It may not be the most romantic aspect of getting hitched, but your engagement is an important time to review your insurance needs and policies.
Wedding and Honeymoon
Firstly, consider whether you want to insure the big day itself, as cheap wedding insurance is now available and needs to be arranged as soon as you start paying deposits to your suppliers. Weigh up the money, time and effort you're investing in your wedding with the price of insuring it. If you're dipping deep into your pockets to pay for the day of your dreams, insurance could be a small price to pay to protect yourself from circumstances beyond your control. Wedsure charge a premium of approximately 2% of the insured amount, with an excess of $100.
Before you part with your hard earned cash, ensure you're clear about what's included in your policy. Wedsure cover the additional costs associated with such 'disaster' scenarios as the bridal party being unable to reach the wedding location due to extreme weather conditions, your venue going out of business, and your gown being destroyed before the day. They will cover you if the bride or groom can't attend the wedding due to an accident or illness, although they won't pay out if this is due to a pre-existing medical condition or if either person has a change of heart.
If you're going overseas for your honeymoon, don't forget to arrange travel insurance too. Most policies will cover medical treatment, flight delays and cancellations, missed connections, and lost or damages luggage. Remember to note down your insurance company's helpline number and take it with you on your travels in case you need to make an emergency claim.
A wedding is only the beginning of married life, so don't forget to think about your insurance needs beyond the big day. If you'll be living together for the first time, you will need to arrange contents insurance for your new residence, plus you may like to list your spouse as a driver on your car insurance policy.
Although it may seem like a grim task during this happy time, it's also a wide idea to think about arranging life insurance, should something happen to either of you. Most people cite their loved ones, home and job as what's most important to them, and that's exactly what life insurance is designed to protect. Depending on your policy, life insurance pays a lump sum or an income for a select period to your family in the event of death or disablement.
Health insurance is also important, especially because an illness will now not only affect you, but also your spouse and family. Although many New Zealanders expect that the public health system will provide for them in their time of need, in reality there are often long queues for specialist appointments, diagnostic tests and surgery. If paying for private care isn't possible or will put significant strain on your finances, health insurance should be seriously considered.
By examining your insurance needs at this turning point in your life, you can both have peace of mind that you and your family will be well cared for in the years to come.
- Do your research and ask for quotes from a variety of companies before you choose a policy.
- Read the fine print and don't be afraid to ask questions if you need clarification on any aspects of the policy.
- Review your polices annually to ensure they are meeting your growing needs.