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Wedding date? Check! Honeymoon plans? Check! Insurance? Huh?! It’s easy for many couples to get wrapped up in the excitement of planning a wedding and fail to fully think through the many financial implications of joining lives. In fact, a recent NAIC survey revealed disconnects in what couples know is important to discuss before getting married — including insurance issues — and what they actually discuss.

What about you? Before you tied the knot, did you ask your fiancé about his driving record? Did you discuss whose health insurance to keep, or how much life insurance you needed? If not, you’re not alone.

According to our survey, 61% of couples age 18-24 said they talked about combining auto policies before getting married, but only 30% cited ‘my spouse’s driving record’ (a key factor in calculating premiums) as an important conversation to have before marriage.

Have “The Talk”

That’s why we’re letting you know about steps engaged couples can take today to avoid misunderstandings that could dim that newlywed glow. NAIC recommends couples have a pre-wedding sit-down to address important topics:

Auto: Finding out you’re in love with a speed demon after saying “I do” can be a shock to your psyche, and your auto insurance premiums.

You may want to think twice about combining coverage, and educate yourself about named-driver exclusion clauses.

Home: How many of us really know how much ‘stuff’ we own? Without a clear grasp of our property, our most prized possessions might not be covered by our homeowners or renters insurance.

NAIC’s free MyHOME Scr.APP.book app lets you quickly capture images, descriptions, bar codes and serial numbers, and stores them electronically for safekeeping. The app organizes information room by room and creates a back-up file for email sharing.  Readers can search ‘NAIC’ to downloadthe app at iTunes® and Android market®

Health: The lowest premium isn’t the only consideration when deciding between health insurance plans. To avoid a short-term decision that could result in long-term headaches, be sure to review provisions related to deductibles, co-pays and coinsurance, and pay attention to what is NOT covered.

Life: Now that “I” actually means “we,” you may want to revisit your life insurance coverage. To land on a new amount, consider future income potential, the cost of raising kids and any outstanding mortgage.
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Comments

  1. I used to be an insurance broker so I knew most things, but I definitely didn’t think about pre-existing conditions.

  2. Lisa Brown says:

    I thought it interesting that 24% of married millennials purchased the first homes before they were married

  3. It was helpful to consider what would happen with my car insurance if/when “I” becomes “we”. My boyfriend doesn’t currently drive, but I wonder what would happen to the insurance once he does.

  4. Mary Happymommy says:

    I think it’s helpful to think about what’s covered and what’s not. I think a lot of young people probably don’t give much thought to those things.

  5. Alexis M says:

    Eek, never thought about asking my fiance about his driving record for insurance reasons! Will have to get on that, haha…

  6. When you get married, you can make changes to insurance outside of the open enrollment period.

  7. I found it helpful to learn that your partner’s driving record can affect your insurance premiums once your are married.

  8. 84% young newlyweds said it was important to share a pre-existing condition before marriage (which is really smart!)

  9. Carolsue says:

    A renovation of $5000 can change your homes replacement value and your insurance needs.

  10. Pre-existing conditons was quite interesting.

  11. I would agree that location is highly important when buying a home. It would definitely impact the home insurance premium!

  12. I found it very interesting that 24% married millennials purchased their first home before they were married! We actually did this too!

  13. I learned that you need to consider your future income potential when determining the amount of life insurance you need as a couple.

  14. Thought the percentage of couple that buy homes before getting married would be higher. We bought ours 2 years ago and are getting married this July

  15. Learned that address, square footage and construction type impact homeowner’s insurance premiums

  16. I liked the tip where you should be proactive and name your spouse as a beneficiary.

  17. I did all this yesterday. Didn’t seem to pick up my entries.

  18. BlessedTA says:

    Name your spouse as a beneficiary.

  19. 24% married millennials purchased their first home before they were married

  20. Talking about insurance plans before getting married is something I learned!

    demureprincess7(at)gmail(dot)com

  21. I wouldn’t have thought 24% of married millennials purchased the first homes before they were married.

  22. $5000 renovation can change a home’s replacement value.

  23. a lot of couples buy homes before they get married

  24. I didn’t think about pre-existing conditions.

  25. Amanda Sakovitz says:

    i thought it was interesting that 24% married millennials purchase their first home before they are married

  26. Thomas Murphy says:

    I learned to determine how much life insurance coverage is sufficient now that I means we, consider future income potential , the cost of raising kids and outstanding mortgage payments.

  27. I like the recommendation to check out the NAIC’s WreckCheck app!

  28. meredith says:

    I didnt know that your partner’s driving record can affect your insurance premiums !

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