Wedding Insurance and Redundancy

The threat of redundancy is still looming over many people as the UK struggles through the current economic downturn. Another 250,000 redundancies are forecast by the CIPD for 2010 which is proving to be a real worry for couples planning their weddings.

If one of the couple is made redundant in the run up to the wedding then the wedding might need to be called off, with deposits lost and the couple left in a worse position financially. Or they may decide to keep the wedding on, but deplete their savings/credit cards to do so, putting them in a risky financial position.

One ray of light on this scenario is wedding insurance. Some policies will pay out if redundancy occurs. So if you feel at risk of redundancy, here’s a summary of which wedding insurance providers will cover you, and what exactly this includes (some may only cover certain elements or a proportion of costs).

Debenhams

Yes – Notice of redundancy must be received at least 8 weeks after the issue of the policy and must qualify for payment under current redundancy legislation. Covers the Bride and Groom and any relatives who would have made a proven, significant financial contribution.

Weddingplan

Yes – Again, notice must be received at least 8 weeks after the issue of the policy and the conditions are the same as for Debenhams.

Covermywedding

Yes – Conditions and initial time limit from start of policy the same as Debenhams and Weddingplan.

E&L

Yes – No initial time restriction is stated (presumably any known redundancy at the time the policy is taken out will be excluded), however, the employment must have been continuous and full time for 12 months prior to the start of the policy. Only the Bride, Groom and parents making a significant financial contribution are covered.

We have tried to ensure that the information provided here is as accurate as possible. However, we cannot be held responsible for any inaccuracies and it’s vital that before any insurance product is purchased, you read the policy documents and make sure that policy is right for your circumstances.

You can look at our wedding insurance comparison table to compare the policies, premiums and cover of leading wedding insurance providers.