By Dez Duran-Lamanilao

It is human nature to undergo different stages in terms of physical, emotional, mental and even financial aspects of one’s life. And as your outlook and expectations change, so do your insurance needs. When you decide to marry, there are considerations that you must keep in mind to keep your future and those of your loved ones secure and protected.

Expectedly, single people tend to pay more for insurance. This is because though they probably have fewer dependents than married individuals, they do not have someone to share the financial responsibilities with. So when a person decides to get married, adjustments are to be made, including insurance policies.

  • If you and your partner have separate cars, you may start comparing your respective policies and see which company offers the best coverage. Add to that the likely assistance you will have to extend to your in-laws when it comes to deciding whether they should continue to drive or not.
  • It is recommended to set the deductible on the policy as high as your combined financial circumstances allow so you only need to pay less for the coverage, which however, may mean fewer claims. Single individuals are less than likely to get their own homes as compared to married ones. Even if they do so, their considerations will focus on themselves alone and not on children or other individuals that will live with them.
  • Life insurance is relative to your number of dependents. The more you have, the bigger they become. Parents of single individuals most likely have their own insurance but for married couples, they should start planning on ensuring that a spouse or future children are properly provided in the event of the premature death of the other spouse. Your insurance expert should be able to outline available options if anything happens to you.
  • Single people are no longer covered by their parents’ policy once they become older than 23. The best way is to find a company that offers health coverage even if a co-payment option is required.

During marriage, if both spouses are employed, there are also two health insurance plans, which should include dependents. Similar to auto insurance, families with separate policies should compare coverage, co-payments and costs to get the best coverage without having to spend more.