Getting Married? Here’s Another Vow that Will Make Your Marriage Stronger

Marriage vows are undoubtedly the most beautiful words put together, but nonetheless vague. Promises to stay together in sickness and in health are made, but no one tells you how to achieve that successfully. Here’s a vow to add to make that vow more relevant - getting insurance together.

Check Out the Benefits of Getting Insurance as a Married Couple!

• Affordability for Families: Purchasing five separate health insurance policies, each with a coverage of AED 500,000, can be quite expensive. However, opting for a family health insurance plan with the same total coverage amount will prove to be a more cost-effective choice. 
• Simplified Management: Handling a single family floater plan for your entire household is far more convenient and offers more flexible terms and conditions. By paying a single premium, you and your family can enjoy comprehensive health insurance coverage.
• Complementary Coverage: While employee health insurance tends to be generic, a family mediclaim policy (family floater) can be customized to a certain extent, making it a valuable supplement to individual plans.
• Optimizing Health Coverage: You can select a policy tailored to your family’s specific issues. In this way, with a basic family mediclaim policy in place, you can further tailor your coverage with additional policies if necessary, thereby building a more robust health insurance portfolio.

Don’t Know What to Choose? - Here’s the Checklist to Follow

1.) Life Insurance

• Why It Matters: Marriage brings financial interdependence. Life insurance ensures your spouse is financially secure if something happens to you. It covers expenses like funeral costs, rent or mortgage, and debt, even childcare and future college costs.
• How to Get It: Consider term life insurance; it's affordable. Choose a term that covers key milestones, like until your kids graduate. Shop online but consult an independent agent for expert advice.
• Saving Tip: It's cheaper than you think, especially when you're young and healthy. Don't skimp on coverage; plan for future expenses.

2.) Disability Insurance

• Why It Matters: Disability can strike anyone. Protect your income. It can be a lifesaver during maternity leave too.
• How to Get It: Check your employer's disability coverage. Consider supplementing with a private policy. Coordinate both for maximum protection.
• Saving Tip: Group plans at work are usually affordable. Get it while you're young and healthy. Long-term coverage is often better than short-term.

3.) Health Insurance

• Coordinate Coverage: Marriage allows changes to health plans outside of open enrollment. Compare your plans to find the best and most affordable option.
• Saving Tip: High deductible plans can save money, but be prepared for out-of-pocket costs. Consider a health savings account.

4.) Auto Insurance

• Update Your Status: Let your insurer know you're married. Combining policies and insurers can save you money.
• Saving Tip: Shop around every few years, even if you're happy with your current insurer. Inquire about discounts and annual payments.

5.) Homeowners or Renters Insurance

• Assess Your Coverage: With more belongings in your household, ensure you have enough coverage. A home inventory can help.
• Saving Tip: Shop around, consider multi-policy discounts, raise your deductible, and add safety features for savings. Don't skimp on coverage.

Marriage brings both joy and financial responsibilities. Proper insurance coverage ensures a secure future together.

Written by: Tashika Chopra