Certain policies should be reviewed, adjusted and, if necessary, cancelled after the wedding.
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On the most beautiful day of their lives, only very few couples think about what changes the wedding will bring with it. The new marital status may not only change the family name, but also affect existing insurance policies. Newlyweds should take the opportunity to review, change and, if necessary, cancel their insurance policies and switch providers. With some of them you also have to pay attention to deadlines.
Hosting a wedding reception is expensive. All the better that couples may be able to save a little on insurance after marriage. Because not only before the tax spouses enjoy some advantages, but also, what concerns insurances. In the event of a name change, insurance contracts should be adjusted anyway. Special attention should be paid to liability insurance, term life insurance and household insurance.
Married couples can lower their costs with some insurance companies by sharing a policy. As a rule, partner contracts are cheaper than a single contract. This is also a good opportunity to adjust the existing insurance conditions to the new stage of life. This does not have to be done after the wedding in the case of household and personal liability insurance. Even if couples live together unmarried, they can share insurance policies. In most cases, the older contract remains in force and the newer one can be cancelled.
Homeowner's and personal liability insurance
If the couple moves into a shared apartment and there are two household insurance policies, one of the two policies should be terminated no later than three months before the end of the insurance year – preferably the one with the worse insurance conditions. Some insurers are so accommodating, however, that they will cancel the younger contract at the time of moving in together rather than at the end of the insurance year. In any case, it is important to adjust the sum insured to the higher value of the joint household contents, if necessary.
Private liability insurance is one of the most important policies of all and ensures that a mishap does not become a lifelong burden. After the wedding, the same applies here: A contract is enough. However, the insurer must be informed of the new life situation. Only then can they change the contract from a single tariff to a partner tariff. Per capita, married couples then pay less, the younger contract of both can be canceled.
Increase the amount of term life insurance
If one of the spouses already has term life insurance, after the wedding the other should be registered as a beneficiary. Pure death insurance provides economic protection for the partner beyond death. Often, the insurance is also needed to take out a real estate loan. To insure the spouse is particularly meaningful, if the policyholder is the main earner. In most cases, it is also worthwhile to increase the sum insured – especially if there are plans for offspring in the near future. Experts advise a sum equivalent to three times the annual gross income.
In marriages where both partners contribute to the household income, so-called linked insurance is also an option. In this way, the spouses protect each other from the financial consequences of death. The particularly favorable premiums compared to individual contracts speak in favor of this solution. However, in the event of the death of both parents, the surviving children will then only receive the insurance sum once.
Make use of the post-insurance guarantee
Some occupational disability insurance (BU) includes a so-called subsequent insurance guarantee. This refers to the possibility of having the contract adjusted without another health check after major changes in life – such as a marriage or the birth of a child. This way, the contractually agreed monthly occupational disability pension can be increased in order to maintain the standard of living with a spouse or family. Otherwise, the previously agreed amount will probably be too tight. However, there are maximum limits for adjusting the amount of the occupational disability pension; these can be found in the insurance contract.