The wedding and honeymoon are over. If it hasn’t sunk in already, you’ll find out soon enough that there are many financial and bureaucratic hurdles to clear in the days ahead. Now that you and your spouse are sharing assets, it’s time to think about your insurance so you’re covered no matter what may come, in sickness and in health. The agents of Smallwood Insurance Agencies have helped many newlyweds align their insurance with their new lives together.
Health Insurance
Most health insurance, especially if it’s part of your employee benefits, has a limited annual enrollment window. However, that window is extended for the newly-married, allowing you to change your plan details and add dependents. The time you have is limited and varies by policy; however, you should be aware that you won’t necessarily have to wait until the next enrollment period to make changes. Figuring out who should go on whose policy can require a bit of back-of-the-envelope math, weighing benefits against premiums and deductibles.
Homeowner’s Insurance
For many newlyweds, a dream wedding takes second place only to the dream of home ownership. When we’re starting off in life, we’ve often got more love than money, which simply underscores the importance of homeowner’s insurance to protect your home against natural disasters, fire, floods, and a variety of other catastrophes.
Condo and Renter’s Insurance
While renters and condo owners have many of the same concerns and needs as homeowners, their policies are different. Be sure to ask your Baltimore insurance agent about an appropriate renter’s insurance or condominium insurance policy tailored to your living situation.
Auto Insurance
Here’s some good news: because premiums are based on risk, and because married folks are seen to be a safer bet (they’re settled, more mature, and less prone to reckless driving), you’re likely to pay less for auto insurance. There is a catch, however: each of you needs to come to the table with a clean driving record.
Life Insurance
There’s no way to sugarcoat this: for some couples, “’til death do us part” comes entirely too soon. If you do not have life insurance, the life you’ve built together and all that goes with it could be lost, or you may find yourself living on a financially perilous razor edge. A life insurance policy protects assets, replaces lost income, and provides a measure of security for those left behind.
Choosing the Right Insurance Agent
Insurance can seem costly, especially when you’re considering types of insurance that you wouldn’t have given a second thought in your single days. However, it’s not nearly as costly as the alternative: not having the discussions — as difficult or uncomfortable as they may sometimes be — about your coverage. Your health and life can change in an instant, and a solid insurance policy from a qualified Maryland insurance agent can be your best protection. Smallwood Insurance Agencies are experts at finding the best insurance for married couples. Call us today 410-305-9796!
