Newlyweds need to make sure they protect their assets

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by RBC Insurance

With all the excitement of getting married, many couples may not consider their financial future. This new stage of life can mean buying a new home, a nicer car and travelling more often.

Marriage causes many people to take their finances more seriously, as they often have greater financial obligations and debt. With a spouse to consider, insurance can help reduce a couple’s financial risk in this new chapter of their lives.

Here are a few big purchases that should have you reviewing your insurance coverage.

Buying a new home – The purchase of a new home should include a full assessment of your insurance needs. Mortgage or loan insurance for instance, can help pay your debts in the event of a death or disability.

Taking a vacation or Honeymoon – The last thing you want to worry about on your romantic getaway is lost luggage, flight delays or illness. Travel Insurance may help ensure that a mishap doesn’t spoil your trip.

Purchasing or expanding a life insurance policy – Couples should adjust their life insurance policy after marriage to ensure their spouse is the beneficiary and would be secure in the event of a serious illness or death.

Buying a wedding ring or new car – Consider bundling your auto policy with home insurance for additional savings and check with your insurance company before buying a new car to avoid any surprises. You should also update your home insurance policy to reflect new purchases such as a wedding ring or furniture.

Article provided by RBC Insurance

For more information or to review your current insurance needs, contact a licensed RBC Insurance advisor at 1-800-ROYAL-68, visit or visit the nearest RBC Insurance branch.

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