Getting married is an exciting time in everyone’s life. Planning for a wedding, going on a honeymoon, and getting used to living together are once in a lifetime experiences. When these things are going on, it is easy to let some very important things go unnoticed. One that you should not let slip through the cracks is your insurance policies. Here are five tips to help newlyweds navigate the difficult waters of the insurance industry.
Buy Life Insurance when you are young
The younger you can get a life insurance plan locked in place, the more likely you are to get a price that is easier to fit in to your budget. Even if you do not have kids in your life, you and your significant other can certainly benefit from a life insurance policy when you are young. Should you or your significant other die for some unfortunate reason, this policy will help your significant other move forward with less financial worries while dealing with your loss.
Get your health insurance straight
For most people, health insurance is provided by your employer. Fewer employers are paying one hundred percent coverage for their employees and most employers only pay a small percentage of dependents coverage. If one of the employers in your family provides much better health care coverage, it may be worthwhile to have both of you acquire health insurance under one provider. This can help you track your out of pocket costs as well as your premium. Your Human Resources Representative can help you navigate this decision, but you should also consult with a health insurance professional to navigate the decision of what is best for you and your family.
If you own a business partner with an independent insurance agent
If you or your partner own your own business, it is required by law in nearly every state to secure both general liability and workers compensation insurance coverage. Partnering with an independent insurance agent can help you free up time to run your business and cause insurance carriers to compete for your business. This is because an independent insurance agent partners with multiple carriers and can cause them to offer better coverage and lower prices than an insurance agent who offers one carriers policies. This can help you out extremely whether you are out looking for home health care workers compensation insurance or cyber insurance for your accounting business.
Consider buying a safer vehicle.
When people are young and do not have a family, it is common for people to drive a faster car. It is simply more fun to drive and that is what younger people are looking for. When you decide to become a family and start planning for your future together, it may be a wise time to decide to switch to a safer car for a number of reasons. First and foremost, the safer cars will be more likely to keep you alive in the unfortunate case that you do get in to an accident. It also can bring down your car insurance payment which will put more money in your pocket for other family needs.
Oh – on a side note, I just learned this today, but if you did get into a car accident and you are expecting a settlement from it, you could always take a loan out if you have immediate funding needs. Generally accident settlement loans are going to cost you a percentage, but if you really need the cash, its a good idea.
If you’re buying a home, take extra time to speak with your agent about the risks.
The more time you take to speak with your insurance agent the better. This time will give you the opportunity to let them know everything you have at your house and everything that needs to be covered. If you have a pet, you need to let them know what breed it is. Not informing your insurance agent of this information can cause a claim to not be covered. If you own a trampoline, as swing set, or an additional storage building; the insurance agent needs to be aware of these facilities so they can adequately insure your property.
Walt Capell is the president/owner of Workers Compensation Shop. Founded in 2005, Workers Compensation Shop is a rapidly growing national insurance agency with a strong reputation for forward-thinking, out-of-the-box products and solutions for business owners.