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.
I played the new I Do Adventures interactive game. I got an 800…How about you??
Enter via the rafflecopter below and don’t forget to comment about what you learned!
Disclosure: I was compensated with my own gift card in order to facilitate this post
Love your site!
17 tons of gold is melted for wedding rings?! Wow!
Who knew???!!
Interesting info, thanks!
900 score here, of course if i wouldn’t rush… fun site.
I found it interesting the things we don’t consider when looking at insurance!
I like the availability of the app to document your possessions – take pictures, scan bar codes… we have never done that but will look into that app now. thanks
I love that the NAIC’s free app that lets you easily capture images, descriptions, etc and store for safe keeping! So convenient!!
Cool contest.
I can’t remember if we waited to talk about insurance before or after marriage but I am pretty sure it was after, so I was surprised to see the percentages of couples who discuss it before/after.
interesting read (especially for an un-married girl!)… also, just spent 2 hours at home depot picking out new blinds for our windows so I would definitely be interested in the $50 gift card 🙂
Love your blog!
I thought it was interesting that a home renovation investment of $5000 or more can change your insurance needs.
to check out his driving before you say I do
The facts on combining car insurance…spouse has a questionable driving record! HAHAHAH
I found interesting that 24% of married millenials purchased their first home together before they were married.
I was surprised about how many unmarried millennials purchased houses together!
Me too!
Love the idea of that app that documents belongings!
be open to change… I was just thinking how I’d like to review our insurance policies and make sure we’re really being covered in the right places!
It’s interesting that 24% of married millenials purchased their first home together before they were married.
I was surprised about how many unmarried millennials purchased houses together!
I like the fact that I was right to discuss insurance and other financial subjects before marriage..we are still trying to still to our plan! thanks
Found it interesting that Saturday is most common day to marry even though English forklore said it was unlucky!!
Very interesting! Life insurance is something we have talked about but never followed through on….we need to!
The most popular day for weddings being Saturday. Thats the most popular day for anything, lol.
An app is a GREAT idea, very functional.
I was suprised there’s an app that makes it easy to document items in your home. Definitely going to work on that!
71% of newly married couples acknowledged the importance of sharing pre-marital beneficiary designations. But more than 47% never got around to discussing the need for more life insurance before saying “l do.”
That nearly 25% of couples buy a house together before they get married.
I love all your blog post!
I’m surprised that most people still get married on Saturdays!
I am surprised that so few couples purchase a house before they are married.
you have a great site, keep up the good work.
We carry most of the lines recommended, but I’ve not taken the time to document possessions. Need to do, nice app.
I learned about the the NAIC’s free app
I was interested that your square footage affects your insurance rates!
I didn’t realize that most people don’t talk about their driving records before getting married!
I’m most surprised that more newlyweds don’t discuss insurance details/beneficiary before marriage.
I found it surprising that a lot of people buy homes before they’re married.
I like the tip of downloading That WreckCheck app
I was surprised that less than 73% discuss whose health insurance to keep when getting married.
I was really surprised that only 73% of couples talked about whose health insurance to keep prior to getting married – that seems like an absurdly high number!
acartwrightmorell at gmail dot com
Surprised that 24% purchase a home before marriage!
I was surprised at how few people talked about whose insurance to keep before they were married.
I wouldn’t have thought to quiz my husband on his driving record before we got married!
I thought the app was a neat idea!
Surprised that so many unmarried couples buy a home together. Hope they made it to the alter! I’d hate to see the fight over who gets the house=/
I’d never heard of the named driver exclusion cause before reading this! I love all the great tips for young engaged or newly married couples!
I was surprised to learn I did just about everything about insurance wrong before i got married such as not discussing how much and driving records
24% of couples purchased a home together before getting married? That factoid surprised me.
It was helpful to think about how renovation can change a couple’s insurance needs!!
WOW some great information here! Time to talk with my hubby!
My husband and I weren’t one of the 24 % who purchased their home before they were married
thanks
I wish I had done some of this before I was married. We learned the hard way!
haha.. the driving record. Yes!! I knew there was something I should have know before marriage 🙂
I learned about the wreckcheck app and how it helps create an accident report.