Throughout our lives, we go through a number of changes. And along the way, our Insurance needs change too. So here’s a guide to the most common Insurance types at every life stage.


You’re young – why would you need insurance? The reality is, there may be quite a few reasons.

This a period of your life where you might be finding your feet and having a bit of fun. Health insurance is worth considering so that, if you were to suffer an ailment or illness that could not be treated quickly through the public system, you could choose to go private and get back to normal as quickly as possible.

Young people often think about getting life insurance when they take on commitments such as a mortgage or children. But even if you don’t have those things yet, there are still reasons to think about life insurance. Even taking out a small amount of life cover can help you circumvent any conditions that may be considered ‘pre-existing conditions’ later on.

Income protection may also be a good option, depending on your circumstances. Once again, it’s about being financially independent no matter what life throws at you.

Whatever insurance type you choose to take out, the benefit of buying any form of personal insurance young is that the premiums are usually comparably lower. And as we said, you can also lock in a policy before you develop conditions that an insurer might exclude if you took it out later.


Commitments often become more pressing during your 30s.
Financial Services Council‘s data showed that 13 per cent of people in their 30s who did not have insurance had thought about taking life insurance in the past two years. About 40 per cent of all respondents aged over 25 had a life policy.

Children are a big motivator for this. Life insurance means you do not have to worry about who would provide for, or look after them, if you were not around to do that.

You might also consider a trauma or total permanent disability policy. These types of cover pay out a set amount if you suffer one of a range of serious, usually life-threatening conditions, or if you have a disability that means you won’t work again. They are a good way to help you reduce the financial stress on your family at a time of emotional strain.


Your 40s are often your peak earning years, but at the same time, you might still have significant debt and children living at home with you.

In this scenario, protecting your ability to earn an income is key. From income protection to life, trauma and health insurance, having the right mix of policies in place can make all the difference. The important thing is to ensure you get the right level of coverage for your budget, so please don’t hesitate to contact us: we can help you achieve value for money without compromising on your needs and goals.


A focus on earning usually continues through your 50s as you start to think about preparing for retirement, so an income protection policy can still be important to keep you on course.

If you paid off your debt, you may start to think about dropping or reducing your life insurance coverage.

Also, if you have health insurance in place and want to make sure it stays affordable in the long run, now may be a good time to think about the excess options to reduce premiums while still maintaining the valuable cover.


At this stage, you may have had a life insurance policy with level premiums for decades. If so, it’s a good idea to keep it going through retirement, as sometimes these policies are used to transfer wealth to the next generation.

If your investments and assets (like your house) are set up to allow you not to work, you shouldn’t need a lot of other financial protection. Consider maintaining your health insurance though, so that if you were to require an operation that had a long public waiting list, you could choose to go through a private provider instead.

Want to talk through your options? We can help you work out what insurance you need, no matter what stage of life you’re at. Get in touch today.


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek advice from a financial adviser.