial savings when they go from two insurance policies toonecombined policy. This is because most auto insurers offer multiple-vehicle discounts. If youhave onlyone vehicle on your policy, then you aren’t taking advantage of a multi-car discount.

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Your car insurance policy automatically covers household members, but you’ll still want to contact your insurer to officially add your spouse. Be sure your spouse has coverage under your policy before they cancel their own policy so there is no period of time where either of you is without insurance coverage.

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3. How Does Marriage Affect Life Insurance?

Life insuranceis a wise choice for couples who want to leave their spouse in a financially comfortable position rather than a dire one. Single people with no dependents don’t often need life insurance, but when you have a spouse who depends on your income, you have to consider their future in the event of your untimely death.

If You Don’t Currently Have Life Insurance

If you don’t already have a life insurance policy, getting married provides a good opportunity to consider purchasing one. Life insurance is a financially responsible safeguard to have in place if the untimely death of either you or your spouse would leave the other in a difficult spot financially.

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Consider the various bills you pay together as a couple, especially larger expenses like your mortgage payment. Would you be able to shoulder this financial burdenaloneif your spouse were suddenly not there to help? Would your spouse be able to cover these costs without your help? Would you or your spouse be able to afford to take time off to grieve in peace before returning to work?

An untimely deathwould also mean having the unexpected financial burden of final expenses. The cost of a viewing, funeral and burial, including a vault,costs an average of $9,420according to the National Funeral Directors Association.

The primary purposeofall life insurance is to give your dependents a sum of money, known as a death benefit, that will help them cover costs in your absence. There arethree main types of life insurance policiesyou can purchase:

Whole:Whole life insurance is a permanent policy, so it will never run out as long as you pay your premiums. These premiums will remain constant over time, so locking in a lower premium when you’re young is a smart move. Along with the cost you pay that goes toward your death benefit, you’ll also pay into an investment savings component.
Universal:Universal life insurance is similar to whole in that it is another type of permanent coverage and it includes an investment savings component. Unlike with whole life insurance, though, the policyholder has more flexibility in determining their rates, death benefit and the amount that goes toward the policy’s cash value. Another distinction is that the interest rates associated with your cash value fluctuate with the market.
Term:Term life insurance policies do not include a savings component, making them more straightforward. As the name suggests, they are only good for a certain term, such as 20 years, and will then expire. During this period, you pay your premiums and know your beneficiaries are covered. When the term ends, you can reevaluate your family’s situation and determine whether to purchase a new policy.

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If You Already Have Life Insurance

If you already have a life insurance policy in place when you get married, you’ll want to revisit your terms to make sure you have the correct beneficiaries listed. For example, if you previously had a family member or an ex listed as your beneficiary, you’ll want to make a change so your spouse is listed.

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Youcanlist multiple beneficiaries on your policy,keepingother dependents such as children or parents listed as beneficiaries in addition to your spouse. Just be sure to specify the percentage of your death benefit you would like each person to receive if you were to pass away. Having your affairs in order, even as a young person, is one of the best ways you can continue to show care for the people you love, even in your absence.

10 Common Questions About Marital Status and Insurance

We’ve covered the basics of insurance in the context of marriage, but there are some more specific questions we often hear at David Pope Insurance Services, LLC. We’re going to take a moment to answer each of these questions.

1. How Much Does Your Insurance Go Down When You Get Married?

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The answer to this question depends on the type of insurance.Marital status typically lowers your insurance premiums for home and auto policies. For home insurance, you may pay less after getting married sincemarried people are less likelyto file claims, statistically speaking. The amount of savings will depend on your particular policy.

Regardingauto insurance, there is some statistical data to show how much you could save by being married.Missouriansoften saveon their car insurance just by being married. If you’re in your 20s, you can savea higher percentage, more in therealm of 20 to 26% less.

Life insurance premiums typically don’t go down after marriage since these rates are primarily based on factors like gender, age and medical history.

2. How Long Do You Have to Change Your Insurance After Getting Married?

There is no set amount of time you have to contact your insurance company to add your spouse to your car insurance policy or to add them as a beneficiary to your life insurance policy. The sooner the better, so you don’t have to worry about the consequences if something happens in the meantime.

3. Do You Have to Get Your Own Insurance When You Get Married?

Younger couples who are used to being covered by their parents’ insurance are often concerned about how getting married will affect their coverage.

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You can be on your parents’ auto insurance while you live at home, but as soon as you move out, you’llneed to get your own policy. When you get married, you can’t stay on your parents’ auto insurance anymore, so if you don’t already live on your own and have your own car insurance policy, you should go ahead and get one before you get married.

4. Does Marriage Status Affect Car Insurance?

Marital status doesn’t affect your eligibility for car insurance, but it can affect your rates. Being married makes you statistically less likely to file a claim, and your insurance company should recognize this statistical fact by rewarding you with lower premiums.

