For Two-fifths Of Modern Couples, Commitment Is Spelled With Joint Insurance

A growing number of couples are redefining financial commitment, with many viewing joint insurance policies as a significant relationship milestone, according to a new survey from Nationwide.

The life insurance giant's study, which surveyed 1,000 US renting couples, found 42 percent consider sharing a policy to be the modern equivalent of marriage, highlighting both financial and emotional commitment.

"Couples today are rethinking how they define commitment," Michael Moore, Nationwide's vice president of business optimization, said in a statement announcing the findings. "Shared insurance policies not only provide practical benefits but also symbolize a deep level of trust and collaboration."

Nearly one-third of respondents (29 percent) equate signing up for a joint policy with taking a major step in their relationship, with 35 percent agreeing it was more significant than saying "I love you" for the first time or moving in together. Additionally, 26 percent of renting couples said sharing a policy makes it harder to break up.

Despite the practical benefits, the survey revealed another glimpse of Americans' ignorance about insurance, with nearly 30 percent of respondents admitting they did not know enough about shared coverage. There were also significant misconceptions, as 17 percent of respondents incorrectly assumed joint insurance requires a shared bank account, and 16 percent thought they were reserved only for married couples.

Financial protection remains the primary motivator, with 73 percent citing asset protection and 69 percent emphasizing cost savings. Insurance is not just a financial tool for the couples in the survey, however, as 62 percent saw having a joint policy as a meaningful way to show trust and commitment. Beyond that, 89 percent agreed talking about insurance is a crucial component of financial planning with their partner.

"As modern relationships evolve, couples are seeking ways to merge emotional and financial commitments," Moore said. "A joint insurance policy represents a practical yet deeply symbolic step forward."