Navigating insurance: essential coverage for every stage of adult life

Amanda Dusse

While millennials may still feel young at heart, adulting means confronting some financial realities. With the last group of the millennial cohort born in 1996, the youngest are turning 29 this year, making navigating finances a stark reality.

I don’t need insurance, I’m team forever young,” may ring true for many, but the reality is different because life happens to most of us.

Protecting and growing our finances is essential to securing a stable and prosperous future. Whether you’re just starting out, building a family, or running a business, the right financial strategies and the right insurance can make all the difference.

You’ve probably heard friends or family say, “I don’t need insurance.” They might feel invincible as if life’s unpredictable challenges will never touch them. But the truth is, no one is immune to life’s uncertainties. That’s why it’s crucial to plan and protect yourself, your loved ones, and your assets.

Here are valuable insights on the types of insurance you need at different stages of life. Here’s a breakdown to help you make informed decisions:

For parents

As a parent, your responsibilities extend beyond your own needs. A combination of critical illness, life, and funeral cover is highly recommended. If something happens to you, your family will need more than just funds for a funeral, they’ll need financial support to maintain their standard of living and continue your legacy.

·       Life cover: this pays a lump sum to your beneficiaries if you pass away, helping your family cover expenses and maintain their lifestyle. 

·       Critical illness insurance: if you’re diagnosed with a serious illness, this provides a tax-free lump sum to help cover medical costs or other financial obligations. 

·       Disability insurance: Disability cover is designed to safeguard you financially if you become permanently disabled due to illness or injury.

By having these protections in place, you can ensure your family is financially supported, no matter what life throws your way.

For asset owners

It’s easy to think of car or home insurance as an unnecessary expense until something goes wrong. Your car, for example, isn’t just a vehicle; it’s a critical asset that gets you to work and helps you earn a living. Similarly, insuring valuable items like laptops and electronics can save you time, money, and stress in the long run. 

Insurance isn’t just about covering losses; it’s about peace of mind. If the unexpected happens, you’ll be glad you took the steps to protect your assets.

For entrepreneurs

If you’re an entrepreneur, your business is your livelihood. But what happens if a key employee falls ill, becomes disabled, or passes away? Business insurance can help mitigate the impact of such disruptions, providing financial support to keep your operations running smoothly. 

This type of insurance isn’t just about protecting your business, it’s about safeguarding your vision, your employees, and your future.

For the family-oriented

As you grow older, your responsibilities grow too. You’re no longer just a participant in family decisions—you’re a decision-maker. With that role comes the need to protect your loved ones. Funeral and life cover for parents, siblings, aunts, uncles, and other family members can help you prepare for the unexpected. 

While it’s not something anyone likes to think about, being prepared can ease the financial burden during difficult times, allowing you to focus on what truly matters—your family.

You may be getting older, but with age comes wisdom—and the opportunity to make smart financial decisions. Insurance isn’t just a safety net; it’s a tool to protect your dreams, your loved ones, and your hard-earned assets. Whether you’re a parent, a business owner, or simply someone who wants to be prepared, taking the time to evaluate your insurance needs is a crucial step toward building a secure and prosperous future.

Don’t wait for life to surprise you, take control today by speaking to a financial adviser. Your future self will thank you.

* Dusse is a financial adviser at Liberty.

PERSONAL FINANCE