Insurance and Finance

Insurance I-Dos

By Lisa Martin 2.5.14

The time between when she says “yes” to the proposal and “I do” at the altar often ranks as one of the most delightful yet hectic times in the life of a couple. Those months can also become jam-packed with options, choices, and decisions, from wedding dress shopping and selecting a menu for the reception to registering for gifts and booking a honeymoon destination. Add one more conversation to the expansive, pre-nuptial to-do list: couples insurance. Even before legally merging lives, couples can — and should — make key choices about coverage in order to safeguard their financial futures.

“As soon as a couple lives together, it’s appropriate for their auto insurance to be combined,” says Marcia Allen, a Texas Farm Bureau Insurance Agent in Grapevine. “The couple will receive the benefit of a multicar discount when they do that.”

Allen adds that once they tie the knot, the bride and groom will generally count on both salaries to pay the bills. “If one of them dies, the other will need that income replaced,” she says. “Life insurance is so very inexpensive for young people — less than the cost of eating at McDonald’s.”

Landlords and apartment complexes these days often require renter’s insurance; coming up with a joint inventory of possessions will help determine how much coverage is needed. (Make sure to include wedding presents in the tally, too, and remember to revise that list with any new major acquisition.)

“Couples shouldn’t forget getting coverage for the engagement ring, either,” says Allen. “We have a great all-risk policy that covers the stone even if something happens to it.”