Valentine’s Day is quickly approaching and couples are diligently working to prepare their plans to let their loved ones know just how special they are to one another. While Valentine’s Day is known as the day to shower your spouse, partner, boyfriend or girlfriend with gifts, chocolates, and teddy bears, it is also recognized as the time when most significant others take the leap and ask for their partner’s hand in marriage. But, for all those who do wind up getting engaged on this day filled with love, there are some other things you may be forgetting to consider- insurance.
Why is Insurance Important to Consider?
You’re probably wondering why someone would even begin to think about insurance during a time of celebration, but did you know that based on statistics, “roughly 6 million couples will get engaged on Feb. 14” according to Property Casualty 360? And among those 6 million couples, 40- 50 percent will see their marriages end in divorce? I know it sounds rather shocking but it is always important to take into consideration what marriage brings and what you need to be mindful of when you tie the knot, or decide to “untie” the knot. And according to Boston radio host Lauren Beckham, we see this increase in divorces from those who got engaged on Valentine’s Day simply because they are reminded they aren’t married and may possibly act out of haste. In return, many of the those who marry just weren’t meant to be together.
What Does Insurance Got to do with it?
When couples become engaged, they often take the next step in their relationship and begin to share different things. Car insurance policies, renter’s or homeowner’s insurance, and even medical insurance are all things couples tend to combine on one policy to make it easier and reduce the costs. So, one thing all newly engaged couples should consider is whether they need to insure their fiancé ring on their homeowner’s or renter’s insurance policy. But keep in mind, once you give that ring away, it does belong to them. So, if the marriage goes sour, you may not be getting that valuable ring back anytime soon.
Car and Health Insurance Concerns
While you may decide that you want to put your spouse on your policy once you get married, keep in mind that their driving record could affect the cost. And if you are divorcing, make sure your ex-spouse is removed from the policy as you don’t want to be held liable for any accidents they case.
Now, something else to consider is that even though you may be excited that you can finally be added to your loved one’s health insurance policy once you get married, you can also be dropped off the policy in a heartbeat in the event divorce strikes. Therefore, always have a backup plan as you don’t want to go without health insurance.
And if you are currently going through a divorce and are caught up in issues involving insurance policies, let an Indianapolis, IN divorce attorney featured on USAttorneys.com assist you.