For Richer, For Poorer, in Sickness, and in Health: Here Are the Top Four Insurance Tips Newly Married Couples Should Know

​Getting married is a time of joy and a time of change. Many couples become financially dependent on one another for the first time when they get married. They might open a joint checking account, purchase property together and rely on both incomes to pay bills.
 
As newly married couples plan their lives together, it’s important that they also protect their future together financially. Life is full of risks, even for those who try to live as safely as possible, and a key component to being protected is having the right type and amount of insurance protection. But with so many insurance options available, how do you know which insurance products are right for you?

​“It is important to review your insurance protection around the time of major life events, like getting married. Newly married couples should evaluate their insurance needs to make sure they have the right type and amount of insurance to protect themselves from financial ruin for the lowest price possible,” says Professor Todd Erkis, insurance expert and author of the new book, What Insurance Companies Don’t Want You to Know: An Insider Shows You How to Win at Insurance. “Fortunately, there are some guidelines to help you and your spouse decide which insurance products are right for you.”
 
Here, Professor Todd Erkis provides the top four insurance tips newly married couples should know:
 
1. Health Insurance — Keep deductibles and coinsurance payments in mind when enrolling in health plans. The premium might be less if the spouses remain on separate individual plans, but each person would have to satisfy their own deductible. It might be better for some newly married couples to pay more in premiums if they are enrolled as a couple but only have one deductible. 

2. Long-Term Disability Insurance — If a person becomes sick or injured and is unable to work for a period of time, long-term disability insurance protects against loss of income. Most newly married couples rely on their current and future incomes, so long-term disability insurance is critical to protect that income and their future financial health. A long-term disability policy can be purchased from an insurance company if it is not available from work.   

3. Life Insurance — Newlyweds without children may not need life insurance when they get married. If a spouse would be fine financially without the other spouse’s income, then life insurance is not needed. If the loss of a spouse’s income would lead to financial hardship or the couple has dependent children, however, then life insurance is necessary. 
   
4. Shop Around for the Best Price — Insurance is like most other products where prices vary from company to company.  Getting price quotes from multiple companies is critical to make sure that you don’t overpay for insurance. 
​
Todd Erkis is an FSA, CERA, MAAA, insurance expert and professor of finance and risk management at Saint Joseph’s University in Philadelphia. Prior to becoming a professor, he spent more than 25 years as an actuary, developing insurance products and helping set prices for insurance. His book, What Insurance Companies Don’t Want You to Know: An Insider Shows You How to Win at Insurance, provides a guide to everything you need to know about insurance and is now available on Amazon.

Photo Credit: Sheronda Seawright Photography