3 Insurance tips for newlyweds

When two lives come together, there are some legal issues involved and insurance is one of them.

When certain life events occur, such as having a baby, or losing your job or when you are dealing with serious health issues, you don’t want to worry about money for medical treatments for people you love. Don’t start building your family on a shaky ground. Be sure – get insured.

There are many questions to consider, for example:

  • If one of you (or both) already has health insurance, would a join plan be better?
  • How you can get better coverage at a cheaper rate?
  • Is getting life insurance through work a good idea?

Here are three insurance tips for newlyweds.

  1. Extended Health Insurance

Although OHIP covers lots of health care related issues, it doesn’t cover prescription drugs, dental care, vision care and physiotherapy costs.

An Extended Health Insurance plan is one of your newlywed “firsts.” You will want to evaluate your coverage options so that you find a health plan that works for you and your spouse.

When browsing through the different coverage options, there are a few things you should take into consideration, such as you and your new spouse’s current health status and coverage situation. Make sure to keep these things in mind while comparing insurance plans:

  • Number of family doctor visits per year
  • Prescription medications
  • Dental, vision or specialist coverage
  • Deductible, monthly premium and out-of-pocket costs
  • Medical history on both sides of the family
  • Family planning

If you are both covered through your employers, you may be able to add your spouse to your plan or join theirs. You can keep separate health plans if you are both satisfied with the service and price. But you might find it’s cheaper to get on the same plan. Being on the same policy could also help you reach your annual deductible faster.

Compare health insurance quotes for plans on the health insurance marketplace against the cost of your employer-sponsored plans. (Going through work will generally be cheapest.) Also weigh each plan’s deductibles, coinsurance, copayments, coverage limits, prescription coverage and choice of health care providers. It’s nice to have a low rate, but not if you cannot see the doctors you want or have an extremely high deductible.

  1. Long-Term Disability Insurance

You should have at least a minimum amount of long-term disability insurance that protects against lost income in the event you become disabled. As an incentive for people to get back to work as soon as possible after becoming disabled, most disability insurance plans cover up to 70% of salary.

  1. Term Life Insurance

More likely, you didn’t have life insurance when you were single. But after getting married the situation has completely changed. Now you are responsible for your family; now you need insurance for two.

There are many things to consider:

  • You share a mortgage that neither could afford alone
  • One of you depends, or you both depend, on the other’s income to pay the bills
  • One of you has, or you both have, debts the other would be stuck with

Life insurance does not buy life. It buys peace of mind in our uncertain world and protection for your loved ones.

For many young couples, the best life insurance type is term life insurance. Term plans are the most affordable and have a set benefit that exists for a certain period of time. These policies offer more coverage for lower premiums. Other products are investment oriented and may not fit in with either the long or short term plans the young couple has for investing their money

Whatever option you choose, the most important thing is that you’re both covered. Remember to consider the costs and desired plan benefits as you compare coverage to find a plan that suits your health needs and budget.

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Please let us know how we can help. Whether it is a free no-obligation quote or just a question – we will be happy to provide you with detailed answers.

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