Insurance That Newlyweds Should Consider

Preparing for life as a married person can be exciting, but it can also be overwhelming. Selecting the right insurance plans is one of the many things that newlywed couples have to do. Below are some insurance tips for newly married couples:

Combine Car Insurance Policies

If you and your spouse both have car insurance, then you may want to consider combining these policies into one. Inconsistent liability limits can create problems for couples. For example, the husband has $300,000 worth of liability coverage with his insurance policy, but the wife’s insurance policy only offers $100,000 worth of liability coverage. The couple has adequate coverage when they ride in the husband’s car, but they are not adequately covered when they ride in the wife’s car. That is why it is important to have consistent liability limits.

Umbrella Insurance

It is also a good idea to purchase umbrella insurance. Umbrella insurance will provide extra liability coverage when you exceed the limit on your auto insurance policy. It can also provide extra coverage for your home or renter’s insurance policy. One of the many great things about an umbrella insurance policy is that it is fairly inexpensive.

Disability Insurance

If you suffer a serious injury that disables you, then you may be out of work for a while. That is why you may want to consider getting disability insurance. Disability insurance will typically pay about 60 percent of your total income. However, disability insurance is subject to tax.

Life Insurance

Newlyweds need life insurance. Getting life insurance is one of the most responsible things that you can do to prepare for an unfortunate event. However, you most likely need term life insurance. Term life insurance policies provide adequate coverage for most people. They also cost significantly less than whole life insurance.
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