Modern couples are redefining what it means to be committed to each other, and having shared insurance policies is becoming a significant symbol of trust, according to a Nationwide survey.
The survey revealed that 42% of respondents view having a shared insurance policy as a modern equivalent of marriage. Engagement and cohabitation remain common markers of being committed to the relationship, but the survey showed that shared insurance policies also have emotional significance, not just financial benefits.
Conducted among 1,000 US renting couples, the survey highlighted how joint insurance policies are influencing contemporary relationships.
“Couples today are rethinking how they define commitment,” said Michael Moore, Nationwide’s vice president of business optimization. “Shared insurance policies not only provide practical benefits but also symbolize a deep level of trust and collaboration. This survey highlights the need to help couples take full advantage of these opportunities.”
Shared insurance policies are emerging as a meaningful step in relationships, according to the survey. Nearly 29% of renting couples equate sharing an insurance policy with major milestones like moving in together, reflecting its increasing importance.
Additional findings indicate that 35% of respondents consider signing up for joint insurance a bigger step than saying “I love you” for the first time or moving in together. Four in 10 respondents compare sharing a joint policy with sharing a streaming password or adopting a pet together. Additionally, 26% of renting couples believe sharing a policy makes it more difficult to separate.
A majority of couples (89%) acknowledge the importance of discussing insurance as part of financial planning. Key motivations for establishing joint insurance policies include asset protection (73%) and financial savings (69%) as primary reasons for sharing policies.
Sixty-two percent (62%) believe shared policies strengthen their relationship by demonstrating trust and commitment.
Despite the increasing use of joint insurance policies in relationships, gaps in understanding prevent some couples from fully utilizing their benefits. Less than half of renting couples surveyed were aware that a joint policy could lower premiums, increase coverage limits and simplify the claims process.
Nearly 30% of respondents also admit they lack sufficient knowledge about the benefits of shared insurance policies. Almost 20% mistakenly believe that under a joint auto policy, they can only drive a vehicle registered in their name. Other misconceptions include the belief that joint insurance requires a shared bank account (17%) or that marriage is a prerequisite (16%).
“As modern relationships evolve, couples are seeking ways to merge emotional and financial commitments,” said Moore. “A joint insurance policy represents a practical yet deeply symbolic step forward.”
