Don’t stop reading because you saw the word “insurance” in the title. I know the topic may seem a little off from my regular content. But this is something that I strongly believe in and I am passionate about spreading awareness – even if I have to bribe you all with a chance to win a $50 gift card to Home Depot 🙂
You may not know this about me, but I have worked in the insurance industry for almost sixteen years (what?!) In fact, I’m life and health insurance licensed in all 50 states (although I don’t actively sell unless asked by someone to do so). Being in the insurance industry, I have heard countless stories of families who have suffered, not only emotionally, but financially after the loss of a loved one (visit here if you’re interested in watching some of these powerful stories). I feel that insurance – especially life insurance, because it is not “mandatory” to own – is an area people don’t want to talk about. And if they do, the resources available (that put everything in laymans terms) are limited.
When the NAIC (National Association of Insurance Commissioners) contacted me about a new resource they put together along with a giveaway related to my blog, I jumped at the opportunity. Check out the info below from the NAIC (and don’t stop reading if you aren’t a newlywed. Not only is this info relevant to everyone, the giveaway is open to all as well):
Wedding date? Check! Honeymoon plans? Check! Insurance? Huh?! It’s easy for many couples to get wrapped up in the excitement of planning a wedding and fail to fully think through the many financial implications of joining lives. In fact, a recent NAIC survey revealed disconnects in what couples know is important to discuss before getting married — including insurance issues — and what they actually discuss. What about you? Before you tied the knot, did you ask your fiancé about his driving record? Did you discuss whose health insurance to keep, or how much life insurance you needed? If not, you’re not alone. According to our survey, 61% of couples age 18-24 said they talked about combining auto policies before getting married, but only 30% cited ‘my spouse’s driving record’ (a key factor in calculating premiums) as an important conversation to have before marriage.
Have “The Talk”
That’s why we’re letting you know about steps engaged couples can take today to avoid misunderstandings that could dim that newlywed glow. NAIC recommends couples have a
pre-wedding sit-down to address important topics:
- Auto: Finding out you’re in love with a speed demon after saying “I do” can be a shock to your psyche, and your auto insurance premiums.
- You may want to think twice about combining coverage, and educate yourself about named-driver exclusion clauses.
- Home: How many of us really know how much ‘stuff’ we own? Without a clear grasp of our property, our most prized possessions might not be covered by our homeowners or renters insurance.
- NAIC’s free MyHOME Scr.APP.book app lets you quickly capture images, descriptions, bar codes and serial numbers, and stores them electronically for safekeeping. The app organizes information room by room and creates a back-up file for email sharing. Readers can search ‘NAIC’ to download the app at iTunes® and Android market®.
- Health: The lowest premium isn’t the only consideration when deciding between health insurance plans. To avoid a short-term decision that could result in long-term headaches, be sure to review provisions related to deductibles, co-pays and coinsurance, and pay attention to what is NOT covered.
- Life: Now that “I” actually means “we,” you may want to revisit your life insurance coverage. To land on a new amount, consider future income potential, the cost of raising kids and any outstanding mortgage.
To help engaged couples get smart about insurance together without tearing each other apart, NAIC created The Insurance Survival Guide for Newlyweds, an adventure-laden infographic of facts and tips to ease the transition to joint insurance lives.
For your chance to win a $50 Home Depot giftcard:
- Download The Insurance Survival Guide for Newlyweds infographic. You do NOT have to be engaged or a newlywed to enter.
- Post a comment sharing a fact or tip you found most surprising or helpful. There are tips in this guide we can all learn from, regardless of what stage of life you are in!
- All commenters are entered into a drawing for a $50 Home Depot gift card to help with their own “I do” adventure.
- Want to help your readers have some fun while learning about insurance? Post links to play the two I Do Adventures interactive games (Game 1 is about unexpected obstacles on the road while Game 2 is about protecting the often overlooked valuables in a home as disaster strikes). Maybe even share your own score and encourage your readers to try to beat your score.
- If your email address is not loaded in your profile, please leave it in comments so I can reach you if you are the winner.
- Contest ends Monday, March 3rd at 11:59 PM Central time.
- One entry per person.
a renovation could change your home insurance needs…sounds obvious as i type it but i never would have thought of that!
Sometimes families overlook the contribution of a SAHM when if comes to life insurance. But what if something happened? The cost of a nanny or daycare may not be in the budget.
Surprising little fact that 24% of married millennials purchased the first homes before they were married. I, too, did as much but I thought the percentage would be lower.
We are recently married and didn’t even think to consider raising the cost of children into our life insurance policy. That’s a good tip.
I didn’t know to get our policy re-looked at after a renovation! Good to know for the future
Have been thinking of life insurance for me a SAHM because my husband would need to provide care for our children. Good reminder here, it’s expensive for a nanny.
