- November 15, 2018
- Posted by: admin
- Category: Insurance
With all of the TV commercials and other advertisements pushing insurance, it can be hard to know when you need to get insurance yourself or when you can potentially just join onto someone else’s policy. We’ll try to unpack the topic a bit in this blog post.
It’s never a bad idea to have your own insurance policy that is under your name. That being said, there are some situations where you can be covered under another person’s policy.
Health insurance is one of the most common situations that could allow you to be covered under another person’s policy. Most often, this happens one of two ways. First, if you’re married, you may be eligible to be covered under your spouse’s health plan. Now, this doesn’t happen automatically just by definition of being married. It does have to be proactively set up, but it can be a great way to get health insurance without having to set up your own policy. Additionally, if you’re under 26 years of age, you may qualify to stay on your parents’ health insurance plan. However, you will lose your eligibility as soon as you turn 26, so plan ahead!
You can usually find a similar scenario for things like dental or vision insurance. Some offer family plans that cover not only you, but also your entire family. This is a great way to get insurance coverage for multiple people, even though the policy may technically be under one person’s name.
Car insurance is a second example. If your spouse or partner has a car insurance policy, it may be possible to include you on the policy as well. This is especially important if you and your partner share vehicles. Even though the policy may be under your spouse’s name, you can be listed on the policy as a driver so that you’ll be covered in the situation that there is an accident or something happens to the vehicle. Just like with health insurance, this will need to be set up with your insurance agent.
Some types of insurance, like life insurance, do need to be specific to you as an individual. However, even these types of insurance require a beneficiary, or another person who will receive the insurance payout in the case that something happens to you. So when setting up the policy, be sure to have that beneficiary in mind.
Not sure what best fits your situation? Give us a call. Our agents would love to sit down with you, your spouse or both to discuss your current insurance coverage and any additional coverage that fits your needs. We look forward to meeting you!