Marriage
Congratulations! Marrying your loved one is an important moment in your life! It’s probably not the first thing on your mind, but of course you’ll want to make sure you and your partner are well protected from unforeseen situations that could undermine your wellbeing and financial stability. You may wish to consider the following insurance coverage.
Life insurance
Now that you're married, someone else depends on your financial support. Should you pass away suddenly without adequate life insurance, your family may struggle to make ends meet. Will your partner be able to pay the funeral costs, mortgage, school fees or educational costs? Will your family have to move to a smaller house, or will it be necessary for your partner to work full-time if you aren't there? If your death would cause financial distress to another member of your family, you need life insurance.
If you have children, you will need additional life insurance coverage. If something happens to you, the children become your partner’s biggest expense. He or she will have to find the money for clothing, toys, childcare, school fees, braces, and maybe even university expenses. You will want to make sure you have enough insurance to cover all those expenses. The more children you have, the more life insurance you will need.
Tip: visit Life insurance Basics to find out how much financial protection you need.
If you had life insurance before getting married, you should do the following:
- Change who is named as the beneficiary. You will want to name your partner as the primary beneficiary of your life insurance, so that your partner receives the payment should you pass away. Even if in your will you have named your partner as the primary beneficiary of your life insurance, what is stated in the policy takes precedence. If you have children, you may also want to include them as beneficiaries.
- You may want to adjust the amount of your life insurance, depending on your situation.
Accident insurance
Every day we read about accidents in the newspapers. Car accidents, sport injuries, accidents while doing projects around the house or while on vacation. The list goes on. You and your family are also exposed to these same risks. If an accident results in permanent disability, the financial consequences can be dramatic. And it's not always possible to rely completely on social welfare benefits. For example, if you are involved in an accident caused by someone else, it could take years before you receive compensation. An additional payment can make a big difference. Think of the possible unforeseen expenses because of an accident (such as modifying your home or the need for domestic help).
Getting married is the time to ensure you and your family are protected from the consequences of becoming permanently disabled following an accident. You can do this by taking out accident insurance. No insurance policy can take away the sorrow if someone in the family becomes permanently disabled or dies, but it can provide the security of a good financial settlement. Accident insurance pays a considerable amount in the event of permanent disability or death due to an accident.
Car insurance
If you and your partner each have your car insurance with different insurers, this is a good time to insure both cars with the same insurer. Some insurers take into account the no-claim years of both you and your partner. It is also wise to the review the amount of your liability coverage. Now that you're married together you probably have greater combined assets that can be exposed to any liability. You want to make sure that your assets are adequately protected from the consequences of a serious accident.
Accidents can happen at anytime. Just getting in and out the car, but most likely while driving, your passengers can be involved in and injured in an accident. Or worse, it can also result in permanent disability or death. The financial consequences from such a situation should not be underestimated. Therefore it is wise to also insure your passengers by taking out additional Passenger Accident insurance.
This insurance entitles you to payments if the insured:
• dies as the result of an accident.
• becomes partially or entirely disabled as the result of an accident.
• incurred medical expenses as the result of an accident.
Home insurance
Now that you're married, your domestic situation has also probably changed and it's very likely that you and your partner together have more possessions. It’s wise to review your home and household contents insurance to make sure they still provide adequate coverage. Often, you will have accumulated far more possessions than you first realize. If you move into a new home, your household contents are probably underinsured. If you are underinsured, you may incur significant financial losses in the event of a claim, as your insurance would only partially reimburse you. You can avoid this situation by estimating the value of your household contents using ENNIA's household contents meter.
ENNIA or your independent adviser would be pleased to provide you with personalized advice.