Marriage & Your Insurance

March 2017

Before you head to the chapel, you may want to consider visiting your insurance agent! The most common life event associated with a host of changes is marriage. As marriage joins two people together, it also joins their finances, their families, their assets and their insurance! In many cases, as your marital status changes so do your insurance needs.

We remind our clients that the time to find out about coverage is before you have to file a claim, not after. When preparing for any major life event, such as marriage, call your agent to see what changes you need to make to your current coverage. Most group health insurers also consider marriage as a qualifying major event and will allow you to make related policy changes outside the approved open enrollment period, so check with your employer’s human resources department. (You will want to report a change in family status promptly to avoid coverage gaps). As you prepare to join your lives, below are a few other things to consider:

• Consider more than simply the lowest premium when deciding whose home and auto insurance or health insurance plan to keep. Review provisions containing deductibles, co-pays and coinsurance on your health plan, and deductibles, coverage and discounts on your home and auto insurance. Make sure you understand what is and is not covered.

• Be sure your employer applies beneficiary changes to any company-sponsored health and life insurance policies to include a new spouse or children. Beneficiary changes do not happen automatically.

• Revisit your life insurance needs. When deciding how much coverage to buy, Peel & Holland Life Advisor Greg McNutt can help you consider future income potential, the cost of raising children, outstanding mortgage payments and other factors to best calculate how much coverage you need.  If you do not have life insurance, this is a great time to consider it.

• Revisit all current insurance policies to determine which can be combined and, likewise, which policies will require changes. In many cases as you combine your separate policies into one, this translates to lower premiums.

At Peel & Holland, we want to be with our clients every step of the way. As your family grows, we want to be sure that your insurance program evolves to continue best protecting you. We enjoy celebrating alongside our clients and are happy to review your coverage and answer any questions you may have, at any time. You can reach us 24/7 at 1-800-599-8621.

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