Weddings should be a happy event. It is a start of new life and there are just so many things that should be looked forward once you start living as a couple. There are also different kinds of legal changes from names to legal status to addresses. Same changes can be applied to insurance policies. It may either be for better or worse, depending on the take of couple involved.
Axis Capital Inc., with its group of insurance and reinsurance companies from its main office in Bermuda to Australia, Singapore, United Kingdom and the United States stated that insurance has become more complicated now that same sex marriage has been legalized in the US. Since the leader country has already adapted it, the rest of the world would follow suit soon, much to the fear of insurance companies who are looking forward to more headaches due to policy and regulation changes.
Yet, we cannot deny that there are also a lot of marital benefits applied to other cities as well.
1. Life Insurance
After saying ÔÇÿI do’, underwriters now consider a man a whole new different person. Renewals of premiums may be less expensive after marriage. Your mortgage, for instance, can be easily paid as one, if you are both owning different houses while you are still single. Since you are considered a single entity in the eyes of church and state, you may be left with lesser debt to pay off. If you already have a child prior to marriage, your premiums may also lessen since you have to raise a minor who will need financial support.
2. Car Insurance
Insurance rate may be lower as statistically, when a man gets married; the risk of getting involved in accidents or scam also decreases. Also, when both partners own a car under different companies, they can reap benefits when it is changed to one sole company. It is highly advisable to ask your agents for quote difference.
3. Home Insurance
It gets cheaper to insure two houses as one whole policy can be taken away. This also includes the contents inside the house. This applies even when you are renting your home. Same regulation has just been applied by insurance companies in developing cities like Kuala Lumpur, Malaysia and Jakarta, Indonesia.
4. Health Insurance
If you and your new spouse both have group health insurance plans at your places of employment, they are likely to be very different in their coverage and their premiums. It is often less expensive to add a spouse to a group health plan than to maintain separate plans. Compare both plans and choose the one that most closely matches your needs.