Bosworth & Associates 1818 W SW Loop 323 Tyler, TX 75701
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Getting married and having children are two of the most pivotal times in our lives. Planning for a wedding and getting ready for kids means attending to so many details. The list is endless. In the midst of all the planning and preparations, it can be easy to forget about insurance.
This is also true of other big life events such as having children or getting a divorce.
How does getting married affect your homeowner’s insurance/rental insurance? Life Insurance? Car Insurance? Health Insurance?
If you decide to have children, how does having dependents impact your insurance rates and deductibles?
What if things don’t work out and you get divorced, how is your insurance impacted?
In all three of these instances, it’s necessary to contact your local insurance agent to find out details such as what is covered if your life situation changes, whether your insurance premiums and deductibles change, and how to ensure you and your loved ones have the best coverage possible for your needs.
When you’re in the preparations stage of any of these big life events, it’s important to add “talk to my insurance agent” to the list, as each insurance company and policy is different.
Trusted local insurance companies such as Bosworth & Associates in Tyler, Texas, work with individuals and families across generations to provide you with the most comprehensive insurance policy that’s still low-cost and affordable.
Local insurers such as Bosworth Insurance understand that insurance coverage needs to reflect the shifting needs of families as their lives change over time.
Here are a few things to consider about your insurance when it comes to how your policies will be affected if you get married, have children, or get divorced.
When it comes to your medical insurance, there are multiple things to consider if you’re getting married. The first thing to think about is that it might be beneficial for you and your spouse to have different health insurance plans.
Many factors impact the type of health insurance each individual needs, especially whether you have dependents and whether you or your partner-to-be has medical preconditions.
Some people are able to get health insurance through their work, but might still need additional coverage for their spouse and/or family. Or it might be that while one family member has insurance through their employer, it’s not available to the spouse or dependents.
If you’re enrolling in a health insurance plan through The Marketplace, getting married is considered a QLE, or Qualifying Life Event, that allows for a special enrollment period in which you can take the time to determine a plan that’s best for you and your family.
The QLE enrollment is also available if you’re getting divorced, having a baby, or someone in your family passes away. Health insurance is critical to the well-being of your family.
When planning a big life event like getting married, it’s important to talk to a trusted insurance representative about how your health insurance might be impacted, and what the best medical insurance plan is to protect you and your loved ones.
Whether you have renter’s insurance or a homeowner’s policy, getting married might mean you’re eligible for lower insurance rates.
This is true for numerous reasons: married couples file fewer insurance claims; there’s the option to bundle your insurance policies; your credit/combined income might lead to a better premium.
Contact your insurance company and find out how your change in marital status might positively impact your insurance premium.
When it comes to your auto insurance, some insurance companies offer discounts for married couples. Statistics show that married couples are at lower accident risk than single people because it is likely that they are riding together in the car more often so there is less risk of 2 vehicles being on the road.
It’s important to contact your auto insurance provider and let them know about your marital status change, especially if there’s a name change involved. You might be asked to send a copy of your marriage certificate to your insurer.
If you get divorced, it’s also important to let your auto insurance company know.
Getting married is a big step toward building a life with someone, and an important aspect of that is making sure your partner and family are protected when you or your spouse passes away.
Your policy needs will take into account things like what premium you can afford, in addition to the unique needs of your individual family, such as income level and number of dependents.
It’s important to discuss life insurance options with your spouse, especially if you’re expecting children.
When planning your life insurance policy, it’s also a necessary step to take into account the combined debt of you and your spouse to ensure your family isn’t burdened with financial hardship in the event one of you dies and the other is left financially responsible for the family.
After the honeymoon and thank you cards, contact your local insurance agent about what life insurance policy might work best for your new family.
Big life changes might not seem like the ideal moment to talk to your insurance agent, but in reality, there’s no better time.
Whether you’re getting married, planning a family, or going through a divorce, contact your local insurance provider and make sure you have the best policy to protect you and your loved ones.
