2010 was a much improved year for America's insurance industry after suffering through 2009, which was a terrible year. During the last few years, write offs in the insurance industry occurred in record amounts. Overall this helped to push insurance rates down. Tough competition and company consolidations were also prevalent, which helps reduce rates as well across the board in order to attract and keep customers. It appears at this point that the worst is behind us. Over the next several years consumers can expect to see life insuran[ read more » ]
Life Insurance after Marriage
December 12, 2008 | Featured
If you are about to get married, you probably have a lot on your mind in terms of all the different ways in which your lives will be joined. There are so many things on your mind when it comes to getting married. Once you are married, one of the things that you will need to address is insurance policies. If you or your spouse already have life insurance policies, you will need to decide what to do with them after you are married.
One of the first things you will want to look at in terms of your life insurance policy is to consider if it would be more beneficial to combine with someone else’s policy. A life insurance policy is frequently more expensive when it is purchased on your own. It may be much less expensive to purchase a policy with your spouse. You may be able to save money by getting a policy together.
There are some important considerations you need to keep in mind when deciding whether or not you should combine life insurance policies. You will want to make sure that a new policy is set up in ways that will most benefit you. If your life insurance policy is one you received through your place of work, you will need to check to see if you can add your spouse to the policy. You will need to check with your insurance company and human resources department at work to see what you are allowed to do with your insurance policy.
If either you or your spouse bought life insurance on your own prior to getting married, you need to check to ensure that your policies will still work as you intend them to before you combine them. Some married couples discover that it is easier for them to keep their life insurance policies separate. This ensures that both spouses will be covered.
A lot of other married couples do end up combining their policies and getting rid of their individual policies. This works for a lot of couples because this enables them to both be covered and it is often less expensive to do it that way. So you may be able to find a less expensive policy if you get one together and get rid of your individual policies.
Life insurance is a way to help protect you and your spouse. Life insurance is necessary so that you can have the security of knowing that if anything should ever happen to you, that things are covered to that your spouse will not have to worry about it. You need to make sure you have the appropriate insurance policy so that each of you can take protect each other in any way that you can.