When you first get married, there are so many exciting new experiences to look forward to as a couple. Insurance likely is not on that list. Couples, however, are often able to access better rates and better coverage than either spouse would have individually. Some of the benefits of combining insurance policies include discounts for having multiple policies with the same company and getting the same coverage for less. Here are the most common types of insurance and some of the marital benefits. (Waiting to marry has become the norm, but do you know what to consider before saying "I do"? See 5 Things To Consider Before Late-In-Life Marriage.)

TUTORIAL: Introduction To Insurance

1. Car Insurance

You might not think that a 25-year-old single man is any different than when he gets married the next day. In the eyes of insurance underwriters, however, he is a completely new man and a much lower insurance risk once he says "I do." Married men attract much lower car insurance rates than their single counterparts. Statistically, they get into fewer accidents. When you get married, one of the first telephone calls should be to the insurance agent to obtain a new quote.

If both spouses have vehicles and have insurance policies with different companies, bringing them both to one company may also reap benefits. Many insurers offer discounts for multiple-car families. Be sure to ask for several quotes, both from your existing insurers and from their competition to get the best price.

2. Life Insurance

Life insurance premiums are also based in part on marital status so renewals may be less expensive after marriage. Your combined income replacement needs may also change. For example, if you each owned a home with a mortgage while you were single, after marriage you may choose to sell one of the houses and pay off that mortgage. That leaves you with less overall debt to pay off if one of you dies. If either of you came into the marriage with minor children, your life insurance needs may also decline as the spouse's income will help contribute to the financial needs of the kids. When you get married, it is important to sit down with your insurance agent and review both of your policies together.

3. Health Insurance

If you and your new spouse both have group health insurance plans at your places of employment, they are likely to be very different in their coverage and their premiums. It is often less expensive to add a spouse to a group health plan than to maintain separate plans. Compare both plans and choose the one that most closely matches your needs. For example, your policy may include regular physician checkups and, once you do the math, you may realize that the premium increase due to that coverage is higher than what the doctor charges for an office visit. If either you or your spouse is self-employed and the other works for an employer, covering the self-employed spouse under the group plan will usually be less expensive than maintaining an individual plan. (Getting your own policy isn't easy or cheap but in some cases, it's well worth the effort. Check out Buying Private Health Insurance.)

4. House Insurance

House insurance consists of both insurance on the structure itself (if you own the home) and insurance on the contents - all of your "stuff." Contents insurance is needed whether you own or rent. The first way that you and your spouse may save money on house insurance is if you go from two homes down to one. One entire policy goes away. The second reason why it may be less expensive is because it is cheaper to cover your combined contents than it was under separate policies. Let's say that you have about $200,000 in furniture, clothes, kitchen equipment and everything else that is in your home. The contents portion of your insurance policy may be $300 per year. Your spouse may have $50,000 in contents and is paying $75 per year. Combining the $250,000 in contents into one policy may only cost $325, saving you $50 per year.

TUTORIAL: Mortgage Basics

5. Multi-line Discounts

Many property and casualty insurers that offer different types of insurance, such as car, boat, house and business, give clients a discount if they have more than one type of policy. That means that if, between you and your spouse, you have two cars, a motorcycle, a camper van and a house, holding all of the policies with one company can result in a 5-20% discount.

The Bottom Line

It may not be the best part of getting married, but saving money on insurance is one of the best financial benefits of matrimony.

Related Articles
  1. Insurance

    Getting Life Insurance in Your 20s Pays Off

    Find out how Americans in their 20s can benefit from a well-thought-out life insurance policy, especially if they are able to build cash value for retirement.
  2. Insurance

    Using LinkedIn to Find Life Insurance Leads

    Learn how LinkedIn can help you generate leads as a life insurance agent, and understand the steps to turn your profile into a lead-generating machine.
  3. Retirement

    Why Are Annuities Important for Retirement?

    Understand how annuities work, and identify the benefits they provide for retirement, the most salient being a guaranteed income stream for life.
  4. Savings

    Become Your Own Financial Advisor

    If you have some financial know-how, you don’t have to hire someone to advise you on investments. This tutorial will help you set goals – and get started.
  5. Professionals

    How to Create a Retirement Co-Op in Your Community

    As the retirement boom continues, retirement co-ops are growing in popularity. Here's how to set one up in your community.
  6. Insurance

    The 4 Best Alternatives to Long-Term Care Insurance

    Understand what long-term care insurance is and the types of people who need this coverage. Learn about four alternatives to long-term care insurance.
  7. Insurance

    How Car Insurance Companies Value Cars

    Learn the methodology used by car insurance companies to value cars, and understand why the amount they give you may not cover the cost of a similar vehicle.
  8. Stock Analysis

    How Does Oscar Work and Make Money?

    Learn how startup Oscar is taking on the health insurance giants by offering customers free doctor's visits, generic drugs and 24-hour phone access to doctors.
  9. Retirement

    The Better Way to Save: Life Insurance or IRA?

    Sure, you can tap your permanent life insurance policy to help fund your retirement. But in most cases, an IRA is the better choice. Here's why.
  10. Insurance

    Life vs. Health Insurance: Choosing What to Buy

    When you only buy the coverage you truly need, the debate over medical insurance vs. life insurance might just be one you can avoid.
  1. Can I borrow from my annuity to put a down payment on a house?

    You can borrow from your annuity to put a down payment on a house, but be prepared to pay an assortment of fees and penalties. ... Read Full Answer >>
  2. Are Cafeteria plans exempt from Social Security?

    Typically, qualified benefits offered through cafeteria plans are exempt from Social Security taxes. However, certain types ... Read Full Answer >>
  3. What are the biggest disadvantages of annuities?

    Annuities can sound enticing when pitched by a salesperson who, not coincidentally, makes huge commissions selling them. ... Read Full Answer >>
  4. What are the risks of annuities in a recession?

    Annuities come in several forms, the two most common being fixed annuities and variable annuities. During a recession, variable ... Read Full Answer >>
  5. How can I determine if a longevity annuity is right for me?

    A longevity annuity may be right for an individual if, based on his current health and a family history of longevity, he ... Read Full Answer >>
  6. Can your life insurance company sue you?

    A life insurance company generally cannot sue you, but it can sue your estate. The company may do this in order to recover ... Read Full Answer >>

You May Also Like

Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!