Life Insurance Protection for your Pending Wedding Costs
Newly engaged? Before you say “I Do”, life insurance should be added to your planning list. Planning a wedding is a fun but also stressful time in your life. My daughter is going to be a bridesmaid in one of her friend’s wedding next year. Even though the wedding is a year away, the planning started 6 months ago. Purchasing a life insurance policy now could help with those expenses if something were to happen to the bride or groom during these planning stages.
According to Massachusetts Wedding Guide, the average wedding costs in Massachusetts are $25,000 to $30,000, based on a guest list of 150 people. The wedding my daughter is in will have a guest list of 300 people which will have a price tag of $50,000 to $60,000 (Yikes!). The reception venue, photographer, videographer, florist, bridal shop, limo service, bakery, DJ/band all require deposits for the big day. In addition to the costs for the wedding, this particular bride and groom just purchased their first home together.
Some of the items that are being purchased now are non–refundable such as the bridal gown, wedding bands, invitations, and of course their new home. Though we do not want to like to think about it, we want to make sure the investments they are making now will be covered in the event of a death. A $300,000 10 year term life insurance policy for both would cost approximately $237.00 per year. That is less than the rental cost of the groom’s attire for the day of the wedding.
About the author: Teri Costen has been in the life insurance business for over 20 years. She is a mother of three who enjoys working out, taking aerobic kickboxing classes, and making stained glass. Teri believes that finding the right life insurance policy helps protect your family and loved ones. You can contact Teri at 1-800-651-1953 or TCosten@Pivot.com.