Life brings exciting twists and turns and, inevitably, a few bumps and detours as well. Protect what you value most by making sure you have insurance coverage that makes sense for you at every stage of life’s journey. Today, we review the insurance you need in the decades!
In your 20’s:
See the world:
Travel is a big part of life during your twenties, as you explore the world and discover new cultures, cuisines and more. Travel insurance gives you the freedom to roam the globe knowing that you’ll be able to afford medical care should anything unexpected happen to you.
For many of us, renting a home or condo is a normal rite of passage during your twenties and can be a lot of fun! While you may not always be able to prevent situations such as a break-in or a visitor’s injury, you may be able to minimize the impact. Whether you’re renting a single-family home or an apartment, renter’s insurance will help cover the cost of replacing your belongings if they’re unexpectedly damaged or ruined. At the same time you can also protect your most precious things such as engagement rings, camera collections and other valuable items due to loss, damage and theft.
Don’t forget about your health:
Depending on where you choose to live, medical insurance is an investment worth having if you live in a country where Government subsidies on healthcare aren’t provided. In Singapore, private medical care is one of the most expensive in the world which is why international medical insurance gives you the flexibility to be treated in private, world-class medical facilities, or if you choose, be transferred back to your home country for treatment and recovery.
Women who are planning to have children should get medical insurance with maternity coverage. Maternity insurance is an addition to general medical insurance policies, but one that’s worth getting for additional protection during pregnancy, childbirth and post-natal care. Most maternity insurance plans require a 10-12 month waiting period – this means that if you were to sign up right before, or even months before having your baby, your maternity insurance would unlikely pay out any benefits, so it pays to be prepared when it comes to family planning!
In your 30’s:
Buying a Home:
When you buy a home, you take on a mortgage obligation that must be paid back, even at death. Life Insurance with Mortgage Protection can provide you with important peace of mind since both the mortgage terms and amount are fixed. Should you or your loved one become unable to work due to critical illness or a severe disability, Mortgage Protection will enable you to continue repaying your home loans without facing severe financial penalties.
Along with Mortgage Protection, consider purchasing Home insurance as it covers the structure of your home – for example roof, walls and windows – as well as the renovations foe example kitchen and bathroom fixtures. Buildings insurance policies vary, but will insure your home and renovations in case of fire, natural disaster, accidental damage and loss, theft and vandalism.
Protecting your Valuables:
As you begin investing in art, or buying jewellery, technology and more expensive homewares for our homes, consider investing in contents insurance. It insures your personal belongings such as furniture, a/v equipment, kitchenware, electronics, fine art, wardrobe, bikes, sports gear and instruments against loss or damage caused by accidents, theft, and natural disasters.
As an extension of your home policy, you can insure your personal belongings even outside of your home, which makes the cover attractive for those protecting valuable jewelry and other portable items.
A Growing Family:
Although it’s an unpleasant thought, have you considered what would happen to your new baby and spouse if you became critically ill or died? How would they manage financially? Life Insurance is designed to protect your loved ones from the financial impact of your death or illness. Costs such as school fees, mortgage repayments, rent, vehicles, retirement, as well as future college and wedding expenses would be covered. Life Insurance is the difference between struggling to make ends meet, and your family’s long-term financial security.
In your 40’s:
Divorcing or Becoming a Single Parent:
As a single parent, you’re the caregiver, breadwinner, cook, chauffeur, and so much more. Yet nearly four in ten single parents have no life insurance whatsoever, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make sure that you have enough life insurance to safeguard your children’s financial future.
Starting a Business:
Besides taking care of your family, life insurance can also protect you as a small business owner and your business. What would happen to your business if you, one of your fellow owners, or perhaps a key employee, died tomorrow? Read about the 9 types of insurance a small business owner should have here.
In your 50’s:
As much as we like to hope that we will live a life free of illness, life can throw curveballs our way that often require us to be prepared for the unexpected. In the event that you’re diagnosed with a serious illness such as cancer, stroke or have a heart attack, having critical illness cover will ensure that you’re paid out a tax-free lump sum to allow you to continue living as you were before you got sick.
In your 60’s:
Depending on the size of your estate, your heirs could be hit with a large estate tax payment after you die. The proceeds of a life insurance policy are generally income tax free and can be set-up to avoid probate, allowing heirs to take care of estate taxes, funeral costs, and other debts without having to hastily liquidate other assets. Finally, if your insurance program is properly structured, the proceeds from your life insurance policy won’t add to your estate tax liability.
This year, get organized with the right insurance so you can live your best life. Click here for free advice.