Having a wedding in Singapore is not cheap—it can cost as much as a small house in another country. Yet it’s mind-boggling how many couples get so mired in wedding prep, booking a venue and arranging for their photoshoots that they lose track of the fact that they’re laying tens of thousands of dollars on the table, yet not realising that it’s way easier for a wedding to be derailed than a car or property purchase. If you suffer a medical emergency, your car or house will not disappear, but your wedding will be ruined.
Few people realise wedding insurance exist in Singapore. These policies might offer you a payout in the event your wedding is cancelled, or compensation for screw-ups like the best man dropping the rings into a toilet bowl.
Here are four red flags that indicate wedding insurance might be a good idea.
Your family members have pre-existing health issues
If you have a very traditional or… how do I put this nicely… ‘pantang’ sort of family, there are many situations where it would be unlucky to go ahead with your wedding. For instance, if a member of your immediate family should become very ill or pass away, you might have to postpone your wedding, often at a great cost.
For instance, in ethnic Chinese families, if one parent passes away, the bride or groom is required to either hold their wedding within 100 days, or to postpone it for another 1,000 days—that’s a whopping three years. If your family is superstitious, any illnesses in the immediate family should be taken seriously, as you might have to reshuffle your wedding dates to accommodate should something happen.
Having insurance also means that if the bride or groom is hit by a bout of food poisoning, he or she won’t be forced to march down the aisle with a green face.
Your wedding is super expensive
The more you spend on your wedding, the more you stand to lose should something happen. If you’re throwing a $2,000 wedding in your HDB flat, then you don’t have that much to lose if something rains on your parade.
But if you’re throwing one of those $50,000 weddings (and according to many of my friends, $30,000 is considered just “average”), you stand to lose a lot of money.
This is especially so if you’re engaging a wedding services agency or bridal studio to handle the event. There have been cases of agencies just disappearing, as in the case of For You Wedding Services, which recently vanished with at least six clients’ money (in deposits/instalments), totalling up to over $100,000.
Your wedding is OTT
Gone are the days when getting married just meant showing up at a church or temple and having a lunch reception afterwards. These days, weddings can be as elaborate as a David Copperfield magic show, with banquets featuring live bands, concept photographers and expensive imported flowers.
The more components and the more vendors you’re working with, the higher the likelihood of something going wrong. If you’re renting a white horse to take you down the aisle on horseback and engaging Jay Chou to sing at your wedding, it would be wise to get some insurance in case one of these service providers makes a mistake or shuts down, like this bridal shop did.
Some wedding insurance policies will cover mishaps such as your wedding photos and videos being corrupted, damaged wedding outfits and delays. Make sure you read the details of the policies you’re considering to identify the ones that are most useful to you.
So… where can you buy wedding insurance?
So which insurer should you go to if you want to buy wedding insurance? There aren’t that many insurers that provide wedding insurance.
Online, Pacific Insurance Brokers seems to be the only insurance company with a wedding insurance policy that protects you from damage or loss of wedding attire, rings and documents as well as the deposits you have placed for external vendors, like photographers or videographers.
What it doesn’t cover
Wedding insurance does not cover change of heart.
Thinking of buying a wedding insurance policy plan will cover cancellation of wedding plans because of a break up?
Well, wedding insurance usually does not cover wedding cancellations borne of a change of heart. So be sure you read the policy closely to ensure you’ll be covered (look out for what is often known as a “change of heart” clause).