Saturday, July 11, 2009

Taking Care of Business

After 4 weeks of marriage we decided it was time to get around to some of those pesky business details involved with entering a legally binding contract, such as combining our auto insurance and getting renter's insurance to cover our possessions (I know, I know, we've been adults for how long and haven't had renter's insurance? I suck at being a grown up, what can I say?) At least I'm not changing my name, and we've had a joint checking account for the last 2 years so the effort involved in taking care of business is minimal.

There are some perks to this process, like the fact that even with adding renter's insurance we're saving over $100 compared to what we were paying for our individual car insurance policies. How is that even possible? Those Progressive commercials may be annoying but man, they are saving us a lot of money. I guess now that we're married we're theoretically more responsible drivers?

Next big thing to look in to: life insurance. I've got a small, term policy through my employer (which I need to update the beneficiary on) but am at a total loss about where to go from there. Recommendations are welcome!


Anonymous said...

you need to talk to Suzy Orman about the insurance. I think she has some good advice on alot of things and I think she might actually be on tv right now!!

Tiffany said...

So I'm not sure how much you know and not that I know whole lot about life insurance, but I know with term you pay a flat monthly premium the entire time you have it in force. With whole life insurance, you actually pay the amount of insurance you take out in monthly premiums and once you've paid the total say 100,000 that's it you're done. You still have the policy in force but you paid it off. Also, you can builds cash value on whole life policies, you if you need to "borrow" money from your policy for something you can. My mom used her cash value when her and my dad bought a house years ago. Hope that helps, or you probably knew that already. Love ya!