Getting Married Comes with Insurance Implications
Newlyweds must learn quickly that being married comes with a variety of new tax and insurance implications.
For example, people who plan to buy their first house will need to purchase a homeowners insurance policy that covers a wide range of needs. Recently married people will often have new and expensive wedding gifts that they are bringing into a home.
With that in mind, one's home insurance policy should be able to cover items such as large-screen television sets, electronic products and artwork, as well as any other expensive and difficult-to-replace items. When buying a new home, buyers will often find that their insurance company will offer discounts for adding features like fire alarms and home security systems. Further discounts are often possible if customers maintain their home, auto and life insurance policies with the same company.
Even couples not planning to buy a home can benefit from renters insurance. These policies are typically affordable and will protect valuables in the event of a fire or some other disaster.
In regard to life insurance, newly married couples need to be sure that they have clearly designated their chosen beneficiaries and that such information is kept up-to-date over time. This is especially true for people who are planning to have children or who have policies dating back to prior marriages.
Typically, industry experts advise people to carry a life insurance policy equal to seven years of their salary, and more if they are supporting an aged relative or planning to send a child to college. An article from the American Institute of Certified Public Accountants (AICPA) advises recently married couples to determine which one has the lower-priced health insurance plan and establish a joint policy if possible.
The organization also reminds couples that along with providing for their insurance needs, they also need to maintain financial stability by sticking to a budget based on their combined incomes and expenses. "A realistic budget can help you avoid financial problems and disappointments down the road," advised the AICPA
