Before we had children that consumed our every single waking moments-there was just me and my husband. I remember when planning our wedding seemed like it was going to be the most important day of our life. Although in hindsight I might now think it was more of the beginning of an amazing adventure of MANY more “most important” days of our lives. When we were wedding planning there was so much to think of it became overwhelming at times. Just trying to be sure we didn’t miss a single detail and that we covered every single base.
Wedding date? Check! Honeymoon plans? Check! Insurance? Huh?! It’s easy for many couples to get wrapped up in the excitement of planning a wedding and fail to fully think through the many financial implications of joining lives. In fact, a recent NAIC survey revealed disconnects in what couples know is important to discuss before getting married — including insurance issues — and what they actually discuss. What about you? Before you tied the knot, did you ask your fiancé about his driving record? Did you discuss whose health insurance to keep, or how much life insurance you needed? If not, you’re not alone. According to our survey, 61% of couples age 18-24 said they talked about combining auto policies before getting married, but only 30% cited ‘my spouse’s driving record’ (a key factor in calculating premiums) as an important conversation to have before marriage.
Have “The Talk”
That’s why we’re letting you know about steps engaged couples can take today to avoid misunderstandings that could dim that newlywed glow. NAIC recommends couples have a pre-wedding sit-down to address important topics:
- Auto: Finding out you’re in love with a speed demon after saying “I do” can be a shock to your psyche, and your auto insurance premiums.
– You may want to think twice about combining coverage, and educate yourself about named-driver exclusion clauses.
- Home: How many of us really know how much ‘stuff’ we own? Without a clear grasp of our property, our most prized possessions might not be covered by our homeowners or renters insurance.
– NAIC’s free MyHOME Scr.APP.book app lets you quickly capture images, descriptions, bar codes and serial numbers, and stores them electronically for safekeeping. The app organizes information room by room and creates a back-up file for email sharing. Readers can search ‘NAIC’ to downloadthe app at iTunes® and Android market®.
- Health: The lowest premium isn’t the only consideration when deciding between health insurance plans. To avoid a short-term decision that could result in long-term headaches, be sure to review provisions related to deductibles, co-pays and coinsurance, and pay attention to what is NOT covered.
- Life: Now that “I” actually means “we,” you may want to revisit your life insurance coverage. To land on a new amount, consider future income potential, the cost of raising kids and any outstanding mortgage.
To help engaged couples get smart about insurance together without tearing each other apart, NAIC created The Insurance Survival Guide for Newlyweds, an adventure-laden infographic of facts and tips to ease the transition to joint insurance lives.
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Disclosure: I was compensated with my own gift card in order to facilitate this post