Four ways to protect yourself in your 30s

We know it too 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, 30s can also be a very good time to take our insurance. 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.

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.

Trauma cover

When a serious, potentially life-threatening condition strike, 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.

Income protection

The ability to earn an income is all about meeting your daily living costs, monthly rent 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.

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.

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.

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