As we discussed in the auto insurance section of this post, however, your car insurance rates can also be negatively affected if you add your spouse to your policy, and your insurance company sees them as a high-risk driver. If you’re worried about this scenario, you may want to keep separate policies and specify to your insurer that your spouse will not drive your car.

5. Is It Cheaper to Be Married?

The short answer to this question is yes. While everyone’s personal finances are different and no two married couples are exactly alike, as a general rule, being married can save you a lot of money over the longterm.

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When both you and your spouse work, you can share bills that will likely be only slightly higher than bills you would otherwise have to pay on your own.There aremany other financial benefitsto marriage, such as being able to file joint taxes.As we’ve already seen,marriage cansave you money on your insurance premiums.

While it is generally cheaper to be married, you should consider your own personal situation if you’re trying to decide whether turning your romantic partnership into a legal marriage is a good financial move.

6. Can Married Couples Have Separate Car Insurance?

Formost couples, it tends to be more costeffective to haveonecar insurance policy. With a single policy, you may be eligible for more discounts like a multi-vehicle discount and better rates.Most insurance companies will not allow married couples to have separate auto policies.

7. Can You Say You’re Single on Your Auto Insurance When You’re Married?

If you’re married, you may be able to get a lower rate for your car insurance. As such, there is no incentive to be dishonest with your auto insurance policy by saying you’re single when you’re legally married. If you lie to your insurance company, you may face claim denial, premium increases or policy cancellation. Fraud also has legal consequences, which means you could face significant fines, probation, community service or jail time.

8. Can We Combine Our Insurance When We Get Engaged?

If you are still engaged and not yet married, you may want to combine some of your insurance policies, especially if you’re living together. Whether you can do so varies from insurer to insurer, as insurance companies do not necessarily abide by one consistent standard when it comes to handling insurance for unmarried partners.Property ownership is one factor insurers consider when determining which couples qualify for joint or separate policies.

Auto insurance:For instance, if you live in the same household and share a vehicle, you can share an auto insurance policy. Your insurer may require you to add your partner to your policy if you live together.However, if you and your partner are engaged and live together but drive different cars, you may not be able to combine your policies. Instead, you must each have a policy for your separate vehicles and list each other as drivers.
Homeowners insurance:If you and your partner own the home jointly, it may be easier to have a combined home insurance policy, even while engaged. However, if only one of you legally owns the property, your insurance provider may require you to only list the owner on the policy. In short, you may want a joint home insurance policy only when both you and your spouse are on the title.

9. Do We Have to Be Married to Share Insurance?

No, you don’t necessarily have to be married to share insurance. However, whether you can or should share insurance depends on your specific circ*mstances.

Life insurance:You don’t need to be married to enjoy the protection of life insurance. Even if you and your partner are not married, you may still share assets and children, which means you likely rely on each other financially. Life insurance can protect you or your spouse if one of you passes away.
Home insurance:While it used to be challenging for an unmarried couple to purchase home insurance together, this isn’t true any longer. Many insurers are now willing to offer a home insurance policy for an unmarried couple at a rate similar to that of a married couple. Speak with your insurance company to determine if your policy will cover your partner’s belongings if you are the sole homeowner.

10. When Should Newlyweds Consider Life Insurance?

Newlyweds may want to consider buying life insurance as soon as possible after the wedding. As soon as you and your spouse combine your households, your expenses increase, especially if you are growing your family. If a spouse passes away, life insurance can replace the lost income and cover funeral expenses.

Life insurance policy rates increase as you grow older. As people age, medical conditions become more prevalent, which can lead to larger premiums. That means the sooner you can buy life insurance, the better.

Bonus Question: Can a Married Child Stay on Their Parents’ Car Insurance?

If you get married and have been on your parents’ car insurance, you will not be able to stay on their policy anymore. Even if you and your partner continue to live with your parents following your marriage, the insurer will likely require that you purchase a separate auto insurance policy with your spouse.

However, your policy should list all the licensed members in your household as drivers. If you have access to your parents’ cars, their auto insurance should also list you as a driver. A good rule of thumb is that you may want to purchase a separate policy when you get married, move out or register a vehicle in your name.

Enjoy a Great Relationship With Your Insurance Company

Your new spouse isn’t the only person you should have a great relationship with. You should also make sure you partner with an insurance company that will give you the time and attention you deserve. David Pope Insurance, LLC is an independent, family-owned insurance agency servingMissouri,Arkansas,IowaandKansas. We have the experience to help each of our clients find the perfect policies for their unique needs.

David Pope can help you get the right home, auto and life insurance for you and your spouse so you can enjoy wedded bliss, knowing you’re well-prepared for anything life throws at you.Request a quote from David Popetoday.

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