Once upon a time, most American households were comprised of traditional or nuclear families. More recently, however, the number of blended families has surpassed traditional families. Having a blended family can significantly change the insurance landscape for you.
Blended families are formed when one or more spouses have been divorced or widowed and then they remarry. The new family includes at least one child from a prior marriage or relationship, and these families usually have unique insurance needs. A professional insurance advisor can provide perspective and serve as a valuable resource as you evaluate insurance coverage for your blended family. In the meantime, here are some considerations:
For health insurance, parents should consider whether to merge the blended family onto one plan or keep family members on their existing plans. Consider whether you’ll have to switch physicians if you switch plans, as well as whether pre-existing conditions of certain family members will affect the overall policy.
For life insurance, parents should consider who gets the estate and assets following a divorce. How will natural and adopted children be affected? Be sure to update your beneficiary designation on all insurance policies to your new specifications.
Finally, insurance conversations should occur as soon as possible. Don’t wait until after you remarry to begin the discussion.
If you’re part of a blended family or about to become so, your insurance needs are going to be more complicated than usual. We at AAA are here to help you sort through your questions and challenges and to customize an insurance plan that meets your individual needs.