With each phase of life, our priorities change. What was a priority when you were in your twenties, may change when you are in your forties. As we evolve, so do our insurance needs. For that reason, our stage of life, not just our age, is often a great indicator of our insurance needs.
Young Single
Full of life. Few responsibilities. Get Travel insurance as you see the world. Protect yourself with personal accident
insurance to cover for any injuries or disabilities. Plan your career growth with an education policy. Protect your
treasured electronics and home appliances with home insurance. You can also do short to medium term investment plans.
Married
Protect the lifetime union with life insurance. Health insurance. Credit life insurance when purchasing a home via
mortgage. Home insurance to protect that valued asset. Creating wealth for long term.
Married with children
Life insurance. Education policy. Health insurance. Investments and retirement planning.
Business owner
If you are running a business it should also be protected. Depending on the nature of the business there are several options, from professional indemnity, business interruption, goods- in-transit, money insurance, theft insurance, fire and perils.
If you have employees, group insurances such as health, life, and pension are also key.
Employed
Establish what kind of insurance your employer provides, then depending on which stage of life you are in, you can fill in the gaps of insurance that you require. For example, your employer may provide health insurance but no life insurance or pension. It then becomes your responsibility to plan for retirement and to protect your life.
Adapted from aki. www.akinsure.com