Insurance for Newlyweds: What to Know About Choosing the Best Insurance header image

Insurance for Newlyweds: What to Know About Choosing the Best Insurance

Congratulations on your wedding! Between choosing caterers, flowers and booking your honeymoon, it’s possible that insurance may be the last thing on your mind. But the choices you and your partner make now go a long way toward building a solid future together, one that you’ll want to protect. Here’s what to know when it comes to choosing the best insurance for newlyweds.

Health Insurance for Newlyweds

Adding someone else to your health insurance outside of your company’s open enrollment period may require a qualifying life event— such as getting married. Typically, if you’re a newlywed, you can add your spouse to your insurance without having to wait for your company’s enrollment period.

The first step: Evaluate coverage options so that you pick the right health insurance for you and your spouse. You can choose to combine your health insurance plans, or you can opt to maintain separate coverage. As you discuss the possibilities, consider these questions:

  • What’s the medical history on both sides of your families?
  • Is your current primary care physician considered in-network in both plans or only one?
  • Do you see specialists? Are they in-network?
  • Do you have prescription medications?
  • Do you need dental or vision coverage?
  • What are the costs? Consider deductibles, monthly premiums and out-of-pocket expenses.

Life Insurance

As a newly married couple, it may seem premature to discuss life insurance. But the versatile benefits of life insurance for newlyweds are too many to ignore. For example, a life insurance policy can ensure that you continue to live in your home, donate to a favorite charity or pay for your child’s college education in the event that your spouse dies before you do.  

Life insurance usually falls under two main categories:

  • Term: This type of life insurance last for a specific, pre-set period.
  • Whole: This type of life insurance lasts your entire lifetime.

And even though thinking about life insurance as a young married couple seems counterintuitive, it’s actually best to buy life insurance when you’re young because you’re more likely to get affordable rates.

To determine how much life insurance you need as a married couple, consider that your death benefit should be equal to at least 10-15 times your income and be large enough to cover your debts as well as future costs.

If you already have a life insurance policy, review your beneficiaries to ensure your information is up to date.

Renters and Homeowners Insurance

Whether you own or rent as newlyweds, you’ll want to make sure your home is properly protected. A renters policy can help you cover the loss of your furniture, clothes and other personal items if they’re stolen or damaged. A homeowners policy covers these, too, in addition to the structure itself. Note that the spouse that owns the home needs to be on the insurance policy. If both of you own the property jointly, add both names to the home insurance policy. Good news: Getting married typically tends to lower your homeowners insurance premiums, though the actual amount of savings will depend on your particular policy.

For a little extra coverage against life’s rainy days, you may also want to consider umbrella coverage, which can cover the costs that go beyond the limits of your homeowners and auto insurance liability limits.

Scheduled Personal Property Insurance

While a renters or homeowners policy are great ways to protect what’s important, these policies often don’t provide enough coverage for certain valuable items like cameras, fine art and even that engagement ring. Adding scheduled personal property insurance to your homeowners or renters policy can help ensure that your high-value items are protected from the unexpected.

Auto Insurance

Depending on your insurance provider, married couples don’t always have to be on the same car insurance policy. But it’s generally a good idea to add your spouse to your car insurance. That’s because one policy with two or more insured vehicles is often cheaper than separate policies. When newlyweds combine their insurance policies, they qualify for lower rates, multi-vehicle discounts, even marriage discounts, all of which add up to big savings. Smart start to your new life together!

It’s Your Future. Let’s Protect It.®

Here’s to a happy future together! Schedule a SuperCheck® with your local Farm Bureau agent to discuss your goals as a married couple and how we can help you reach them.

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