Getting married not only changes your personal situation it also changes your financial and insurance needs. Here are a few things to consider when planning your wedding and your financial life.
Getting married not only changes your personal situation, it also changes your financial and insurance needs. Here are a few things to consider when planning your wedding and your financial life.
Protecting Your Honeymoon
You are planning a perfect getaway to kick of your new life together; however, there are things you must consider: a hurricane devastates the tropical paradise you were planning to escape to two days before your trip, your luggage gets lost, or an illness requires medical care and early departure. Relying on your credit card purchase protections, travel service’s refund policy or even your current health insurance may not be enough. To make matters more difficult, even if your policies did cover you, your new spouse may not yet be covered by your policy.
Travel insurance can minimize the considerable financial risks of traveling. <http://www.nationwide.com/reasons-to-buy-travel-insurance.jsp>The potential loss of your trip depends on several factors:
- how much of your trip is prepaid
- airplane ticket refund policy
- value of your luggage
- financial health of your tour company and airline
- coverage through your medical insurance, homeowners/renters insurance, and/or credit card
Travel insurance <http://www.nationwide.com/travel-insurance-services-hi.jsp> should be purchased soon after making your initial trip deposit. On average you can expect to pay between 4-12% of the pre-paid, non-refundable portion of your trip. When choosing a travel insurance plan, identify which options are most important for your specific trip. At WBR Insurance we can assist you in selecting a travel insurance plan specific to your needs and risk tolerance. <http://wbrinsuranceagency.com/contact-us/>
Protecting Your Financial Life
Now that you’re married, you might want to think about reviewing your insurance needs.The good news is that as a couple you now have access to better rates and coverage than you would have individually. Some of the benefits of combining insurance policies include discounts for having multiple policies with the same company.
- Multi-policy discounts – By consolidating both of your auto insurance and home insurance plans you can enjoy extra savings and discounts.
- Comprehensive solutions – Update your homeowner/renter insurance policy to cover your combined possessions now that you are living under one roof.
Evaluating your insurance coverage is something you should do once a year. Couples should work with an insurance agent to identify the insurance solutions right for your specific needs. As your personal situations change (i.e., birth of a child or job promotion), so will your insurance needs.
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