As a Kiwi guy in your 30s, there are a few types of insurance you should consider to make sure you're protected. Here are some of the most important o
As a Kiwi guy in your 30s, there are a few types of insurance you should consider to make sure you’re protected. Here are some of the most important ones:
Health is Wealth
First, health insurance can give you access to private healthcare, which means you can avoid long waiting times and potentially big expenses for medical treatment. If you have dependents like a partner or children, life insurance can provide financial security for them in case something unexpected happens to you.
While we are lucky to have a great public health system in New Zealand, there can be long waiting times for non-urgent procedures. Additionally, public healthcare may not cover all of the costs associated with medical treatment, such as specialist appointments, elective surgeries, or dental care.
Protect that income
Income protection insurance can be a lifesaver if you rely on your income to support yourself and your family. If you get sick or injured and can’t work, this type of insurance can provide a regular income to help you keep up with your bills until you’re back on your feet.
In times of economic uncertainty like we are currently in, job security can become a major concern for many young people. If you were to lose your job due to layoffs or other factors, income protection insurance could help ensure that you still have a source of income to cover your living expenses until you can find new work.
Income protection insurance provides you with a regular income stream if you can’t work due to illness, injury, or unemployment. Depending on your chosen policy, this income stream can cover a portion of your lost income for a set period or until you can return to work.
One of the benefits of income protection insurance is that it can provide you with a sense of financial security during uncertain times. If you were to lose your job during a recession, for example, knowing that you have income protection in place can help ease the financial stress and allow you to focus on finding new work without worrying about making ends meet.
Another advantage of income protection insurance is that it can help protect your long-term financial goals. Suppose you were to suffer a serious injury or illness, for example, and could not work for an extended period. In that case, your income protection policy could help you maintain your savings and investments and cover your ongoing living expenses.
Ultimately, income protection insurance can be a valuable tool for anyone who relies on their income to support themselves or their family. Whether you’re facing an impending recession or simply want to protect yourself against unexpected events, income protection insurance can help provide you with the financial security and peace of mind you need to weather life’s ups and downs.
Too young for Trauma insurance?
Trauma insurance is also worth considering if you’re worried about being diagnosed with a serious illness or suffering a major injury. It can help cover the costs of medical treatment and recovery. While someone in their 30s might think they are too young to suffer a serious illness, the truth is that no one is immune to unexpected events.
It’s not easy to think about the unexpected, but accidents and serious medical conditions can happen to anyone, young or old. Even if you don’t have financial commitments or people depending on you, it may be wise to consider a personal insurance policy to ensure you can afford the life changes a serious illness brings. You do not want to be a burden on others.
Generally speaking, the younger and healthier you are when you apply for insurance, the more affordable your premiums can be. As you get older and your risk of needing to make a claim increases, your premiums will also increase. However, different types of premiums are available to suit your circumstances, and it’s worth considering your options carefully.
Another good reason to consider insurance while young and healthy is to avoid pre-existing conditions. If you wait too long, you may develop a health issue that makes it harder to get insurance later on, leading to higher premiums. By taking out cover early on, you can be covered for any medical conditions you may develop later in life.
Ultimately, insurance can be a smart investment regardless of age or circumstances. It’s a way to protect the things that matter most to you and your loved ones and can provide peace of mind in the face of life’s uncertainties.
Contents and Home – most probably already protected
Most young people start off their insurance journeys with contents insurance. After all, that record collection is expensive!
Once you buy a first home, Home Insurance is recommended (and sometimes mandated) by most lenders. Home and contents insurance is a smart move if you own your own home. It can protect you against damage from natural disasters, theft, or accidents. When you purchase home and contents insurance, you’ll typically choose the level of coverage that best suits your needs and budget. This might include coverage for damage to your home’s structure and for personal belongings such as furniture, electronics, and other valuable items.
When choosing a home and contents insurance policy, some things to consider include the level of coverage you need, the deductible or excess you’re willing to pay in the event of a claim, and any additional features or benefits that are important to you.
Irrespective of whatever insurance you have, it is important to review your policy regularly to ensure it still meets your needs and to update it as necessary if there are major changes in your life. For example, suppose you’ve recently started a family or changed jobs. In that case, consider adding or adjusting your life insurance policy to provide for your loved ones in the event of your unexpected passing.
By reviewing your insurance policies regularly, you can ensure that you have the right coverage at the right price and that you’re not paying for coverage you don’t need. So, take some time to review your policies and make sure that they’re still serving your best interests. It could save you time, money, and headaches in the long run!
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