May 18, 2011

Newlyweds need to make sure they protect their assets

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 http://www.rbcinsurance.com/insuranceneeds/ or visit the nearest RBC Insurance branch.