In Canada, many couples live together before getting married. However, it’s often not until after the wedding when life settles down that the less glamourous aspects of “creating a union” appear, like merging finances, investments and insurance.
Here are a few insurance-related tips for newlyweds to consider:
Combining your car insurance is one of the easiest ways you can save together. Look at each other’s current insurance provider to see what they offer. It’s a good idea to also compare multiple quotes, shop around for the best deal, and see what discounts you qualify for. The Co-operators offers a multi-product discount if you have auto insurance, plus home, life, business or farm insurance. There’s also a discount for insuring more than one car and many other discounts you may be eligible for.
If you and your spouse already live together and own your home, you may only need to review your coverage. But, if you’re just moving in together, or moving into a new home, you may need to cancel an existing policy, add a partner to an existing policy, or increase your coverage to adequately protect your combined belongings. Our Home Inventory Checklist is an easy way to make sure you’re fully protected, and there are several discounts you may be eligible for.
While young people may not think about buying life insurance, there are several reasons why they should. Typically, people buy life insurance after a milestone like getting married, buying a home or having a baby. A life insurance policy ensures financial stability if something were to happen to you or your partner. The death benefit allows you to continue paying the mortgage, planning your children’s education and maintain your standard of living. Try our family discussion guide to start the conversation at home, and when you’re ready, we have a Financial Advisor discussion guide to prepare you for the next step.
One of the main benefits of protecting your mortgage with life insurance is you own the policy. Unlike a bank’s mortgage insurance, even if you switch lenders, the policy stays in force; you’re the only one who can cancel it. If you name your spouse as the beneficiary and you later pass away, they receive the payout – not the bank. Our mortgage insurance also comes with optional critical illness and disability benefits all in one flexible plan.
For more information, contact your Financial Advisor.