I found it interesting that you should consider your future income potential when deciding on the amount of life insurance you need.
kellywcu8888ATgmailDOTcom
It is very stressful when a loved one passes away without life insurance. It’s important to have these affairs in order because we are not promised tomorrow! I agree with your statement, ” Being in the insurance industry, I have heard countless stories of families who have suffered, not only emotionally, but financially after the loss of a loved one
I’m surprised so many couples buy property before getting married.
mami2jcn at gmail dot com
We have a great insurance plan but this is reminding me to see if we upped coverage since redoing our porch, kitchen and baths… Thanks for hosting the giveaway!
I never thought about upping our insurance since all the renos we’ve done on our home! Great tip! Great giveaway!
contacting your hr department to get your spouse identified as beneficiary is a need to do thing because it is not automatic
yes.4eva.r(atgmaildotcom)
I’m surprised that 47% of newly married couples “never got around to discussing the need for more life insurance before saying “I Do”.
I was very surprised 24% purchased a home before marriage because I thought it would be higher
mummytotwoboys@yahoo.com
I’m surprised that 24% of married milennials bought a house together before getting married
freebiequeen15@gmail.com
I was surprised with the car insurance thing, my husband and I never talked about any form of insurance for sure before we got married! Intereseting!
It’s surprising that 24% of married millennials purchased the first homes before they were married
elena150980@yahoo.com
I’m surprised that less than 73% of couples discussed whose insurance they would use after they were married, this was a big topic for us though!
demureprincess7(at)gmail(dot)com
I found the the NAIC’s free app is very helpful, I’ve it downloaded to hub’s phone.
tcarolinep at gmail dot com
I never thought about life insurance. We both have a small amount paid for by our schools to cover funeral costs… But I honestly wasn’t aware we even had those til I looked into it tonight after reading! Thanks, I will be adding more during our next open enrollment.
Ef.utley at gmail dot com
I thought the fact that 24% of married millennials purchased the first homes before they were married was really interesting. Thank you for the wonderful giveaway.
Erin
fairyfractal at gmail dot com
Lots of great tips. I found interesting the info about deciding on the best auto insurance coverage.
My email firstrosegrrl@yahoo.com
Insurance was something we didnt even think about before getting married. I quickly found out my wife had a horrible record.
Wow. This is great stuff. And I had no idea so many people were purchasing homes prior to marriage.
I’m was surprised that 24 percent of marriage couples had purchased a home pre marriage.
the life insurance is very important so many good ideals
I thought the tips on Life Insurance were really helpful
Life Insurance tips were great and thought provoking
I would have never thought about renovating and how that could change our insurance needs. Very interesting!
I was surprised to learn that only 84% of engaged and married people talk about preexisting health conditions. To me, that just seems like a big thing that needs to be discussed earlier than later in a relationship.
Sorry forgot to include this…lesley(dot)maxey(at)gmail(dot)com
I’m surprised so many couples own property before getting married!
adinatm(at)aol.com
Yikes, getting married on a Saturday is bad luck?!
I’m surprised that its not unlikely my boy and I will buy a house together before we get married!
I was (also) surprised to find out that 24% of married “millennials” purchased their first home before they were married! It’s something that I almost did with my now-husband but completely understand my mom’s hesitance and now that I have children, I’m glad she talked me out of the idea.
Julie@deluxe-designs.net
I’m surprised to find out that 61% of couples talked about combining auto policies before getting married.
iamdadtastic@gmail.com
Don’t forget to insure your musical instruments as well. They are extremely expensive to replace, if you can find a similar instrument. That’s one thing we learned…
Good reminder about updating your home insurance as you renovate……I think it would probably cross my mind if we did a large renovation, but we have done a handful of renos that add up to around $30K! Oops!
chassenrueck@gmail.com
I’m surprised that so many couples haven’t figured out whose health insurance plan they’re choosing before getting married.
acartwrightmorell at gmail dot com
Loved all the tips about Life Insurance.
I was surprised at the amount of couples that own property before they get married – I loved all the great tips
mermont84 at yahoo.com
I was surprised that more than 47% of couples didn’t talk about needing more life insurance before marriage. This is huge, and noone knows what tomorrow may bring
maggietucker10 at yahoo dot com
61 % of couples between the ages of 18 and 24 said they talked about combining auton insurance policies before they got married. thanks for the giveawa
aunteegem@yahoo.com
Consider where you live because the type of house and the location can affect the cost of your insurance.
Digicats {at} Sbcglobal {dot} Net
I certainly didn’t think to discuss our driving records before we married. roddjackson at hotmail.com
I think it’s helpful to think about upgrading and how that will affect everything.
How do you get your husband on board with the life insurance thing? He gets a little through his work, but if he ever leaves the company, it’s lost. He finally got some quotes a few months ago, but he doesn’t want another monthly expense. It’s starting to really stress me out. I don’t want another monthly expense either, but I don’t want to have to worry about money and how I’m going to pay the bills when I’m also trying to cope with the loss of a spouse. It just isn’t a priority to him.