Protecting what matters usually involves having to balance the cost of protection with the risks you face. Everyone is different, but there are a number of specific life stages where certain insurance coverage or protection may be particularly relevant.
Here are some examples:
Mike is a 30-year old college professor, living with his partner Jess. They recently bought their first home with a bit of help from Jess’s parents, and are expecting their first child.
He wants to have peace of mind that his family will be safe and protected from whatever life throws at them.
Mike and Jess have taken out creditor life insurance, which was an option offered on the mortgage they took out on their home. As a precaution, Mike also has critical illness coverage, which could help their growing family if he were to become ill.
As well as insurance, both Mike and Jess have made a will, and they each pay into retirement savings-plans.
John and Gloria
John and Gloria are both in their 60s, with John still working full-time and Gloria part-time. They have two daughters and a son, all of whom have left home and started families of their own. They have four grandchildren.
John hasn’t always been in the best of health, and private healthcare has reassured him that he and Gloria would always be well cared for. They both have life insurance, which will protect either of them if the other passes away.
John has calculated that his retirement savings - along with their insurance policies - will enable them both to retire comfortably at 65. They both have a will.
Nina is in her 40s, works full-time and has two school age children. She recently separated from her partner and has moved into a new house close to her work.
Nina’s home is rented, so home insurance is the responsibility of the landlord. However, she has content insurance, including specific coverage for a few items of jewellery that had belonged to her mother.
She is planning a special holiday this year for her and the children, so has been shopping around for travel insurance.
She pays into a retirement savings plan, which her workplace also contributes to, and she plans to increase her payments into the plan.
Nina also recently reviewed her life insurance coverage with her ex-partner to ensure the children's future continues to be protected.
These are examples to get you thinking about what protection you may need for you and your loved ones. It's a good idea to do your own research and if you're unsure of what's right for you, ask for professional help or advice.