Financial transparency between couples is as important as anything when it comes to making a relationship stronger over the long run. A study conducted by Ameriprise Financial revealed that approximately 31% of all couples—even the happiest ones—clash over their finances at least once a month. The study found that the major points of differences in the clashes were decisions about finance and children, important investment decisions, a partner’s spending habits, and major purchases.
Keeping one’s spouse and children in the loop about one’s holdings not only helps establish a greater harmony in the home, but also prepares the family in case they have to handle the monetary peaks and valleys in the absence of the family’s breadwinner. Keeping this in mind, here is OneInsure on the occasion of National Education Day, looking at some of the most important things that an individual must educate his/her spouse about to ensure financial sync between the couple.
Last Will and Testament
If you don’t have your last will and testament prepared yet, you must get it done at the earliest, because you don’t want your spouse, children, and associates to spend a decade fighting in court to establish their rights over your wealth and assets. And while you prepare it, involve your family as this decision is going to affect their financial future in a big way. Keep them in the loop every time you make changes to your will.
It is important for a couple to be financially faithful in a marriage. Let your spouse know how much you’re worth. This will boost her confidence and will prepare her if she has to take a call during an emergency and/or when you’re indisposed. You may have invested in stock markets, gold, or real estate. Make your spouse familiar with these investments and discuss your future financial goals.
Imagine you are involved in an accident and are in the ICU. Now, although you have a health insurance policy, your spouse has no knowledge about it. Because of this, she does not initiate the claim. By the time you gain consciousness, the period to inform the insurer about the accident has passed and you have to pay for the entire hospital expenses from your own pocket. Similarly, sharing important details about your term or life insurance policy with your spouse will make the claim process much easier and faster if and when the time comes.
The best way to keep your spouse in the loop of your insurance policy is through the OneInsure app’s Nominee Support feature (watch a short how-to video). Use this feature to add contact details of your spouse and OneInsure’s team will periodically share important details pertaining to your policy with your nominee. The nominee can also initiate the claim process by contacting OneInsure through the app or by calling 86559-86559. Note that you can change nominee support details at any time you want. Changing nominee details on the app does not change them on the actual policy.
Go hand in hand!
Do not underestimate your spouse. S/he might have skills you lack when it comes to money. Involve them in financial decisions and get surprised by what they can bring to the table. Plan together for a brighter future!
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