Insurance Changes You Need to Make Post Marriage
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Insurance Changes You Need to Make Post Marriage

Buy Life Insurance Now
  • 8th Oct 2021
  • 50
Insurance Changes You Need to Make Post Marriage

Isn't it wonderful to share a life full of laughter, delight, joy, and love with your better half? It's tough to let the negative thought pull you down when the treasured tie of marriage comes with such optimism. While this big transformation in your life has tremendous worth, it also brings with it some significant adjustments. Not only are you now sharing your space, life, memories, and future with someone, but there is the added duty of responsibly managing and sharing funds.

It's no secret that navigating the unfamiliar area of sharing money may be daunting, however, the best place to start is by making some much-needed changes to your life insurance scheme post marriage.

We'll now have a look at some additions and modifications you can make to your health and life insurance details once you are married.

Re-Evaluate Your Healthcare Needs

Change is the only constant, and your health is no exception to it. There is a high chance that your health is not the same as it was when you bought your first Mediclaim. Since then, your well-being would have gone through numerous changes. First of all, and most importantly, you must assess your present healthcare coverage. If you're still dependent entirely on the group insurance coverage offered by your employer, it's time to make a change. Begin by buying health insurance coverage for yourself and your spouse. Take a look at your spouse's current plan (if any) and make any necessary modifications, such as raising or lowering the coverage to meet both of your requirements.

Add A Maternity Cover

Almost all term insurance plans in India provide the option to add maternity cover as a rider benefit. Having children is a wonderful and fulfilling experience, and if you’re planning to have children in the future, maternity insurance is a must. This add-on benefit comes with a waiting time in some cases. According to your insurer's terms and conditions, the waiting period might last anywhere between 0 to 4 years. It's crucial to remember that this coverage would only become operational after the processing period has ended successfully. If you request a claim before the waiting period has elapsed, the insurance company will not be able to settle it on your behalf.

Look Out for Family Health Insurance Plans

With new members joining your family, you should consider getting family health insurance coverage as part of your term insurance policy. You can easily include your partner in a family floater plan. Family floater plans, for example, will include loved ones of the household as part of one shared plan. This also comes with tax savings under Section 80 D of the Income Tax Act, in addition to lower insurance premiums.

Marriage brings many new changes into your life - be it in terms of lifestyle or financial planning. It is imperative that you manage these changes as soon as possible so as to have a comfortable future with your spouse and kids.

- A Consumer Education Initiative series by Kotak Life

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