Insuring your dreams in marriage

Why newlyweds need to say “I do” to insurance

If you're a newlywed, or about to become one, congratulations! You are embarking on an exciting new beginning of shared hopes and dreams. Make sure you protect it.

When you get married, you're not just planning a wedding – you're planning a life together. And that includes taking on new financial responsibilities for each other. It may not be the most romantic of ideas, but one of the best wedding gifts newlyweds can give each other is life insurance. With your new mutual financial obligations, life insurance is no longer a luxury – it's a necessity.

Plan for a secure future

Whether this is your first or second marriage, it's essential to look at your insurance needs in terms of the future you plan to build together. Since so many of your hopes and plans are contingent on your joint income, you may each need insurance to replace earnings and cover debts in case of the premature death of one partner.

Every newlywed couple's situation is unique and will continue to evolve over the years. Make sure that your insurance plan will cover your specific needs for today, with the flexibility for you to adjust your coverage to suit the changes that lie ahead.

Protect each other

As newlyweds, you and your spouse each need to take steps to ensure that the other is protected in the event of a premature death. If you already have an insurance policy through your employer, this is a good time to review its provisions. You may find that you need additional coverage or a more flexible policy. If this is a second marriage, be sure to review and update beneficiary designations as well as coverage.

Moving up

Will you and your spouse be moving to a bigger home, upgrading your furniture, or buying a car? Or maybe you have plans to purchase a condo, house, cottage, or investment property. If your expenses increase or you take on new debt, you may need to increase your insurance coverage. Otherwise, the surviving spouse could be left struggling to make mortgage payments.

Perhaps one of you has dreams of one day becoming self-employed, if not already. If so, make sure that the insurance plan you set up offers the freedom to adjust your future coverage in line with the needs of a business owner.
Adding bundles of joy

Having children increases your insurance needs dramatically. If you're planning to have kids, both parents need adequate coverage, whether you're working or staying home to raise a family.

The right advice

By planning ahead and acting early, you can get the coverage you need to fit your budget now, along with the flexibility and freedom to adjust your coverage in the years to come. Professional advice from a BlueShore insurance advisor can help you start your married life with a sense of security that will follow you through all of life's changes.