Protecting what matters usually involves having to balance the cost of protection with the risks you face. Everyone is different, but there are a number of specific life stages where certain insurance coverage or protection may be particularly relevant.

Here are some illustrative examples:

Justin

Justin is a 30-year-old college lecturer, living with his partner Lisa. They recently bought their first home with a bit of help from Lisa’s parents, and are expecting their first child.

He wants to have peace of mind that his new family will be safe and protected from whatever life throws at them.

Justin and Lisa have taken out a homeowner’s policy, which was a requirement of the mortgage they took out on their home. As a precaution, Justin also has life insurance and long-term care, which could help their growing family if he dies or becomes incapacitated.

As well as insurance, both Mike and Lisa have made a will, and they each pay into retirement savings plans.

John and Michelle

John and Lisa are both in their 60s, with John still working full-time and Lisa part-time. They have two daughters and a son, all of whom have left home and started families of their own. They have four grandchildren.

John hasn’t always been in the best of health, and private healthcare has reassured him that he and Michelle would always be well cared for. They both have life insurance, which will protect either of them if the other passes away.

John has calculated that his retirement savings – along with their insurance policies – will enable them both to retire comfortably at 65. They both have a will.

Jennifer

Jennifer is in her 40s, works full-time and has two school-age children. She recently separated from her partner and has moved into a new house close to her work.

Jennifer’s home is rented, so insurance is the responsibility of the landlord. However, she has renters’ insurance which includes contents and also added a jewellery rider for a few items of jewellery that had belonged to her mother.

A jewellery rider, also known as a jewellery floater or scheduled personal property coverage, is an endorsement to a homeowner’s or renter’s insurance policy that provides extra coverage for valuable jewellery. It typically covers the full value of the jewellery, often deductible-free, and can protect against accidental damage, theft, and mysterious disappearance, which may not be fully covered under a standard policy.

She is planning a special holiday this year for herself and the children, so she has been shopping around for travel insurance.

Additionally, she has been paying into a retirement savings plan, which her workplace contributes to, but she plans to increase her payments into the plan from now on.

 
She’s also recently reviewed her life insurance policies with her ex-partner to ensure the children’s future continues to be protected. 

These are examples to get you thinking about what protection you may need for you and your loved ones. It’s a good idea to do your own research, and if you’re unsure of what’s right for you, ask for professional help or advice.