One of the changes in their lives that many newlyweds give no thought to is their insurance needs. Chances are good that they've been living under their parents' health insurance, and if they have life insurance, it's only because their folks took a policy out on them. As a child and a young person, few of us have any cause to think about insurance. However, when we get married and start taking on the responsibilities of adult life, our needs change, and we must address the various types of insurance that will help us protect ourselves and our lives.
It's possible that when you started driving at age 16, your parents made you earn the money for your part of the car insurance. After all, young people are very expensive to insure. When you get out on your own, however, you definitely need to carry insurance to cover your car and liability in case you have an accident. It's possible that your car insurance premiums may decrease when you marry, because many insurance companies offer discounts to couples. The time of your marriage is also a great time to get some new car insurance quotes to see if you can get the coverage you need at a lower price.
Life insurance is another item that becomes important when you have others to think about than just yourself. Think about the financial condition your spouse would be left in if anything happened to you. You don't want to make yourself insurance poor to where you're paying so much for your life insurance that you don't have enough left to live on, but you do need to carry enough to pay your funeral expenses and to leave your spouse with a small nest egg on which to start a new life without you. Once you add responsibilities such as children and home ownership, you will need to readjust your thinking about how much insurance you need to carry.
Health insurance is a "must-have" these days. Medical costs are sky high, and although you're young and haven't really thought about being laid up for awhile, you could break a leg or become ill enough so that you wouldn't be able to work while at the same time you'd be piling up a large debt in medical costs. Maybe you'll be lucky, and one of you will have a job that provides health care for both of you. If not, you'll have to check around to see what's available at a price you can afford. When you hesitate to buy the coverage you need because of the cost, keep in mind that one accident or illness could end up costing you thousands of dollars.
It's possible that when you started driving at age 16, your parents made you earn the money for your part of the car insurance. After all, young people are very expensive to insure. When you get out on your own, however, you definitely need to carry insurance to cover your car and liability in case you have an accident. It's possible that your car insurance premiums may decrease when you marry, because many insurance companies offer discounts to couples. The time of your marriage is also a great time to get some new car insurance quotes to see if you can get the coverage you need at a lower price.
Life insurance is another item that becomes important when you have others to think about than just yourself. Think about the financial condition your spouse would be left in if anything happened to you. You don't want to make yourself insurance poor to where you're paying so much for your life insurance that you don't have enough left to live on, but you do need to carry enough to pay your funeral expenses and to leave your spouse with a small nest egg on which to start a new life without you. Once you add responsibilities such as children and home ownership, you will need to readjust your thinking about how much insurance you need to carry.
Health insurance is a "must-have" these days. Medical costs are sky high, and although you're young and haven't really thought about being laid up for awhile, you could break a leg or become ill enough so that you wouldn't be able to work while at the same time you'd be piling up a large debt in medical costs. Maybe you'll be lucky, and one of you will have a job that provides health care for both of you. If not, you'll have to check around to see what's available at a price you can afford. When you hesitate to buy the coverage you need because of the cost, keep in mind that one accident or illness could end up costing you thousands of dollars.
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