Newlyweds have many things to think about but re-evaluating their insurance
coverage should be near the top of their list. There are a number of health
insurance plans that newly married couples as well as old married couples
should consider.
• Health Insurance: For married couples who do not have good coverage provided by their
employer, an independent extended health insurance should seriously
be considered to supplement the provincial
coverage. Coverage for couples is likely less expensive than getting
two individual plans. Coverage for regular visits to the dentist, glasses
and eye exams, prescription drugs and a number of other professional
fees such as physiotherapists, psychologists and others are not covered
by your provincial plan but can be covered by a supplemental
medical insurance plan.
Working married couples should re-evaluate their health insurance plans
and decide whether or not they want to go with coverage under one employer
or co-ordinate between plans.
• Life Insurance: Working couples tend to have a higher
standard of living than single persons. They usually have a bigger house,
a more expensive car, and perhaps more exotic vacations. Allocating
funds to a life insurance plan as well as to a retirement savings plan
is essential for your long-term financial stability. Starting early
has a huge payoff as the interest accumulates.
• Disability Insurance: The purpose of this insurance
is to ensure that there will still be revenue should you not be able
to work for any particular health reason. Statistics show that young
people are more likely to suffer a lengthy disability as opposed to
dying prematurely.
