Asia Wedding Network Finance and Insurance

It really depends on your financial needs and wedding goals. Some people want amazing weddings but might not have the means to do so at this moment, that’s when you can turn to wedding financing solutions.

Savings, financing from family, or friends are typically a first resort for many couples. It is important to exhaust those options first before taking on a financial responsibility. Payment plans are available for many venues. Some places may be willing to work with you if you are willing to pay a down payment. Getting a personal loan can be good for people who need the extra help. They are easy to obtain with generally lower interest rates. Many lenders will typically let you borrow up to twelve times your monthly income. These loans are relatively easy to obtain for those with acceptable credit history. Remember to thoroughly read the terms and conditions before taking out a personal loan or engaging in a payment plan.

Requirements for a personal loan differ amongst lenders. Typically there are a few things that are commonly asked for which should be prepared for.

• ID card

• Proof of income (bank statements, payroll slips, tax notes, etc.)

• Proof of residency

For payment plans option, certain venues or vendors may require a non-refundable deposit or payments. If the wedding date changes or the wedding is cancelled, you will not be able to receive a refund. There are always risks with taking out loans. Failure to repay the loan can lead to fines, bad credit, and even court action. Be sure to take out only what you need and repay timely.

“Things happen,” they say. But you don’t want those “things” to happen on the biggest, most important day of your life! If there’s an unexpected typhoon or if a vendor doesn’t show up, you might lose some of your non-refundable deposits for booking the vendor or venue. That’s why it’s important to get wedding insurance: It’ll make sure you’re protected for any financial loss you experience in case these events do occur. Scroll below to learn about the different types of wedding insurance there is and what policy benefits you can add on to your wedding insurance plan.

Wedding insurance is good to have as a safety net. The following risk factors are things to consider:

• High cost venues or venders

• Wedding date is during seasons of extreme weather

• Nervous about getting “cold feet” or that a photographer, band, etc. won’t show up

• Destination wedding

Wedding insurance can cover any of the following risks:

• Wedding dress getting stolen or damaged

• If something happens to your precious wedding dress, whether it was stolen or damaged, you’ll want to protect your losses. You can buy insurance for your wedding gown regardless of whether you bought it, rented it, or had it specifically tailored to you.

• Vendors not showing up

• If the band fails to show up or your makeup artist, florist (even the bride or groom!), then your wedding cannot go on. You can buy a separate insurance policy to cover the risks of this happening.

• Wedding gifts getting stolen or damaged

• If anything happens to your wedding gifts during your wedding (i.e. being stolen or damaged), you can be protected against the losses.

• Unforeseen cancellation of wedding venue

• If your indoor wedding venue was all of a sudden canceled because of factors outside of your control (i.e. bad weather, being flooded, or blocked by a landslide), there are event cancellation insurance plans that protect you from your irrecoverable pre-paid expenses. Separate protection can be purchased for protecting your outdoor wedding from bad weather.

There are wedding insurance plans that provide global protection. Whether you’re getting married in Hawaii, Maldives, Bali, etc., you will be protected. If you’re thinking about having a destination wedding, speak with your insurance agent on how you can get this type of comprehensive protection.

After marriage, the choice is up to you about insurances. There are some basic insurance types to get in order to protect your family and your assets once you are married.

• Life Insurance

• Term Life Insurance

• This insurance will payout one singular payment in the event of your spouse’s death to their listed beneficiaries (i.e. you, your children, etc.). This insurance will also cover you in case of your death during the specified term, making sure your loved ones have the means to go on with their lives. The standard terms are typically 5, 10, 20, 25, and 30 years. However, if you die a day out of that window, the insurance will not cover it. Further note that this type can only be extended to cover death benefits.

• Whole of Life Insurance

• This type of insurance will also provide one singular payment upon the insured’s death. The difference between term life and whole life insurance is that this type can be extended to include disability and personal accident insurance. It is possible to set up an investment fund payable at some future life event, such as your child’s education.

• Home Insurance

• Home Contents Insurance

• Whether you rent or own a home or apartment after marriage, it is a good idea to get this type of insurance. It is not legally mandated to have this type. This will protect all your possessions inside your house, not the structure itself. It protects against any damage or loss that was not your fault. You can also get this type of insurance specifically for wedding rings!

• Fire Insurance

• This type is also not mandatory for renters. Depending on your mortgage lender, it may be a requirement if you own your own home. This type of insurance protects the physical home or apartment from fire damage. If you live in an area that is prone to flooding or typhoons, a coverage extension may be available to you.

For both home and life insurance, it is better to get insured sooner rather than later. If something unexpected happens, you won’t be able to get insurance for it after the fact. If you choose to create an investment through life insurance, the sooner you put money into, the longer the fund will have to accumulate a profit. Also, when you buy insurance at a younger age, it is typically less expensive than buying it when you’re older. In fact, the price increases each year as you get older.

You can obtain home or life insurance from a banking or insurance institution.