Key Takeaways
- Married couples need to review and update four main types of insurance: car, homeowners or renters, life and health.
- Getting married could lower your car insurance bill thanks to marital and multicar discounts.
- Once you get married and move in together, update your homeowners or renters insurance—and bundle it with your auto policy to save even more.
- Every spouse needs term life insurance to make sure the family is financially covered if the unthinkable happens.
- Marriage gives you a special enrollment period, so take time to compare health plans and pick what works best for you both.
Getting married is a huge deal, but guess what people usually forget in the middle of all that wedding planning and honeymooning? Insurance!
We know, you’ve got a lot going on as you prepare to spend the rest of your lives together. But it’s so important to do an insurance coverage checkup whenever you go through a major life event—and getting married is as major as it gets. Your lives are changing, and that means your insurance needs have changed too. If you’re not careful, you might not have the right insurance in place to protect your loved ones.
What Types of Insurance Do Married Couples Need?
Once you’re married, your insurance needs shift because your responsibilities shift. You’re sharing a household now, and that usually means shared risk too. So this is the moment to make sure your coverage matches your new life.
Use this quick checklist to make sure you’re covered.
|
Insurance Type |
What to Update After “I Do” |
When to Do It |
Quick Savings Tip |
|
Car insurance |
Combine policies, add your spouse as a driver, and update your address and vehicles. |
Within 30–60 days of getting married |
Ask about marital and multicar discounts. |
|
Homeowners or renters insurance |
Move to one policy that covers both spouses and all your stuff. Add a rider for valuables if needed. |
As soon as you move in together or buy a home |
Bundle home/renters with auto to lower premiums. |
|
Life insurance |
Make sure both spouses have term life coverage. Update beneficiaries on any existing policies. |
Right away—don’t wait. |
Choose a 15-to-20-year term and shop rates with a pro. |
|
Health insurance |
Decide whether to join on one plan or keep separate plans. |
Within 30–60 days of the wedding (varies by plan) |
Compare costs—sometimes one plan is cheaper, sometimes not. |
|
Umbrella insurance (if you already have it) |
Update drivers, cars and household info so your coverage matches your new risk level. |
When you update your auto and home policies |
You may not need this unless your net worth is over $500,000—but update it if you have it. |
Can Getting Married Lower Your Car Insurance?
Short answer: Yes, marriage often triggers discounts that can lower your rate. While you might not magically become a better driver because you found your better half, statistics do show that married drivers file fewer claims and are less risky to insure.
On average, married drivers pay $160 less for auto insurance per year than singles.1 That’s more than pocket change.
This is also the perfect time to ask about these common discounts:
- Marital discount (automatic with many insurers)
- Multicar discount if you’re combining vehicles
- Bundling discount if you pair auto with homeowners or renters insurance
If you both bring a car into the marriage, combining your coverage under one policy is usually the simplest and cheapest option.
Do Married Couples Need One Homeowners/Renters Policy or Two?
If you live together, you usually want one policy that covers both of you.
Once you move in together, one of you will likely drop the old policy you had on your own. Then you’ll update a single policy to reflect your shared home and stuff.
If you’re planning to rent during the first year or two of your marriage (which is probably a good idea, since you might need some time to figure out just how close you want to live to your in-laws), then renters insurance is a must. Buy enough coverage to replace all your stuff in case of theft, fire or vandalism. Trust us, it’s worth the $15–20 per month!
But what if you’re moving straight into a new home? Then you’ll need homeowners insurance. You’ll want to be sure you have enough insurance to cover the entire cost of replacing your house—and your stuff—if a tornado or a fire destroyed everything.
Also, keep in mind that some luxury items (like wedding rings) might not be fully covered under your homeowners or renters policy. If you’re worried about jewelry and other valuables, you could add a rider to your policy so those items are protected.
Here's A Tip
You could save 5–20% each year on your insurance premiums just by bundling policies like your auto and homeowners insurance.2
How Much Life Insurance Do Married Couples Need?
Life insurance for married couples is nonnegotiable. It exists for one purpose: to replace your income if you die so your spouse isn’t left in a financial disaster.
Each spouse should get a 15- or 20-year term life insurance policy with 10–12 times your annual income in coverage. For example, if you make $60,000 and your spouse makes $50,000, you’d want:
- $600,000 in coverage for you
- $500,000 for your spouse
Stay-at-home parents need life insurance coverage too. First, add up the cost to replace all the jobs a stay-at-home parent does for a full year—things like childcare, cleaning and laundry services. Then, multiply that total by 10–12 to determine what you’ll need in coverage.
So, what happens once the term of the policy is up? Well, if you’ve been building wealth during those 15 or 20 years by consistently investing 15% of your income for retirement month after month and year after year, you won’t need life insurance anymore.
At that point, your savings and investments can cover what your income used to, so you’re basically self-insured. Term life is there to protect your family while you’re getting to that place.
Don’t put this off. Life insurance for married couples isn’t optional—it’s something you needed yesterday. Our friends at Zander Insurance can compare term life options and help you find the right coverage.
If you already have a life insurance policy in place, update your beneficiaries ASAP so your spouse would get the death benefit if something happened tomorrow. And if your current policy isn’t term life, switch. Buy your new term policy first, then cancel the old whole life policy when (and only when) your new policy is in effect.
Got Kids? Use These 5 Tips to Get the Right Length of Life Insurance.
If you have kids depending on your income, you might be wondering, How long should my life insurance policy last? Great question!
What Should You Do With Health Insurance After Marriage?
Normally, health insurance changes happen only during open enrollment. But marriage triggers a special enrollment period, so you can adjust coverage right away.
You have two main options:
- Get on the same plan.
- Keep separate plans.
If each of you has health insurance through work and you’re happy with that coverage and how much it costs, then it’s probably best to keep your health insurance plans separate for now.
On the other hand, if one of you is a freelancer or stay-at-home parent who doesn’t have access to an employer-based health plan, it might be cheaper to join the other spouse’s plan.
You don’t have a lot of time to choose, though. Normally you have up to 60 days after getting married to enroll in a new individual health plan—or as few as 30 days to join your spouse’s employer-based health insurance.
Here's A Tip
If you’re fairly healthy and want to save on premiums, look into a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). HSAs come with tax advantages and help you plan for future medical costs without wrecking your budget.
When Should You Consider Umbrella Insurance After You’re Married?
Umbrella insurance is like a safety net for big accidents or lawsuits. It kicks in after your car or home insurance runs out. Most newlyweds don’t need it right away—but you will once your net worth hits $500,000.
That’s because the more you own, the more you have to lose if someone sues you. Umbrella insurance is also smart if you’ve got added risk—like a rental property, teenage drivers or a swimming pool.
If one of you already has umbrella coverage, update the policy now. Adding a spouse, more cars or new drivers can affect your premium and coverage.
How Do You Shop for Insurance as a Couple?
We know an “insurance-shopping date night” isn’t exactly a one-way ticket to romance, so why don’t you let someone else do the work for you?
Our RamseyTrusted® insurance pros can shop around for the best deals on insurance based on your family’s needs. That’s because they’re independent insurance agents, which means they’re not trying to sell you coverage from just one insurance company. And the best part? Connecting with a pro is completely free!
Next Steps
- Go down the list—car, homeowners/renters, life and health—and make sure each policy is updated now that you’re married.
- Look for ways to save by bundling policies or combining coverage where it makes sense.
- Connect with a RamseyTrusted insurance pro to get the right coverage in place and protect your new life together.
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