Couples Consider Joint Insurance Equivalent to Tying the Knot
Modern couples are always finding new ways of proving their love to each other. And what’s the hottest new symbol of commitment? Not roses, not a ring—rather, a shared insurance policy.
As many as 42% of Americans see sharing an insurance policy as a modern equivalent to tying the knot, according to a Nationwide survey of 1,000 U.S. renting couples released this week.
Nine out of 10 couples (89%) agree that discussing insurance is an essential part of financial planning.
While engagements and moving in together have long been the hallmarks of commitment, the survey found that 29% view sharing an insurance policy just as significant as cohabitation. Further, 35% believe that a joint insurance policy is even more meaningful than saying “I love you” for the first time.
Meanwhile, 40% compare it to sharing a streaming subscription or adopting a pet while 26% believe that merging policies makes breaking up more complicated—further solidifying their commitment.
“Couples today are redefining commitment, and insurance plays a bigger role than ever,” said Michael Moore, Nationwide’s vice president of business optimization. “A joint policy isn’t just about financial benefits—it represents trust, collaboration and long-term planning. This survey underscores the importance of helping couples make informed decisions about their coverage.”
More News
Financial security is a driving force behind these decisions. Nearly nine out of 10 couples (89%) agree that discussing insurance is an essential part of financial planning, with key motivators for joint policies including asset protection (73%), financial savings (69%), and a demonstration of trust and commitment (62%).
Despite these advantages, many couples lack awareness about potential savings and coverage enhancements, but independent agents can play a critical role in addressing these common misconceptions.
Thirty percent of couples admit they don’t fully understand the benefits of shared insurance, 20% mistakenly believe a joint auto policy only covers the vehicle registered in their name and 17% think they need a joint bank account or be married to qualify for a joint insurance policy.
“As modern relationships evolve, agents have a unique opportunity to guide couples through merging their financial and insurance needs,” Moore added. “A joint insurance policy is both a practical and symbolic step forward, and independent agents are well-positioned to help couples make informed choices.”
Will Jones is IA editor-in-chief.
