- Date : 17/11/2021
- Read: 3 mins
If you are getting married, here are a few financial advantages that you can enjoy from your marital union.
“Alone we can do so little; together we can do so much.” These words by Helen Keller makes a lot of sense when it comes to the financial security of a married couple. The bliss of marriage is not only felt emotionally but financially too. Although we do not tie the knot solely for financial gains, the conjugal bond definitely brings some added financial benefits to married couple finances.
So, here are some points that prove that marriage adds more financial robustness to your life.
1. Pooled-income and joint bank account
As a couple, you would have combined income sources to strengthen your finances. To carry out banking smoothly, one or both spouses may transfer a certain amount to a joint account and keep the remaining for the savings account. This is a great way to keep track of your expenses and shows how couples share finances efficiently. We know how opposites attract, and if one of you is extravagant, the other one can add a little frugality to the bank transactions. It can also make your banking transactions more streamlined and form a solid foundation for your financial planning.
2. Greater borrowing power
When you try to get a new loan as a couple, the lender bank will take both of your credit scores into consideration. Even if one of the partners has an excellent credit score in the past while the other may not, it will increase your chances of getting the loan. If you are wondering how working couples manage finances and arrange loans better, it is because their combined incomes are taken into account while measuring their repayment capacity. Together, both of you can command a better bargaining power while availing of a loan than if you were to apply individually.
3. Joint life insurance
Married couples can go for a joint life insurance policy. A joint term life plan will cover both husband and wife for a low premium amount. It ensures the financial security of the couple if one of them dies. Married couples can also buy joint endowment plans and enjoy the maturity benefits together. Besides, policy renewal can be done with a single payment instead of making two separate payments every time. This saves time and effort.
4. Combined health insurance
This is by far the greatest benefit a couple can gain by getting married. If one partner gets health insurance from their company, the spouse can be added to the policy to earn an added financial benefit. The working spouse can claim the medical treatment of their spouse out of the employer’s health plan. Family health plans can also be purchased, which provide floater coverage to the couple and their dependent children and parents.
5. Estate planning
Planning one’s estate means to systematise the assets owned by the couple that the surviving partner will inherit if misfortune strikes one. Having a spouse and children thereafter makes estate planning simpler and help married couples handle finances.
Expenses may indeed increase after marriage. But it can also boost financial security. And financial security only adds to the joys of conjugal life.