Each person goes through various life stages and each of these life stages is marked by certain events. For instance in the single’s stage, people are carefree and have a fun life where as in a young couple’s stage, people are careful and start accumulating money for their future. Each of these life stages also has its own risks. For instance, during the single’s stage people tend t be reckless and can get into accidents. Listed below are the various life stages that most people go through and different types of insurance plans that may suit you when you are going through these life stages.
The singles stage usually starts at 18 and ends when a person gets married. During the singles stage, people tend to be reckless while having fun and they also do not save money for their future. Although there are exceptions to this observation, majority of the singles in the world fall in the ‘carefree’ category. The risk factors during this stage include drinking and driving or being reckless in day to day activities.
The consequences of these acts are disability after an accident or loss of income due to an accident that may occur due to reckless behavior. The best insurance plan for singles that have not yet started saving money is income protection insurance. The best insurance plan for singles that tend to be reckless or carefree is total and permanent disability insurance. more >>
The couple stage starts when a person starts dating or becomes committed to another adult. During the couples’s stage, people start caring for their lives and worry that their partners will be left with no money when something happens to the main bread winner of the family. In addition, during this stage, the main bread winner may worry about loss of income due to injury, illness or other serious, disability or death. The best insurance plan for couples that want to protect the non working partner is income protection insurance. The best insurance plan for couples that ant to take care of each other even after they pass away is life insurance. more >>
The young family stage usually starts when young adults get married. Families that have young children also fall into this category. During this stage, people often worry about the safety of their family, the safety of their children, loss of income and loss of limbs. Insurance in this life stage is very crucial due to the inclusion of dependants in one’s life. Life insurance plans are usually a must for people with dependants such as young children. Income insurance plans along with some type of Total and Permanent Disability Plan is also a must for adults that have dependants. more >>
Still Working Age
The still working age starts when a person is 40 years and lasts till a person is 55 years old. During the still working age people have reached an age where they may have collected some funds, have their own house or have some assets. During this stage, life insurance is a must and so is income protection insurance especially if Total and Permanent Disability Insurance is not purchased. In addition, critical illness plans are a must for older adults who have been diagnosed with heart problems, hypertension, diabetes or other serious health problems. more >>
This stage begins either when a person opts for retirement or retires at 58 – 60 years old. During this life stage retirees tend to have a reduced income and reduced savings. In addition, most retirees tend to suffer from pre-existing health conditions such as diabetes, hypertension or heart problems. Life insurance is a must for older adults that have dependants such as a partner who doesn’t earn income. Funeral insurance is also a must for older adults who want to ensure that their families do not have to borrow money for funeral costs. more >>