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From legal statuses to joint accounts, getting married results in many changes life changes. One of the most of overlooked changes is insurance, especially whole and term life coverages. While it's not a romantic aspect of the nuptials, your current policy has the potential to either protect or negatively impact your spouse in the future. Here's a closer look at how tying the know affects your life insurance policy as well as the updates you need to consider.

A Guide to Life Insurance After Marriage

How Does It Affect Coverage?

Upfront, there are usually only minimal effects. In most cases, the actual policy you have in place stays in effect, and you'll only need to alert your insurance agent regarding your legal relationship status and any name changes. You also need to make sure your spouse is the designated beneficiary on the plan. However, a monumental life event does require reevaluation.

Once married, most couples combine their incomes. In some cases, only one individual works full-time, or now, children are part of your family unit. While these circumstances may not directly impact your current policy, they do change the protections you need from it. As a result, it's best to set down with your agent and expand your current policy or switch to a new individual or joint policy.

What Coverage Changes Are Needed?

life insuranceThe biggest concern is the coverage limits. If your partner relies on your income at all, then you need to make sure that your life insurance policy covers at least one-year of your annual salary. You also need to consider joint expenses, like auto loans and mortgages, to ensure they don't experience financial hardship in the event something happens to you.

Additionally, if children are now part of the picture, then you need to consider their economic needs. This concept is especially important if you're now responsible for their fiscal well-being. From everyday costs, like clothing and food, to long-term expenses, like college tuition, choose a coverage limit that matches their monetary needs in both the short- and long-term.

 

Are you preparing to tie the knot? Turn to the team at Mountcastle Insurance in Forsyth County, NC, for assistance finding a life insurance policy. For over 128 years, the independent agency has provided friendly, reliable, and personalized service to residents and businesses throughout Lexington and Winston-Salem. From homeowners to umbrella policies, they provide a variety of coverage options catered to each client's needs. Request a personal insurance quote today online or by calling (336) 777-8500.

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