Unexpected hardships can be very costly. “It is impossible to predict when an emergency may arise or what setbacks we may endure. However, it is possible to be better prepared for the financial consequences of these these events by being properly insured during each stage of our lives,” says Peter Olyott, Managing Director of Indwe Risk Services.
A very important aspect of risk evaluation when assessing someone’s insurance needs is taking into account the life stage which that person is currently in. Someone who has just graduated from university has different coverage needs to someone who is newly married and is considering starting a family. A newlywed’s insurance requirements are also quite different from that of a person who is about to retire. Additionally, taking into consideration the common milestones that occur during each life stage helps determine the different types of insurance that one should consider investing in.
For young people, it is important to consider purchasing a health plan as well as disability coverage. In the event that an accident leaves a person temporarily unable to work, they will still be faced with expenses and student loans which will need to be paid.
On the other hand, someone who gets married will have to look at their own as well as their partner’s finances “When people get married their post marriage finances may be jointly run and it is advisable to get an expert opinion on how to structure one’s joint insurance. If you are thinking about starting a family, you will want to review your health plan to make sure you have adequate coverage. It is also a good time to invest in an educational savings plan,” Olyott says. In the event of a spouse’s unforeseen passing, the other party should be financially protected from having to incur any personal debts and funeral expenses. Other expenses such as the cost of raising a child, future studies and a home loan should be covered.
It is advisable to reassess health insurance, annuities, travel insurance and personal insurance as you approach retirement.
A good solid insurance product may turn out to be unsuitable for a particular life stage , so it is always important to have an objective regular review undertaken . “Just as it is important to be properly insured, it is also essential to work with a reliable insurance broker, such as Indwe Risk Services,” says Olyott. Make sure you acquire the assistance of an experienced broker who is able to provide you with professional advice about insurance options in every stage of your life. A knowledgeable broker will assess your insurance needs, determine the type and amount of insurance you should maintain, and find the best-priced policy for you,” Olyott concludes.
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