Insurance: what you need to know

What Engaged Couples Need to Know About Insurance

Amidst the excitement of getting engaged and planning your wedding, there may be a number of basic items that can get lost in the to-do lists. One of which is getting various insurance policies before you tie the knot. Not only will you need to merge some of your basic policies but you will also be purchasing new ones to cover the additions in your married life.

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 Here are some of the insurance policies that engaged couples should look into and some useful tips on purchasing such policies:

 

Ring Insurance

 Among the priciest items, you will most likely buy in this lifetime are your engagement ring and wedding rings. They are also among the easiest luxury items that you can lose, either accidentally or through theft. And yet, many people still forget to purchase ring insurance to protect these expensive, sentimental properties.

 Engagement and wedding rings can be insured as soon as they are procured. There are two insurance options that you can get. If you already own a homeowners’ insurance, you can have your jewellery insured by purchasing an extension, also commonly referred to as a rider. If you don’t own a homeowners’ insurance, you can have your ring insured through a company that specializes in jewellery insurance. If you purchase custom diamond engagement rings made by Diamonds.co.nz, make sure you insure these investments as soon as you purchase them, whichever way you choose to have it insured.

 

 Wedding Insurance

 Every engaged couple wants to have their wedding plans go through without hitch. Now, to further keep the ideal wedding going according to plan, make sure that you get insurance for your big event. You’ll be thankful for this when you suddenly encounter problems with your venue, your photographer, your caterer, or whatever aspect of your wedding. If something does go wrong on your wedding day, the wedding insurance can save the day, at least on the financial aspect. Considering the average costs of weddings, insuring it for about $150 to $550 makes it a relatively inexpensive way to protect the thousands of dollars you spend for it.

 

 Life Insurance

Why is getting married a good time to look at life insurance? Noting how you are now going to live with your special someone for the rest of your life, it would be best to reconsider your life insurance. Getting married means you are ready to start your own family, and that means that your current insurance policies will no longer be sufficient for you.

 Think about getting permanent life insurance, which provides lifelong protection. Also, find one that can include your new spouse as a beneficiary and be ready to add new beneficiaries when you have children in the future. There are a number of benefits to getting life insurance as engaged couples, including taking care of additional expenses such as child care and mortgage payments. Having the necessary insurance also means you can have that peace of mind knowing that you and your loved ones are secure if, in case, anything happens to you.

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One thought on “Insurance: what you need to know

  1. bingingonabudget says:

    Great blog post, this is something that I actually was wondering about. I appreciate you doing such a good job explaining it.

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