When preparing for their big day, many couples go to great lengths to ensure that their special day takes place without a hitch. Unfortunately, not many newlyweds put that kind of effort into ensuring that they share a quality life together, especially when it comes to making sure that their existing insurance policies will adequately cover them both.
A sudden loss of income arising from unexpected events such as illness or sudden death can be devastating to your marriage, especially when your loved one is depending on you financially. Ensuring that you are sufficiently covered will give you the peace of mind and ensure a smooth-sailing journey together.
When you’re single and have no children, you may feel that there is little need for insurance since no one else is depending on your income. But even that is untrue, as sudden illness or disability can occur and rob you of your hard-earned savings and income-generating abilities.
If you are married and have financial dependents, such as a stay-at-home spouse, you will need to discuss with them what will happen to their lives should the worst happen to you. An adequate life insurance policy can offer some protection from life’s unexpected curveballs.
Medical insurance is equally important. With rising medical inflation, a serious ailment can drive one into bankruptcy if he or she is not financially secure.
Individual medical policies should also be an option for married couples, in the event that employer raises the employee’s share of the premium to cover spouses or stop offering coverage for spouse to cut the extra expense.
Young couples should keep a lookout for high-quality policies at affordable rates, created specifically for young, healthy individuals. Making sure you and your spouse are sufficiently covered will help you sustain your relationship in sickness and in health.