Nexus Insurance Brokers urges couples to combine wedding vows with proper financial planning

A survey conducted at a recent Bride Show by IIR Middle East discovered that 24% of respondents would spend between Dhs250,000 to 500,000 on their nuptials, while 19% were prepared to go well beyond that. As the 15th anniversary of the Bride Show evokes excitement among those planning their special day, one of the region's largest and most respected independent insurance brokers has advised happy couples to make financial planning a top priority. Add inflation to those findings and the potential outlay becomes even more overwhelming. "Extravagant weddings are commonplace in the UAE, but it is important to stay within a defined budget," said Sandi Saksena, Sales Manager, Nexus Insurance Brokers. "Estimate total expense, add 15% to it and you may come close to your actual cost. If you want to have a great wedding without getting financially drained, start planning now and know when to draw the line. The intelligent couple won't focus on one day but on all of their days together. They plan for a secure future, whatever that may hold." New couples unsure on how to proceed are urged to seek professional, independent and qualified advice from a financial advisor to help map out their financial future and, in particular, settle on an appropriate life plan. Broadly speaking, there are two types of life insurance. 'Term Insurance', which refers to a selected period of insurance, and 'Whole Life' or 'Whole of Life' insurance, which lasts as long as you continue to pay your premium payments. The latter is regarded as an 'investment', as policyholders can borrow against it as a cash fund to take care of short-term financial needs. "Marriage is not just the wedding day itself but a commitment to be together for a lifetime," added Saksena. "It is about turning mutual dreams and aspirations into reality, growing old together and relishing retirement!" "By having a solid understanding of what you can afford, and the financial safety measures you can put in place, the chances of enjoying a stress-free, happy start to married life are markedly improved."