Congratulations! You just tied the knot and the whirlwind of the wedding is behind you. Now it’s time to start planning your life together.
Along with these changes comes the realization that you are now merging your finances. This requires you to discuss important matters such as disability insurance.
Here are some questions to help you in your discussion with your new spouse:
- What is our combined take home pay?
- What are our fixed monthly expenses?
- Do either/neither/both of us have any group disability insurance through our employers?
Once you have this information, you may request a quote for your individual disability insurance.
People often ask if there is a discount available for married couples who both apply for disability or life insurance. The answer is no. Disability insurance is an individual contract and is based solely on your situation. Here are some of the variables that can account for the differences in premiums and contracts available for you and your spouse:
- Age (the older you are, the more expensive)
- Gender. Women pay 40% more than men unless you are able to obtain a unisex rate policy.
- Occupation. Higher risk occupations such as surgeons, dentists, anesthesiologists and physical therapists will pay higher premiums than accountants, consultants and attorneys.
- Income and monthly benefit. You are only eligible to purchase a maximum amount of monthly benefit based on your income and any group benefits in force.
- Riders. The more bells and whistles you add to the policy, the more expensive.
Life insurance becomes important for newlyweds as well if you are both dependent on one another’s income. The rule of thumb is that you need 10-12x your income on your life.
For more information about life and disability insurance for newlyweds, please contact Set for Life Insurance today!