Marriage and Insurance

You might have already answered all of the pre-wedding questions about who’s paying for what, if you’re going to share joint accounts, and how to tackle debt either of you bring to the marriage—but have you thought about how your insurance will change once you tie the knot?

If you have the time and brain space for it, review the upcoming insurance changes before the big day so you have all of your ducks in a row. The checklist here can help.

Car insurance

If you and your partner have car insurance policies through different companies, get quotes from both to see which offers the best deal. It's also smart to look at additonal insurance companies to see if a better deal awaits. Ask about discounts for a multicar policy, for bundling with your renters or homeowners insurance.

Whoever cancels coverage needs to ensure the new insurance is effective on the day the old insurance expires. Any lapse could lead to higher rates next time you shop for coverage.

Homeowners or renters insurance

This will probably only change for those who have been living apart and are now moving in together. You can combine coverage or switch to a new policy that covers the shared property. It's crucial to review the coverage limits and make any necessary changes to adequately protect you combined assets.

Life insurance

You may not have had a life insurance policy when you were single, but it’s a good idea now, especially if your death would leave your spouse in a financial tight spot. For example, if they depend on your income to help pay bills, if you share a mortgage or other loans, if you have debts your spouse would be responsible for, and/or if you have young children.

As with auto and homeowners/renters insurance, look for a multipolicy discount.

Health insurance

This is the big one, partly because there is a ticking clock, once you’re married, to make changes to your health insurance plan. Marriage is considered a Qualifying Life Event (QLE) and triggers a special enrollment period no matter the time of year, giving you (typically) 60 days from walking down the aisle to enroll in a new individual health plan, or 30 days for one of you to join the other’s employer-based health insurance. If you miss this window, you must retain your individual plans and wait until open enrollment to make changes.

If you both have employer-provided health insurance plans, you may have the option to choose which plan is more beneficial for your family. They can compare the coverage, deductibles, out-of-pocket costs, and provider networks to determine the best option.

Ready to make these next-level life decisions with your partner? It might not be as exciting as picking dance music for your reception, but having an insurance plan will go a long way in establishing a secure financial future together.