5 Money-Saving Insurance Tips for Couples
Saving money on insurance is a good financial benefit of marriage. Couples receive better rates and coverage than either spouse would individually have. There are more discounts when combining multiple policies within the same company and you get the same coverage for much less. Below are the most common types of insurance and the money-saving benefits marriage brings.
1. Health Insurance
If you both have group health insurance plans at work, most likely, the coverage and premium are very different. Often, it is also less expensive to add a spouse to a group health plan than to maintain separate plans. Save up by looking at both plans and picking the one that best serves your needs. If one spouse is self-employed, adding him or her to the other’s group plan will still be less expensive than maintaining an individual plan.
2. Home Insurance
One entire home policy goes away when you and your spouse switch from two homes to one. That is substantial insurance savings. Also, it is cheaper to cover your combined contents than have separate policies.
3. Car Insurance
To the eyes of insurance underwriters, a single man is a brand new person the moment he ties the knot. Suddenly, he is a much lower insurance risk and receives lower car insurance rates. If you were just married, call your insurance agent and get a new quote the very next day. If both spouses drive, there can be more savings in bringing both policies to one company. any insurers offer discounts for multiple-car families. Be sure to ask for several quotes, both from your existing insurers and from their competition to get the best price.
4. Life Insurance
Marital status changes life insurance premiums. Usually, marriage makes renewals cheaper. Your combined income replacement needs may also change. For example, if you both have a mortgage, it is possible that you may sell one house and keep the one where you are living now. There will be less debt to pay if one of you dies. Also, if one spouse comes to the marriage with minor children, the life insurance premium is adjusted because the income of the other spouse can contribute to the financial needs of the children.
5. Multi-line Discounts
A lot of property and casualty insurers that offer different types of insurance, like car, boat, house, and business, offer clients a discount if they have more than one type of policy. If you and your spouse have several assets that you insure in one company, it can result into bigger discounts up to 20%. This is sure significant money savings on insurance that all couples will enjoy.