All across the internet, people have been talking about the upcoming Royal Wedding between Prince William and Kate Middleton. There has been talk about the dress that Kate will wear, the cost of the wedding itself, and the impact this event will have on the internet as the wedding is happening. What about the insurance needs of this young couple?
When two people get married, this has an effect on the insurance policies that each held before they got married. Let’s assume that Prince William and Kate each have a life insurance policy right now. In general, it’s not unusual for a single person to name a parent, or one of their siblings, as the beneficiary of their life insurance policy. However, most people will change that after they get married, and will instead make their spouse their beneficiary. So, potentially, Prince William and Kate will be filling out some official forms, and sending them to their insurance agents, in order to make that change.
It is expected that a newly married couple will move in together (assuming they weren’t already cohabiting). All of the bride’s stuff, and all of the groom’s stuff will now be inside one home (or apartment). If either person had a homeowners insurance policy before the wedding, then he or she is going to need to update it to include coverage for all that extra stuff.
Prince William and Kate won’t have to take out a special policy for the Crown Jewels, because those expensive items are actually located in the Tower of London. They could potentially need a special insurance policy for the wedding rings.
What if a catastrophic event happens that prevents the much anticipated Royal Wedding from taking place? This is the type of situation that calls for wedding insurance. Everyone knows that the wedding of Prince William and Kate Middleton is going to be extremely expensive. Wedding insurance can cover some of the cost in case something like a natural disaster, adverse weather, or an act of terrorism happens, and caused the wedding to be postponed. This kind of insurance can cover the costs of the catering, the flowers, the rental of the place where the reception will be held, and the cost of damage that happened to the wedding dress itself, among other things.
What if the bride, or the groom, gets “cold feet”, and doesn’t show up for the wedding? Obviously, this would be something that would prevent the wedding from taking place. Wedding insurance doesn’t cover a no-show, though, because this is something that is within the control of at least one of the people who were planning on getting married.
It has been said that half of all marriages end in divorce. One could choose to get a divorce insurance policy. In short, this kind of policy provides financial protection for a person who becomes divorced, so that person will be able to continue to pay his or her mortgage, and other bills. However, since Prince William and Kate are getting married in the UK, they are unlikely to be eligible for an American divorce policy.
Image by Matt Brown on Flickr