Changes you Need to Make in your Insurance Plan after Marriage

Rakesh Goyal, Director, Probus Insurance

Marriages come with a number of changes, no matter how prepared one is, there are always some surprises waiting your way. Few of the changes occur on its own while the other changes are obligatory based on the partner’s preferences and situations. Marriages not only change the legal status but also bring a tremendous impact on one’s future decisions.

Post marriage, an individual tends to have more responsibility towards their spouse and there might be numerous uncalled challenges. A proper plan of finances can ensure smooth sailing in your new relationship. Along with updated financial planning, having sufficient insurance plan coverage is highly significant.

Taking few informed steps while progressing to this new phase of life can help both the partners lead a better and stress-free future ahead. If you are planning to get married soon or have already married few days back, then below are few of the most recommended changes that you can make in your current insurance plan:

Upgrade your existing plan

If you have an individual health insurance plan so far, then this is the right time to upgrade it to a family cover by adding your spouse or other family members to the plan. Moreover, you are also eligible for tax benefits under the family health insurance plan along with the perk of not having to pay premiums differently for other family members (which otherwise could have been the case if you had an individual cover).

While changing your current plan, you can either switch to a family floater plan, buy a new family health plan or simply port the husband’s plan into the wife’s existing plan or the other way round. You can talk to your insurer or insurance broker to help find a plan that is more in line with you and your partner’s healthcare needs. It is also suggested to undergo a medical check-up of both the partners to have a better understanding of the health status and accordingly opt for the suitable plan.

Opt for a maternity cover – the sooner, the better

It is observed that married couples usually try for a baby after two to three years of their marriage. Having said that, the maternity insurance cover however comes with a waiting period. This waiting period can range anywhere from zero to four years depending on the plan and insurer from where you have bought the policy. It is highly recommended for married couples to immediately opt for maternity cover if they are planning for a baby anytime soon as the benefits of this cover could be reaped only after the waiting period is over.

Look for the right insurer

The coverage and the services of the health insurance plan usually differs from insurer-to-insurer. After marriage, you might consider opting for some additional benefits as per your new requirement but your insurer won’t be equipped enough to provide those. This could be the best time for you to re-think about your current health insurance provider. If you have been unsatisfied with the coverage that your plan offers or the services that your insurer offers, then this can be an ideal time to look for a better option. You can list down the current and the new requirements of your spouse or any other family member that you wish to add, and find the suitable insurer and plan.

You can compare the benefits, discounts, features etc., of the plans online and make the right choice based on your preferences. As rightly said by Heraclitus, The Only Thing That Is Constant Is Change and there could be some significant change in your lifestyle post marriage. Based on the changing requirement, there would be a definite need of altering your current health insurance plan or provider, hence this factor should be taken into consideration post marriage.

Understand the benefits of add-on covers

Post marriage you can look for some suitable add-on covers to enhance the coverage of your current health insurance plan. These add-on covers are beneficial as they improve your coverage and offer some additional perks. See to it that the add-on covers are in profits for you and your partner, some of the examples for married ones to enhance their base health cover include top-up covers, personal accident plan, critical illness plan etc.

Revisit your existing term plan

While one is ready to embrace the change in life, he or she must also be ready to reevaluate the current term insurance plan along with the health plan. Considering the additional family responsibilities and the inflation in mind, this move can be highly beneficial for the insured’s family or spouse in their absence to meet the financial needs. Also, enhancing your term plan coverage can help you secure your child’s education or future dreams in case of any unforeseen situations.

Bottom Line

Marriages are the biggest leap in one’s life and making informed financial decisions can help save from the tons of unnecessary stress. Making the above mentioned changes in your existing plans can definitely help you sail through this new journey seamlessly without any financial stress.

Views expressed in the article are the personal opinion of Rakesh Goyal, Director, Probus Insurance.

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