Insurance Advice

When Should I Start Thinking About Life Insurance?

A small child smiling at the camera

When is the right time for you to start thinking about insurance?

Yesterday. Today. Right now. You can’t start thinking about insurance soon enough.

Life insurance is the most viable way for anyone and everyone to protect their assets and their current lifestyle in the event of a disaster. Whether you’re married or single, have children or don’t, own a home or rent, you need to invest in your own security. If you were suddenly unable to pay your bills, you could be looking at a lot of unnecessary stress.

The type and amount of insurance you should have does vary depending on these circumstances. You’ll need more insurance if you have a family depending on you, for example, but you’ll still want to invest in insurance if you have debt to cover or just want to make sure your rent is paid every month.

Insurance if you have a family

If you have a family, it is perfectly common to want to protect everything you can, so that your family need not worry about losing their home. Typically, we recommend Life Cover, Trauma Cover, Income and/or Mortgage Cover, and, if the budget allows it, TPD Cover and Medical Cover.

Insurance if you are single

If you are single and have children you wish to protect, you may want to ensure they are looked after in the future should anything ever happen to you. In these situations, we often recommend Life Cover and Trauma Cover to allow for future investment planning and your children’s education.

Alternatively, if you are single and have no children, insurance still has a place! We typically recommend Trauma Cover, Income and/or Mortgage Cover, and Medical Cover to ensure that you don’t have to lose your home (whether you’re renting or own your own home) if you were suddenly unable to work due to a significant health issue.

Find the insurance solution you need

Our recommendations are based on the individual situations of our clients. As one of Auckland’s most trusted insurance brokers, we understand that one solution does not fit everyone’s unique needs. To learn more about how we can help you, contact Rethink Group today for a free consultation.

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