Getting married and having children changes all aspects of your insurance considerations. As a newly married couple, perhaps with children under 5 years of age, your financial situation changes at this stage of your life. Your needs may shift to looking into purchasing a home, protecting your family in the event of a spousal death and making sure you have adequate health insurance for you and your children.
When two people get married, insurance companies will often discount policies. Now is a good time to merge policies and decide what company gives better rates and services. If driving children around is one of the main purposes of a vehicle, adding liability coverage is important. As your family grows, as do many of your assets, consider researching umbrella policies to find out how to better protect your financial resources in case of a law suit. Click here for more information about auto insurance, check out our website or go to InsureU.
Buying a home is one of the most exciting purchases you will ever make. This step requires a crash course in home insurance. When you purchase a home, make sure to review the homeowner's policy and ensure that it covers your home and possessions. Remember, it does not need to cover the land the house sits on. Keep in mind that you are liable for any accident that happens on your property. You may want to up your liability policy or even add an umbrella policy if you have toys like a pool or trampoline on your property. If you are on a tight budget, you may think to raise the deductible on your homeowner's policy. Keep in mind that raising your deductible increases the out-of-pocket costs you will have to pay in the event of theft or damage to your home. For more information about home insurance, check out our website or go to InsureU.
Having children is often the 'catalyst' for buying life insurance. Realizing that children add a new dimension to the family, there are many points to take into consideration when purchasing life insurance. Employment, child care costs and policy premiums are all issues. The primary purpose of life insurance is to provide a spouse, children or other beneficiaries with the resources they will need in the event of a death or the other spouse. There are multiple policies available, but remember, pre-existing or chronic health problems, poor health habits, driving record and dangerous hobbies can all play a factor in determining your premiums. For more information about life insurance, check out the information on our website or go to InsureU.
Depending whether you and your spouse both work full-time jobs or one of you stay home, it is recommended that you compare your employer health insurance policies to see which best fits the needs of your family. If your employer offers flexible spending options, research them, as these plans often help reduce your out-of-pocket spending. If you are planning for children, find out how your plan covers them. For more information about health insurance, check out our website or go to InsureU.
When you're done reviewing all the important facts about insurance for young families, take the InsureU Quiz to double-check your knowledge.