Asia Wedding Network Finance and Insurance
F R E Q U E N T L Y A S K E D Q U E S T I O N S
Do I need financing?
What types of wedding financing solutions are there?
- Personal Loans
- A personal loan can be used for whatever the person needs it for, such as wedding expenses. Personal loans are great for couples just starting out. They offer competitive rates and do not require collateral to obtain them. It is important to note that each financing institution differs, so it is important to research the institution before applying. Some websites allow you the opportunity to search multiple banks to find what is right for you.
- Payment Plans
- Venues and other wedding vendors understand that weddings can sometimes be pricey. There are some vendors and venues who will accept payment plans. Some venues will require a down payment and additional payments up until the day of the ceremony when the final amount comes due. It’s best to check with your venue to see what payment plans they have.
Which one is right for me?
What do I need for the personal loan financing option?
- ID card
- Proof of income (bank statements, payroll slips, tax notes, etc.)
- Proof of residency
What are the disadvantages of getting a wedding financing solution?
Insurance for Weddings
What is wedding insurance?
How do we know if we need wedding insurance?
- 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
What types of risks does wedding insurance cover?
What happens if we’re having a destination wedding, outside of the country we live in?
- 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.
Insurance for Newlyweds
What kind of insurance do we need after we’re married?
How do we know which type is right for us?
- 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.
- Home Insurance
- These insurance types will each benefit home owners the best. They both will protect your home in its entirety. If you are a renter, you may not need to obtain fire insurance if the owner already has it.
- Life Insurance
- Term life insurance is simpler and less expensive. It will, however, cover less. If you need insurance later in life or when you suddenly fall ill, this option is easier to obtain.
- Whole life insurance is more expensive but more comprehensive. It includes more and is a good tool for planning for death or unexpected disability.
What’s the benefit of buying it now versus later?
So how do I go on and buy this type of insurance?
E X P E R T A D V I C E