Life Changes Could Mean Insurance Policy Changes

Life changes, such as marriage, divorce, and having children, can impact your insurance policies more than you might realize. Here’s how to keep your family protected:

Are You Getting Married?

• Consider updating your life insurance policy to include your spouse as a beneficiary.
• Check with a life insurance consultant to determine if you have the right coverage to meet your long-term needs.
• Ask your auto insurance carrier about discounts for married couples.
• Consider adding riders to your homeowner’s insurance to include your spouse’s, or any new dependents’, items.

Are You Having a Baby?

• When planning for a baby, examine prenatal coverage in health insurance policies.
• Review your life insurance policy with an insurance consultant to ensure you have enough coverage to meet your family’s long-term needs.
• If you’re upgrading your car, talk to your insurance provider about how different models would impact your rate.
• Compare health insurance options to determine the best coverage you can afford for your new child.
• If you’re making improvements to your home, talk to your insurance provider about whether you have enough homeowner’s insurance and whether you need any riders.

Are You Getting Divorced?

• If you and your spouse maintained health insurance through your employers, the court likely will determine who carries/pays for coverage on children. Most states have rules that determine the proper primary and secondary order when children are covered under two parents’ policies.
• Consider removing your spouse as a beneficiary on all insurance policies.
• Should you stay in the same residence, make sure your homeowner’s insurance is in your name.
• Unfortunately, removing your spouse from an auto insurance policy could increase your premium. Check with your agent regarding other options that could be added to your plan to reduce overarching costs, such as rental reimbursement.