Congratulations on your marriage! We are sure your wedding was beautiful, exciting and full of activities. Now that your honeymoon is over, we would like to discuss some important financial to-dos. 
Shared Banking Accounts
There is a lot to do: update your drivers license, social security card, your passport, bank accounts and credit cards.
It is important to talk about your finances. Does it make sense to combine your accounts? Some couples would rather have a: yours – mine – ours arrangement; to cover the combined monthly spending.
You should also establish a plan for paying off credit cards and loans. Set up a budget for bills, for investments, emergency fund and enjoying life.
Health Insurance
Which of your employers offers the more affordable health insurance? Does it make sense to combine policies? Coordinate the work benefits and take advantage of if one of your employers matches into your retirement plans.
Homeowners and Renters Insurance
Are you going from two homes to one? Remember to update the property insurance documents to reflect your new combined inventory. Take pictures of your high value items with your phone. Then jot down the makes, models and serial numbers. For example, you will want to get an appraisal of your wedding rings. Store these documents in a safe place, such as a safety deposit box; you should also keep a digital copy in a secure cloud server.
If you rent, your landlord has insurance on “their” property, not yours. Do not go without renters insurance; it covers your personal possessions and personal liability.
Give one of our insurance experts a call to discuss the best option for you.
Home Business
Do you run a business out of your home? If so, you should call your insurance agent to discuss the difference between hobby items and business items.
Auto Insurance
This is an ideal time to insure your cars together. You may qualify for multi-car discounts and if you combine your home and auto insurance policies with the same insurance carrier you should get a few more discounts as well.
Life Insurance
Life Insurance provides a peace of mind, as well as income lost. Life insurance coverage is not as expensive as you may think. Term life insurance is more affordable. Permanent life insurance is more of an investment. Do you have enough life insurance to pay off your debts? Give our life insurance experts a call to compare options.
You should also consider disability insurance, now that someone else is depending on you and your income, you should have protection in place. Disability insurance is a temporary paycheck insurance.
Set up a will. Once your will is set up, you should update it every five years to address any changes that have happened. Who will care for your children? What assets become your children’s after your death? Estate laws will determine distribution of assets when there is no will in place.
Most retirement accounts and joint banking accounts will go to your beneficiary. Now is also a good time to redo existing policies. In today’s day of “second” marriages, could your ex still be your beneficiary? Make sure these accounts are setup the way you want them.
Protection
Insurance is all about protecting what matters most. Protect your family with adequate life insurance, disability insurance and property insurance. Personal insurance protection is a good way to help make sure your dreams come true.
Congratulations again! Now that the honeymoon is over, let’s talk. Call one of our personal insurance agents today to make sure everything is set up correctly. Give us a call at 847-907-4520 today!