5 Types of Insurance to Get as a Newlywed

A bride and groom holding a "just married" sign.

In the process of getting married, you’ll encounter a few administrative to-dos. Insurance may not be the most fun one, but it is very important. As a newlywed, there are few key types of insurances you’ll need to address. The three main ones include wedding insurance, life insurance, and health insurance. You should also take out or update your home insurance and car insurance policies.

1. Wedding Insurance

A bride and groom running down the street in the rain.

In preparation for your big day, it’s hard to imagine that something could go wrong. Unfortunately, it’s often when you least expect it that things do. For this reason, wedding insurance has become increasingly popular over the years.

Compared to the total wedding cost, wedding insurance is not expensive and it is worth it for the peace of mind. Should anything go wrong, be it a change of date, venue cancellation, or a no-show vendor, you’ll be covered for all lost deposits and unexpected expenses. Wedding insurance can also cover a re-do of wedding photos, stolen gifts, and other faux-pas.

Although all policies differ, you can find one that covers almost everything except the bride or groom getting cold feet. Many also won’t cover engagement rings, but they will cover wedding rings, unless they’re one and the same. It’s never too late to get wedding insurance, but there are usually limits on how far you can purchase it in advance. Sooner is better, of course, but in most cases, wedding insurance will cover purchases you made before securing the policy.

2. Life and Disability Insurance

When you’re young and single, life insurance is probably the last thing on your mind. However, now that you’re getting married, and especially if you’re planning to have kids, it’s time to start looking into one.

Life and disability insurance becomes even more critical if you don’t have an even dual-income household. If something were to happen to one person, the person with the smaller income will end up in a rather stressful situation. Keep in mind that not all life insurance includes disability insurance, so make sure to look into that as well. Even if you and your spouse earn the same amount, a mortgage and other debts can become serious burdens. Remember that once you’re married, one person’s obligations become both people’s obligations.

Although life insurance isn’t expensive, it’s better to get it sooner rather than later. Policies are generally cheaper when you’re younger. And if you already have life insurance, make sure to contact your broker to update your beneficiary information.

3. Home Insurance

A young newlywed couple holding a small white house.

Home insurance is a good thing to have in general, but especially so when you’re building a new home together. (It would be a shame if anything happened to all those wedding presents!) Another benefit of home insurance is that it can cover valuable items that aren’t covered by wedding insurance, such as engagement rings. However, this may not be true for all situations, or you might need to purchase a separate plan. Items of extremely high value, such as jewelry and art, may need a specialized broker.

4. Health Insurance

If you both have policies that you’re happy with, health insurance may not be something to worry about. However, take a moment to check if combining policies may be a better choice. One family policy may be cheaper than two individual ones. Depending on your plan, it may also make it easier to meet the deductible.

Because you’re getting married, you don’t need to wait for the open enrolement period to do this. In most cases, you can make changes to existing policies within a month or two or your wedding date. If you’re cohabitating, you might even be able to combine policies sooner.

5. Car Insurance

A young couple in the desert with a convertible and camera.

Like with health insurance, it’s a good idea to check in with your car insurance company to see if it will be better to combine into one policy. As long as you both have a good driving record, you’re likely to benefit by doing so. Even if you don’t combine them, make sure to contact your car insurance broker to add your spouse to your policy. After all, even if you each have your own car, you’ll likely end up driving both vehicles, so it’s important to make a note of that in case of an accident.

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