Insurance for Newlyweds

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Last Updated: November 10, 2021

Researching your insurance coverage after marriage may not be romantic but it could save you money and keep you and your family protected. And don’t forget to insure valuable engagement rings and wedding bands.

Young single people tend to pay higher rates for insurance.​ When two people get married, they likely qualify for a discount. Couples may bring two cars and two insurance companies into the relationship. Review existing coverage and see which company offers the best combination of price and service.

How's your driving history? Finding out your spouse has a checkered driving record can be a big surprise. Best to have a conversation about your auto record and auto insurance premiums before you say “I do.” You cannot exclude household members from coverage and insurers may calculate rates based on all drivers in the household. 

Learn more about auto insurance including tips ​for getting the best value for auto insurance. ​
Marriage or a domestic partnership is considered a qualifying life event. That means that you and your partner, as well as any children in your family, now qualify for a special enrollment period and can get or change your health insurance coverage. A special enrollment period is generally within 60 days of your marriage. 

If one partner has health insurance through an employer, they may be able to add a spouse, partner, or dependents to that plan. If both partners have health insurance, compare the details of each plan. Look closely at the provider network, out-of-pocket costs, yearly deductible and out-of-pocket limits, as well as monthly premiums.   

If you do not have employer-based insurance, you can visit W​isCovered.com ​​ – a free service that helps Wisconsinites navigate coverage options, including Marketplace or BadgerCare plans. If your household size or income has changed due to your union, your financial help may also change. 

Whatever you decide, don’t delay. You only have 60 days from your marriage to enroll in coverage through HealthCare.gov

Merging two households is a great opportunity to do a home inventory. This helps couples understand what their insurance coverage needs are and provides a record of your personal property in the case of a disaster.  

Questions about homeowners or renters insurance often ​begin when couples buy engagement and wedding rings or accumulate expensive household items. A standard homeowner policy includes a limit on personal possessions, so an endorsement or rid​​er​ may be needed to cover high value items like wedding rings.

Merging your life means sharing responsibility with and for someone else. Both spouses may work, building a lifestyle that depends on two incomes. There is likely to be loans and other debts to pay off. At this stage of life, it is important to protect what you have. Life insurance is a traditional way of ensuring that the surviving spouse is taken care of in the event of a tragedy.

The primary purpose of life insurance is to provide a spouse, children, or other beneficiary with the resources they need in the event of the death of the other spouse. There are two basic types of life insurance:

  • Term insurance provides a simple death benefit for a fixed period of time. The premium may stay the same for many years. However, when the stated term expires, the premium can go up.

  • Cash value insurance provides permanent protection as long as you pay the premium. The premium does not increase over time. The younger a person is when buying the policy, the lower the premium will be for the life of the policy. 

Couples should revisit life insurance coverage​ after marriage and again when expanding their family. It is important to consider future income potential, the cost of raising children, and outstanding mortgage payments.