Life Insurance Changes When You Get Married: What Engaged Couples Should Talk About

Stephen Geri Marriage Insurance Changes

While deciding to spend the rest of your life with someone else is a huge change for a single person, the until death do us part clause in the vows does not have to extend to your financial security. Life insurance is the best way to ensure that you and your new spouse will be financially sound in the event that one of you passes on. While it is not something that people starting their lives together enjoy to think about, it is a conversation that you and your partner will be thankful for later on down the road.

 

If you or your spouse already have a life insurance policy, it is time to think about what needs to be updated. If both of you have separate life insurance policies, it may be more cost effective to combine your policies under one company. Obviously, you will both still be covered, but you may have a lower monthly premium if you are both under the same policy.

 

Another way to save on your life insurance policy is to bundle. If you own vehicles, a home, an expensive engagement ring, or any other property that should be insured, pile them altogether with the same company to reduce your monthly premiums on all of your insurances.

 

If your new spouse has life insurance and you do not, or vice versa, now is the time for you or your spouse to add the other on the existing life insurance policy. In other words, if you do not have employment that offers life insurance but your spouse does, you can now get life insurance through your spouse’s employer, which is highly recommended.

 

Finally, you need to update information on any life insurance policies that may have existed before your marriage. You may want to increase your benefit depending on the lifestyle that you and your spouse are accustomed to. Another suggestion to think about is changing who your beneficiary is to be listed as your spouse.

 

Now that you are combining your life and your household with your new spouse, it is important to remember that your finances will become intertwined. You may rely on your spouse’s income for a portion of the monthly expenses, such as the mortgage, food, utilities and so on. This is one of the main reasons that life insurance is so important for married couples. If something were to happen to one of you, the other would want you to remain in the current lifestyle that you are accustomed to.

 

Health Insurance: Why You Need Coverage

Health insurance is imperative for any individual 26 years old and over, despite if he or she is currently healthy. The Affordable Care Act, which began in 2014, mandates that most Americans must purchase health insurance, even if they are questioning why they need coverage at all.

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Similar to auto insurance, you just never know when an accident, or in this case unexpected news about your health, will arise. According to an article published by US News, “Most consumers want and value health insurance, but they can’t afford the coverage or have been shut out from the marketplace because they have pre-existing medical conditions,” (Olivero, Why Do You Need Health Insurance?). However, many people do not realize just how affordable health insurance is. The Affordable Care Act has implemented new affordable options so that you cannot be denied coverage for health insurance because of a pre-existing condition.

If you do not have health insurance, there are many risks you could be taking, such as paying a penalty, financial ruin, denied access to preventive care and primary care, denied follow-up care. There is a $95 tax for each adult, or 1 percent of annual income, if you do not have coverage. In 2016, this price will increase tremendously to $625 per adult, or 2.5 percent of annual income (whichever is greater). In the event that an onset or serious illness, such as cancer or diabetes, occurs, or if you happen to get into an accident like a car crash or snowboarding accident, the bills you will be required to pay will be extremely expensive without insurance. If you cannot pay the medical bills, you may need to file for personal bankruptcy.

Without access to preventive or primary care, another reason you should buy health insurance, you will be unable to detect health problems or diseases at an early state. Without access to mammograms, vaccinations, or prostate cancer screenings, you run the risk of not knowing whether or not you are developing a disease, which could otherwise be easily detected. According to US News:

“Policies also must provide a minimum standard of care known as essential health benefits in 10 categories: preventive and wellness services, ambulatory care services, emergency care, hospitalization, maternity and newborn care, pediatric care, mental health and substance use disorder services, prescriptions drugs and rehabilitative and habilitative services,” (Olivero, Why Do You Need Health Insurance?).

Without health insurance, you will not have access to any of these health benefits – so you must ask yourself, is it worth not being covered?

The answer is no. Even healthy, younger adults need preventive care, annual checkups, and chronic disease management. There is no guessing when you will need certain health care, or when your body will develop an illness or get into a skiing accident. These services offer a wide variety of treatment options for reasonable, affordable prices. Having good health is one of the most important things in your life. So don’t run the risk. Get covered.