Not that it's foremost on your mind on Valentine's Day, but insurance IS an important aspect of a loving relationship.
It helps protect you and your partner from financial loss, and your insurance needs will vary depending on the stage of your relationship.
Here are some examples of insurance needs at 5 different relationship stages:
1. First Date: If your date drives your car and has an accident, your policy applies. Because you're unsure of your date's driving behavior, it's best to have higher coverage limits to avoid a potential financial crisis.
2. Cohabitation: If you move in together, each person's auto policy must cover all drivers in the household. You should also consider getting a renters or home insurance policy to protect your personal property and cover any liability issues that may arise.
3. Engagement: You may want to add a jewelry endorsement to insure an engagement ring.
4. Marriage: Add joint insurance policies for your home and auto to save money on premiums and make sure that both partners are covered. You may consider getting life insurance policies to ensure your partner is financially secure if you pass away. Additionally, you should consider adding an umbrella insurance policy to protect against liability claims that may arise.
5. Children: Consider increasing your life insurance coverage to provide financial protection for your family in case of your death. You may also want to consider life insurance policies for your children to cover expenses from an untimely death.
As these examples show, you should regularly review your circumstances with your local insurance agent and make changes as needed to protect yourself and your loved ones.