WHEN SHOULD YOU PURCHASE/BUY INSURANCE

 

When making your personal financial plan it is critical to include insurance. Just like your financial plan, insurance changes with the various seasons in life and circumstances. It is important for us to know that insurance products are sold to people based on their needs. Everyone has their own needs and there is no one-size fit for all predict in the market.

Here are some covers to consider in the various phases of life.

                                  1. Young and single

When you are young and single you are full of life, fewer responsibilities. Get travel insurance will enable you to see the world. Protect yourself with personal accident insurance to cover any injuries or disabilities. Plan your career growth with an education policy. Protect your treasured electronics, phone and household appliance with home insurance. Plan your retirement because time flies and yes it is coming soon. But don’t worry if you are old because there’s always a plan for you and everyone regardless their age. “IT IS NOT TOO LATE TO INVEST”

                                      2. Married

Protect yourself with life insurance, get health insurance and home insurance to protect your valued asset. Also consider having a retirement plan.

                          3. Married with children

You should consider the following covers life insurance, education policy, home insurance, home insurance, investments, retirement plan, health insurance and incorporate funeral insurance in it.

                        4. Business owner

If you are running a business, it should also be protected. Depending on the nature of the business there are several options such as professional indemnity, business interruption, goods-in-transit, money insurance, theft insurance fire and perils. If you have employees, group insurance such as health, life and pension are also key to consider.

                         5. 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 in insurance that you require, for example your employer may provide health insurance but not life insurance or pension. It then becomes your responsibility to have/plan for retirement and to protect your life.

                          6. Retirement

Planning for retirement is critical and this should start as early as possible for retirement in the form of schemes and annuities.