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Ways falling in love changes your insurance needs

Ever wondered that falling in love changes everything in your life, including your insurance needs? This is especially true for couples who eventually take the plunge and marry or start living together. Once two hearts become one, insurance may help smooth out the bumps that inevitably arise in a couple's life together.
For example, coverage can help protect romantic - and expensive - gifts of jewellery. You can even find insurance that reimburses losses if the person officiating the ceremony suddenly flees and you have to cancel the wedding. As Valentine's Day approaches, here are a few ways falling in love impacts your insurance coverage.

Covering expensive jewellery

Valentines often show their love for one another by giving gifts of jewellery. The right ring, necklace, bracelet or watch speaks volumes about the love two people share.

You may opt to cover these under your Home Insurance Policy. Certain local high street jewellers have schemes in place to cover jewellery purchased from their outlets. Always ask the sales assistant whether they provide such a scheme.

Make sure that you insure the items on the correct value. If you do not have a receipt, ask your trusted jeweller for a valuation. Furthermore, be aware of the conditions applicable to such items. Some policies include a Clasps Warranty which requires you to ensure that setting and/or the clasp of the jewellery in excess of a specified value be checked by a competent jeweller every three years and any defect immediately remedied and written evidence of such examination is produced at the time of any claim on such item.

Benefits under car insurance and health insurance

Couples who marry or living together typically benefit on their motor insurance premiums by limiting the drivers to 'Insured and Spouse/Partner.' Certain insurers also allow for a more than one car discount. Health insurance is also an area where couples may benefit. Many companies sponsored health schemes may allow spouses or partners to join at company or discounted rates. Alternatively, couples may opt for a joint health insurance policy which attracts a discount on the premium.

Buying special event insurance for your wedding

For many couples, new love eventually and inevitably leads to an 'I Do' and today's weddings are becoming more and more expensive. Special event insurance such as "Wedding Insurance" reimburses deposits with suppliers and other non-refundable expenses if you have to cancel the event due to circumstances such as:

  • Adverse weather;
  • A no-show on the part of a performer, supplier or Marriage Officiator;
  • The death or illness of a family member.
    People who purchase wedding insurance also generally have the option of buying liability coverage in case someone is injured at their wedding.

    Planning your Honeymoon & Travel Insurance

    After your wedding, your next major expense is normally your Honeymoon. Make sure that you take out Travel Insurance well in advance, and preferably when you start booking and paying deposits. Going for the basic cover is not always advisable, especially when visiting exotic places. Do check the level of cover being provided and whether you need to purchase extra cover such as Cancellation of Service due to adverse weather or a winter sports extension if you're heading to a skiing resort.
    Certain Credit Cards issued by the local major banks include an Annual Travel Insurance. In many instances, the Travel Insurance covers the cardholder and his/her spouse or partner. Your spouse may start benefiting under this policy once you are married. On the other hand, your partner may benefit under the policy provided that you reside in the same address. Always check your policy terms and conditions.

    Protecting your sweetheart with life insurance

    Last but not least, purchasing a life insurance policy can ensure that your loved one is provided for in the future. A life insurance policy is a necessity for many couples. By taking out a Life Insurance Policy, you make sure your obligations are paid, and that your loved ones are not put into a position that is detrimental to their lifestyle.

    There are several types of life insurance/plans you may choose from. We are listing hereunder the main policies/plans available:

  • Decreasing Term Life Insurance / Loan Protection - This is a type of policy which covers the balance on your home loan. If you die within the term of your loan, the bank receives the funds to settle your loan;
  • Level Term life insurance - This is a type of policy that covers you over a specific period of time or Whole Life. If you die within that time frame specified in the term of the policy, your beneficiary receives a death benefit;
  • With-Profits Life Insurance -This type of policy allows you to save on a regular basis whilst offering life insurance.
    Did you know that Newly Weds may benefit from free life insurance? Newly Weds is a policy, offered free by a local insurance company, to help make your life that little bit easier by giving you the peace of mind you deserve. The Life plan pays out €10,000 if you die before your first wedding anniversary.
    Term life generally is cheaper than whole life and with-profits plans. Nevertheless, you should look beyond price and make sure you choose the right policy based on your needs.
    For more information feel free to contact us on T. 238 55 555 or E. info@islandins.com
    *Island Insurance Brokers Limited (C10536) is enrolled to carry out insurance broking activities under the Insurance Distribution Act, Chapter 487 and is regulated by the Malta Financial Services Authority.