PAGE 84
THE WARREN-WATCHUNG CONNECTION
SEPTEMBER 2013
www.theconnectionsnj.com
*
As premiums are paid.
†
The cash value in a life insurance policy is accessed through policy loans, which accrue interest at
the current rate, and cash withdrawals. Loans and withdrawals will decrease the death benefit and cash value.
‡
Standard &
Poor’s (AAA), A.M. Best (A++), Moody’s (Aaa) and Fitch (AAA) for financial strength. Source: Individual Third Party Ratings
Reports (as of 6/16/09). © 2010 New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. In Oregon,
the Whole Life policy form number is 208-50.27. SMRU 00409004CV (Exp. 06/11) AGY-1548 100273
NEW YORK LIFE INSURANCE COMPANY
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bghaddican@ft.newyorklife.com
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ink of life insurance from New York
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†
And
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From the very moment of your engage-
ment, you and your future spouse’s
lives change forever. There are deci-
sions to make, compromises to reach,
families to mesh. With all the excite-
ment and joy comes an assumption of
new financial responsibilities as well.
Being prepared for the financial
changes a marriage will bring can only
increase the comfort with which you
adapt to your new role. Taking care of
certain things early on can help you
start off your married life on the right
foot.
Wedding and Honeymoon Expenses:
Weddings can be expensive. When you
and your spouse return from your hon-
eymoon, set up a time frame in which
any remaining expenses from your
wedding – such as those on credit
cards – can be paid off, whether with
gifts received or otherwise.
Changing Beneficiaries:
It’s important to dig out any old insur-
ance policies, as well as documentation
for your 401(K) and/or other retirement
plans and update the beneficiary infor-
mation on each.
Existing Bank Accounts:
To some extent, you and your spouse
will probably consolidate your finances.
Review the terms of your existing bank
accounts. Should you keep them?
Close them? Open a joint account at
the same bank?
Health and Auto Insurance:
Assess your existing health and auto
insurance. In many cases, it will save you
and your spouse a significant amount of
money to obtain joint coverage.
Name Change:
If you or your spouse change your last
name, make sure its done on your
credit cards, tax forms, driver’s license
and passport, Social Security card, and
voters registration card, as well as on
bank accounts and insurance policies.
Homeowner’s or Renter’s Insurance:
If you haven’t already done so, make
sure you’ve protected your home and
other valuables with homeowner’s or
renter’s insurance. In addition, extend-
ed coverage to the wedding gifts you
receive and obtain coverage for your
engagement and wedding rings.
Mortgages and Other Loans:
Always make sure you’ve saved
enough so that your mortgage, car
payments, and/or other loan payments
fit into your household budget.
Life Insurance Policies:
Getting married greatly increases your
need for life insurance. Make sure both
you and your spouse have the cover-
age you need.
In preparing for your financial future as
a married couple, you will have to take
care of many details pertaining to
things old, things new, and things bor-
rowed. Being prepared and proactive
will help ensure you won’t need to deal
with the wedding blues.
For additional information on the
topic discussed, please contact: Bernie
Haddican at 917-916-6136.
ENSURING YOUR WEDDING DREAMS COME TRUE
By: Bernard G. Haddican
Financial Services Professional, Agent, New York Life Insurance Company
917-916-6136