Polychemy Blog

Things All Newly Married Couples Should Do to Protect Their Life Together

Determine your insurance needs You probably already have some amount of coverage in a few different areas of life; now's the time for both of you to dig out all those policies and do a thorough side-by-side comparison.

Specifically, you'll want to buy or update your homeowners or renters insurance; life and disability coverage; and car insurance.

Having separate auto insurance doesn't always make sense either, since you could combine policies and lower your payments.

Buying life insurance now, when you're young, will save you money in the long run.

An insurance agent at a comprehensive company like Allstate, for example, can quickly assess your situation and help you in making decisions, which and how much insurance to buy, as well as helping you bundle existing policies.

Get on your spouse's health insurance plan-or vice versa Health insurance is another area where it typically makes more financial sense for you to be covered under one plan.

Like you did for your other types of insurance, compare the costs of adding your spouse to your policy, yourself to his or hers, or keeping separate policies.

If you or your partner have certain health conditions that aren't adequately covered by either plan, you can get supplemental health insurance from Allstate.

Update your account beneficiaries and devise a will Here's another reason to reacquaint yourself with your HR administrator: If you named a parent or other relative as your beneficiary on your 401(k) account or life insurance policy, you should change it to your spouse's name instead-ASAP. Same goes for an IRA or other retirement plans.

Get on the same page by first deciding how to blend finances: Will you each keep separate bank accounts, open a joint one or maintain a mix of both? Will you consolidate credit card and student loan debt? Will you both contribute to one retirement savings account, or juggle several? An insurance agent, like an Allstate Life and Retirement expert, can help you put priorities in place to make the most of your financial life-now and for whatever the future may bring.

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