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Financial Benefits of Saying “I do!”

July 27, 2016Building Your Future

Shot of a happy newlywed couple being showered with confetti

If you are newlyweds, below are some post-wedding financial perks and some guidance for you to consider!

Tax Benefits
Now that you’re married you can speak with your accountant or professional tax specialist about filing joint tax returns. There may also be some cost savings for claiming multiple tax benefits.

Talk to your tax professional about the benefits of combining medical expenses and charitable donations. Click here to see a full list of Canada Revenue Agency tax deductions you may now be eligible to claim.

Employee Health Benefits
If you didn’t have health coverage previously, your spouse may be able to add you onto their employee plan, sometimes for a minimal cost – allowing your spouse to receive the same benefits that you enjoy.

If both of you have health benefits through your employer, you may be able to coordinate benefits, which could give you extra coverage for some benefits that may only have been partially covered before. A good example of this are dental costs.  Your plan may only cover a certain percentage, but with two plans you can remit the remaining amount to your spouse’s plan to cover the full cost. This is a great option especially when you have a family – potentially, two plans could supplement more costly health expenses such as braces or vision care that may be needed down the road.

Insurance Benefits
As you combine your finances in one way or another, it’s a good exercise to meet with a Financial Representative to talk about budgeting and various insurance products that can protect your financial future in case of the unexpected.  Life Insurance, Critical Illness and Disability Insurance are some of the best ways to fully protect you and your spouse.

FaithLife Financial Representative Matt LoFranco says “Life Insurance is a key component of a sound financial plan and it can be customized for each individual to ensure that your financial future is protected through every life stage. If you start protecting your financial future when you are young and healthy, it may be easier to get the coverage you need for a price you can afford throughout your lifetime.

Insurance is really about “living” without wasting a single moment on unnecessary worries about your spouse’s financial future. Meet with a with a FaithLife Financial Representative to start planning today!

 

Original article written by Susan Goldberg for AdvisortoClient