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Financial Tip

Purchase long-term care insurance if you don't already have it.

 

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home › Life Events & Financial Decisions › Major Life Events › Moving in With a Partner › Insurance

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Insurance aND Your partner

 
  • Inquire whether health insurance and other employee benefits are available for an unmarried partner. State laws and individual company policies vary. Keep in mind, however, that the partner with benefits must pay tax on the value of the benefits for their unmarried partner because they are not treated as spouses for tax purposes.
  • Consider purchasing joint property coverage, which many insurance companies offer, particularly if both partners have an ownership interest in the property.
  • Many insurance companies allow someone with renters insurance to add a partner for less than it costs for two separate policies. Consider increasing the coverage, however, to reflect the increased value of both partners’ possessions.
  • Consider purchasing insurance to reduce the impact that incapacity of one partner would have upon the finances of the other. This includes disability insurance for working partners and long-term care insurance for older unmarried couples.
 
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