February Love Leads To Insurance Needs
February: the month of love. Did you know that more people get engaged during the month of February than any other time of the year? It can be easy to get swept up in wedding planning, but what about the days following the big day? Combining lives brings up a wide variety of items that you need to consider in regards to your insurance.
Here are some helpful tips for your next steps as a married couple…
Insure That Shiny “Rock”
You and your partner have secured your commitment by putting a beautiful ring on it. Now, it is important that you put it on your insurance policy, too, in order to protect it. Many people overlook this step after they purchase the ring. Jewelry is, in fact, an investment and there are many things that can happen to an engagement ring, wedding ring, or any other jewelry we might own. Losing or having an item stolen isn’t something we can plan to have happen, which is why insurance is there for when it does. Insuring your jewelry is a very cost-effective form of insurance that can cost pennies a day and save you thousands of dollars in case something were to happen.
Two Homes & Autos Into One
Beginning the journey of spending your lives together is an exciting road to walk on. In many instances, each person brings everything they own and puts it under one roof. Together, you just doubled your assets and what needs to be insured from two homes to one, which means they should also be under one policy. This is the perfect time to talk with your insurance professional to make sure that the policy limits and the provisions fit your circumstance. This is also an opportune time to complete a comprehensive inventory of everything you own; make detailed lists and take pictures so you have documentation. This may seem like a daunting task, but it will only take a couple of hours out of your day for a lifetime of protection.
A really large benefit when you tie the knot is being able to put all automobiles on one policy. Many carriers today offer multi-car discounts and even larger discounts when you add more to your policy. Coverages such as homeowners, jewelry, and your umbrella policy can be combined to significantly drive down costs. Be sure to check with your agent to find out what kind of discounts you can get when combining everything under one roof.
Don’t Forget About Your Lives
Of course it’s important to insure everything you own and protect it from an unexpected event. However, another key thing you should insure as you join your lives together is yourself! It’s common to worry so much about physical possessions that it’s easy to forget about things like life insurance. The loss of a significant other is not one that anyone can foresee. It can happen at any time and when this happens, it can trigger physical, mental, and financial hard times. Purchasing life insurance can be an easy and cost-effective way to protect your loved ones that you’re starting your life with. Many of these policies can cost less than a cup of coffee per day and can relieve mass amounts of stress in the event that our significant other passes away. Be sure to talk with a financial professional about the different types of life insurance policies that are available and find one that best fits your financial position.
Meeting with an insurance agent is the best way to stay on track and seek professional advice on how to proceed forward together. Call your local independent agent at American Advantage today to make this process the easiest step you make when planning your future.
