Getting married? Understand the impact on your insurance

Merging lives, merging insurance policies

As you join together in marriage, consider merging your insurance policies for potential savings. Review and consolidate them into a single provider for each type. For example, living together may mean you only need one home contents insurance and travel insurance.

Evaluate whether additional or different coverage is necessary.

For example, perhaps you require enhanced protection for your electronics; consider adding "extended electronic malfunction" to your home insurance. Alternatively, you may want coverage for potential trip cancellations. In that case, the "cancellation" add-on to your travel insurance might be wise, ensuring coverage for unforeseen changes to your honeymoon plans.

Ensuring each other’s well-being

Accident insurance is typically personal, ensuring compensation if you suffer an accident resulting in permanent injuries of at least 5%. To enhance your coverage, consider adding valuable options.

For added peace of mind, the "death" coverage add-on is available. This ensures financial protection in the unfortunate event of your spouse's demise due to an accident. 

In such cases, the compensation is directed to the closest relative, with the spouse being the primary beneficiary.

If you wish to customise your beneficiaries, you can easily do so on My Page. For instance, you can designate your children as beneficiaries, providing a tailored approach to your family's needs.

Considering a prenuptial agreement

When you get married, your assets automatically combine into one shared pool, known as a community of property. While this might not affect your marriage much, it becomes significant if you ever decide to get a divorce, especially when there's a difference in the assets each partner brings in.

To handle this situation sensibly, you can consider a prenuptial agreement. This legal document lets you decide in advance how your assets will be divided in case of a divorce, offering clarity and protection for both partners.

The role of inheritance and wills in financial planning

Understanding your financial standing in the event of a spouse's passing is essential, as inheritance laws can be nuanced in marriage.

If you pass away first without children, your spouse inherits everything. If you have shared or stepchildren, your spouse gets half, and your children share the other half equally.

For families with children, creating a will can be beneficial. It allows you to specify arrangements, ensuring your surviving spouse doesn't need to sell the home to fulfil inheritance obligations for the children.

Seek guidance from IDA Forsikring

Write or call us if you have questions or need advice on optimising your insurance policies after getting married.