Getting married is one of the most exciting decisions of your life. It’s a commitment to love and working as a team towards your future. As well as the magic and romance of marriage, there are a few administrative considerations to take into account. As you work to blend your households, plan your lives and potentially re-evaluate your finances, don’t forget to update your insurances to reflect your new situation.
Do I need to update my insurances when I get married? It’s a good idea to update your life insurance once you are married. The commitment of marriage usually means that you are relying on one another financially and may share assets or children. Keeping your insurer up to date with major life changes like marriage, means that they may be able to update your cover to suit your new situation and ensure your loved ones are in a position of strength should anything happen.
What types of insurances should couples consider? Married couples often consider a range of insurance policies to provide cover in a range of circumstances. These include:
· Life insurance – a life insurance policy means that your family can have some financial stability if you’re no longer around.
· Income protection insurance – this provides an alternative source of income if you are no longer able to work due to an accident or illness.
· Total permanent disability insurance (TPD) – TPD insurance pays a benefit if you’re deemed unlikely or unable to be able to work ever again due to a permanent disability.
· Trauma / Critical Illness insurance –This pays a lump sum if you are diagnosed with a specified medical condition. The benefit can be used for anything but is designed to help you pay for medical treatment and rehabilitation, as well as giving you the financial breathing room to be able to take time off to recover and focus on yourself.
Does life insurance cover each person in the marriage? One of the biggest non-financial benefits of life insurance is the peace of mind that it offers, and it can often make sense for both partners to have cover. If you’re considering life insurance, please reach out and we can help you understand your options.
How can I make sure my partner receives my life insurance benefit? You can add your spouse to your life insurance by making them a beneficiary - this means they will receive the financial payout should you pass away. Most couples list one another as the primary beneficiary of their policies, but you can nominate more than one person to share the amount in proportions that you choose.
What happens in the event of a breakdown? As with any major life event, it’s important to review your life insurance if you get divorced. We can support you in reviewing your policies and beneficiaries to make sure they reflect your new situation. Life insurance means that for better or for worse, you and the one you love can have choices to help you make the most of life. If you’d like to discuss setting up or relooking at your insurances, please get in touch.