Insurance advice: Four ways to protect yourself in your 30s

We know it well – the decade between 30 and 40 years of age is a time of big change and increasing responsibilities.

Maybe you’re giving your career a boost or taking it in a new direction. You may have just tied the knot and started a young family, got on or climbed the property ladder.

With growing debt and dependants to provide for, your 30s can also be a very good time to seek insurance advice. And there’s another valid reason to explore your insurance options: premiums are still at a low rate.

If you’re looking for a little nugget of inspiration, here’s an outline of the insurance types that best match this stage of life.

Four ways to protect yourself in your 30s:

1. Health insurance

Here’s a strong case for securing health insurance while in your 30s – the younger and healthier you are, the lower your health insurance premiums will be.

Also importantly, being reasonably young minimises the risk of having already developed pre-existing conditions. In other words, you may have a wider range of options to choose from, at a lower price.

One final factor should be added to the mix, as well – prevention. Don’t forget health insurance can be an incentive to get your health checked more regularly.

2. Trauma cover

When a serious, potentially life-threatening condition strikes, being able to focus on your recovery without added stresses can make a big difference. That’s where Trauma Insurance (also known as ‘Critical Illness Insurance’) comes into play, offering a lump-sum benefit that helps you afford the unexpected costs of an illness or trauma. We also wrote an article on why you might need Trauma insurance more than life insurance.

3. Income protection

The ability to earn an income is all about meeting your daily living costs, rent or mortgage and loans. It goes without saying, this is something worth protecting, being one of your biggest financial assets and an important source of your present and future wealth.

Income Protection offers a financial safety net should a total or partial disability undermine your ability to work, providing monthly benefits to replace a significant portion of lost income.

4. Life insurance

If you’re a young couple – with or without kids – people may depend on you and your income. At the same time, you may have a mortgage to pay or other long-term commitments to attend to.

Life insurance is a way to make sure these won’t become a sudden burden to your loved ones. Affordability is a key element to consider and, once again, keep in mind that premiums are lower when you’re young and healthy. You can even lock in costs by choosing level premiums over age-related ‘stepped’ premiums. This will fix your premiums for life, preventing them from increasing over time.

Could you use an expert Insurance Adviser on your side?

It can be helpful to have someone else do all the leg work and read the fine print for you, and point out areas where you might be exposed to too much risk.

Our qualified Insurance Advisers can also tell if you are paying too much or have too much cover in place.

Our insurance advice is non-aligned and we have access to all the major insurers, so talk to us today for a free no-obligation chat.

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