Your Future-Proof Partner in Every Milestone
When you’re young, it’s easy to dismiss the idea of getting an insurance plan because: (1) you won’t need it yet and (2) you think you can’t afford it. And, even if you are already at the prime of your life, your thinking is that you’re too late to invest. Little do you know how much more expensive and necessary such insurance plans become in times of need. And then you’d feel instant regret that you didn’t take the opportunity to get that insurance.
Getting all types of insurance, of course, is ideal. But, since we’re not in a perfect world, the best that we could do is to take them one at a time - per life stage to be more precise. Got married? Maybe you’ll have a baby soon. What insurance plan can you get to help protect your baby from unforeseen emergencies? Finally got a baby? Time to start preparing their college fund. And, so on, and so forth. Think of each type of insurance as a step towards securing an emergency-proof future.
So, we know life stages are markers of when to get insurance. The question now is: which ones to get? So, below we will tackle at which stage in your life would each type of insurance will prove useful. In that way, not only are you protecting yourself from uncertainties but you’re also spending your money wisely.
Your Yuppy Single Era
If you’re somewhere in your 20s or 30s, your career and your health are pretty much the only considerations that you’re making right now. So, if that’s the case, you ought to invest in health insurance and job loss insurance. These types of insurance are often offered in various packages, so you can choose which ones are most affordable to you. Some insurance companies (like BPI AIA) offer flexible protection plans, so you can use them for whichever instance you will need emergency funds.
Goals After Getting Hitched
Not all yuppies in their 20s and 30s are about the single life. Many adults within this age range are also shacking up and getting hitched. And, in this life stage, you’re looking after not only your partner but your future babies as well (whether that means human babies or animals). So, you have extra considerations.
A family health plan and/or an education plan would prove useful for you at this stage. So, should your partner or kids have a medical emergency (knock on wood three times), you have coverage. Also, how big of a relief would it feel if you’ve saved up enough for your kids’ college that when they finally get there, you no longer have to worry about anything?
A Decade or Two Away from Seniority
They said life begins at 40. Why is that true? Because at this stage, you would have already saved enough assets to get yourself more things. So, at this point, you may already have more than one bank account, your own house, your own car, and may even own a couple of businesses. What you need are protection and estate insurance.
Your doctors may also already start warning you about what to expect health-wise. So, on top of regular exercise and a healthy diet, you might want to get your health insured too. So, you’re ready whenever those heartburns suddenly turn into a 2-day hospital visit.
To Seniority and Beyond
At this point, your main concern is to protect your legacy. You’ll want to leave your children and grandchildren with wealth - not debts. So, get yourself a life insurance that allows you to pay off any remaining debts. And, with any remaining assets you do have, you might want to grow, so some investment plans would help. Watch your savings from 40 years as a dedicated worker triple in size. Finally, a savings plan might also prove to be useful because you’ll want to enjoy your retirement. If you want to go big, don’t wait until you’re 60 before you can avail a savings plan.
So, there you go, a different kind of insurance plan for every milestone in your life. Now, don’t pressure yourself with a timeline. It’s not necessary that you get all of them. But, getting at least one or two would surely be a relief, don’t you think?
Need more expert advice? Feel free to book an appointment with our financial advisors. They’ll give you a more in-depth insight into the value of these insurance plans in every life stage.
