By Kathryn Mayer
For many couples, first comes love, then comes marriage. But somewhere in the middle of that should come insurance, experts say.
According to the National Association of Insurance Commissioners, there are notable discrepancies between what couples know they should talk about before tying the knot — i.e. insurance needs and plans — and what they actually discuss.
For example, according to a survey from the group, while 71 percent of newly married couples acknowledged the importance of sharing beneficiary designations before getting married, nearly half never got around to addressing their life insurance needs.
“This survey captures a sentiment we often encounter — that consumers want insurance education, but often don’t know where to begin,” said Jim Donelon, NAIC
President and Louisiana Insurance Commissioner.
Though 84 percent of respondents ages 18-24 said it was important or extremely important to share details about pre-existing health conditions before marriage only, 73 percent had addressed the topic of whose health insurance to keep.
Forty-two percent of young couples discussed getting a life insurance
policy before getting hitched. But even more worrying, 33 percent of recently married couples ages 55-plus had yet to discuss life insurance as long as one year after the wedding. Older couples were far more likely to discuss their entertainment budget rather than their life insurance policy.
NAIC said it’s critical since engagement season is right around the corner. Nearly 40 percent of engagements occur between Thanksgiving and Valentine’s Day.
To help guide couples through insurance talks, NAIC has developed a resource called the Insurance Survival Guide for Newlyweds, a resource that offers facts and tips to encourage couples to ask these questions early.
Originally published on BenefitsPro.com