Insurance Mistakes That Can Affect Your Marriage

Honesty is the best policy when it comes to avoiding misunderstandings with insurance matters and your marriage. Being proactive can help you avoid these five mistakes and many more.

1. Not naming your spouse as life insurance beneficiary: Make sure your life policy is up to date with the name of your spouse as beneficiary. This way she’ll receive full benefits from your policy in the event of your demise.

2. Excluding your "poor driver" spouse from auto insurance coverage: In most states, you must include all licensed drivers in your household on the same policy. Not listing your spouse could result in loss of coverage along with friction in your marriage. By seeking other auto insurance discounts, you can offset higher premiums due to your wife’s bad driving record.

3. Hiding bad credit: Honesty is important in a relationship, especially in financial matters, as it affects your insurance, banking, home buying, etc. Disclosing financial difficulties enables you to work together to rectify the problem.

4. Failing to obtain homeowners insurance: Homeowners insurance is a must to protect your investment. Couples should ensure their home and belongings are properly insured to recover their assets in the event of damage or loss.

5. Losing insurance coverage due to nonpayment: Nonpayment of your policies automatically terminates your coverage, leaving you vulnerable to any eventuality. If you’re having financial difficulties, it’s best to discuss your options with your spouse and come to a mutual agreement on resolving your situation.

For more information on couple related insurance matters in the Scottsdale and greater Phoenix area, Arizona, contact Prutting Insurance Group