Weddings are beautiful, exciting, and full of activities! Congratulations on your marriage! Now that the honeymoon is over, it is important discuss the financial to-do list.
Shared Banking
There is so much to do: updating the drivers license, social security card, your passport, bank accounts, and credit cards…
It is important to discuss your finances. Does it make sense to you both to combine accounts? Some couples would rather have a yours – mine – ours asset arrangement. To cover the combined monthly spending, most couples prefer a joint bank account.
Establish a plan for paying off your credit cards and loans. Then setup a budget for bills, for investments, emergency fund, and enjoying life.
Heath Insurance
Which employer offers more affordable health insurance? It may make sense to combine policies. Coordinate the work benefits. Take advantage of company matches in your retirement plans.
Homeowners and Renters Insurance
If you rent, your landlord has insurance on “his” property, not yours. Do not go without renters insurance. This covers your personal possessions, and personal liability.
Are you going from two homes to one? Update the property insurance documents to reflect your new combined inventory. Take pictures of high value items with your cell phone. Then jot down the makes, models, and serial numbers. You will want to photograph and get an appraisal of the wedding rings, for example. Store the documents in a safe place. A safety deposit box is great for storing documents. Keep a digital version in a secure cloud server.
Home Business?
Do you own a home business? Call your insurance agent to make sure have home based business insurance. Discuss the difference between hobby items and business items.
Auto Insurance
Now is an ideal time to insure your automobiles together. Combining the vehicles may qualify you for Multi-Vehicle discounts. Now combine with your homeowners or renters policy for more discounts.
Life Insurance
Life Insurance provides peace of mind. Life Insurance covers income lost. Life Insurance coverage is quite affordable. Meet with your insurance agent soon to compare options. Term insurance is more affordable. Permanent life insurance has an investment component. Do you have enough life insurance to pay off your debts?
Make sure you consider Disability Insurance. Now that someone else is depending on you, and your income, you have protection in place. Disabiltiy is temporary paycheck insurance.
Setup a will. You do not want to die without a will! Then update the will every 5 years to address your changing assets, and living situation. Who will care for your children? What assets become your children after your death? Estate laws will determine distribution of assets when there is no will.
Most retirement accounts and joint banking accounts go to your beneficiary. Now is a good time to re-do existing policies! In the days of “second” marriages – could your “ex” still be your beneficiary? Make sure these accounts are setup the way you want them to.
Protection
Insurance is all about protecting what matters most. Protect your family with adequate life inurance, disability insurance, and property insurance. Whether this is your first marriage, or not – you have made a decision to share your life with someone special. Personal Insurance protection is a good way to help make sure your dreams come true.
Congratulations! Now that the honeymoon is over… let’s talk. Call our office for a personal discussion of what insurance policies make sense for you. Phone: (513) 587-3553