Insurance options for married couples

Marriage is a major milestone in anyone’s life. It’s a major life change that can affect the type of insurance policies you have and how much you pay.

In this article, we’ll go over some of the things to keep in mind when it comes to insurance once you’ve tied the knot.

Things for couples to consider before getting married

One of the top reasons for divorce isn’t fighting over who is hogging the blankets. Disagreements over finances can cause serious problems in a marriage. There are a lot of questions you need to ask each other before agreeing to spend the rest of your lives together. Here are a few things to discuss with your future partner:

• Do you and your partner plan on buying property?
• Does your partner already own property? Do they have any other major assets?
• Do you plan on buying a car together? Will you share one vehicle or does each person need their own?
• Do you or your partner have any debt? How comfortable are you with taking on debt?
• Will you have a joint bank account or will you keep them separate?
• Are you and your partner planning on having kids?
• Are you planning on signing a prenuptial agreement?
• How will you and your partner budget your money?
• What are your financial goals?

Wedding insurance

If you and your partner still haven’t tied the knot you might want to consider getting insurance for the big day. Wedding insurance is available in case you are forced to cancel or re-schedule. You might also consider event insurance to protect you from a liability perspective. Talk to an insurance broker today so you can enjoy the big day knowing you are protected.

Get coverage for the bling

While dependent on the home insurance policy, $6,000 is usually allocated to replace lost, stolen or damaged jewellery. Getting a personal article floater – separate insurance for the ring – could help if the value of the ring is greater than the policy limit. To get a personal article floater for an engagement ring, it needs to be appraised for its current value. If the ring is not appraised for its current value, the person may not get back the full value of the ring if it is lost, damaged or stolen. An appraisal also locks in the value of the ring to prevent changes in the economy (i.e. inflation) decreasing the value of the ring. Additionally, if there is a claim, having a personal article floater could prevent paying a deductible (money paid to receive insurance funds). A broker will require the proof of appraisal to create the personal article floater.

Insurance options for married couples

Once you’ve said goodbye to the single life forever, there are a few additional insurance options you’ll have to consider.

Life insurance options for married people

When you’re thinking about the amount of coverage you and your partner will need, here are a few things to consider:

• Is there enough money to pay existing debts?
• How much could a funeral cost?
• Can the surviving partner manage financially alone?

Types of life insurance

When it comes to life insurance there are many different plans you can purchase. Here are a few of the most common types of life insurance:

Term life insurance

This type of insurance is set for a certain time period, typically between 10 and 30 years. The premiums you pay will be the same every year. If you die within the set term, your beneficiary receives your death benefit. This type of insurance is offered up to a maximum age, usually around 85.

Permanent life insurance

Just like the name says, this type of insurance lasts your entire lifetime. This type of insurance is more typically more expensive than term life insurance.

Joint life insurance

If you are married, this is a type of life insurance you might want to consider. Two people are insured under a single joint policy, usually spouses or common-law couples. This type of policy is either first-to-die or last-to-die. First-to-die pays the death benefit to the surviving spouse. Last-to-die pays out to a different beneficiary once both people on the policy have died.

Combined policy

This simply means purchasing two life insurance policies from the same insurer. Combining policies might result in a discount on your premium.

Home insurance options for married couples

Once you move in with your partner, be sure to talk to your insurance broker. The good news is you now only have to pay for one policy. However, if your partner is moving in, it means additional contents and valuables in the home. You will want to make sure everything is covered.

Are you moving in before getting married? It might affect your insurance. Check out our blog post on things to keep in mind if you’re moving in with your partner.

Car insurance options for married couples

Depending on the driving habits of you and your partner, there might be a few ways you can save money on car insurance after you tie the knot.

• Tell your insurance broker you are now married. Some insurance companies have lower rates for people who are married.
• Bundle your car insurance policies. If you and your partner have your own cars and separate car insurance policies, consider bundling the policies together. You can save up to 15% on each policy.
• Bundle other insured items. Consider bundling not just your vehicles, but your home as well.

Insurance tips for married couples

Here are a few quick tips for married folks. Give your insurance broker a call to see if you can use any of these tips to save money. These tips will also ensure you and your family are protected.

• Maximize savings by bundling as much as possible
• When combining home insurance policies, make sure you are covered for both your belongings and your spouse’s
• You should both look at the benefits your employers offer. You may be able to only use one policy and save money
• Have a conversation with your spouse about life insurance and what type of coverage makes sense for both of you

Say “I do” to insurance advice

You should always call your broker to notify them of any major life events such as a move, marriage or divorce. At BrokerLink, our licensed insurance experts will go over your situation and make sure you have the coverage you need.

Before or after walking down the aisle, it’s easy to get in touch with a BrokerLink insurance advisor:

• Get an auto or home quote in five minutes
• Give us a call
• Visit one of our branches across Canada

FAQs on insurance options for married couples

Can getting married affect the rates of my existing car insurance policy?

Some insurance companies offer lower rates for married couples. If you are adding a spouse to your policy it can affect your rates. Give your insurance broker a call to explain all the details of your situation and get the right coverage.

Can I insure my engagement ring?

You can and should insure your engagement ring! To learn more, read our article about everything you need to know about jewellery insurance.

What does “named insured” mean?

“Named insured” is the person named in the insurance policy. There may be more than one named insured in a single policy.