The insurance you need will mostly depend on your own personal circumstances – where you are in your life and what financial commitments you have. Thinking about these sorts of things will help you consider what an insurance benefit may need to cover if something were to happen to you.

 

Being ready for the unexpected

Everyone’s needs are different, and as such it can sometimes leave you wondering what type and amount of insurance cover is best for you.

Here are some thoughts to get you started:

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Young and single

You might be starting out in your career; you may or may not have dependants; you may have little debt or short-term debt only.

Think about how you would support yourself if you became ill or disabled and weren’t able to work, either in the short term or long term. Insurance cover may help protect your ability to earn an income and your independence.

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Young couple or young family

You may be more established in a career; with or without dependent children; you may have longer-term debts (e.g. mortgage).

Think about ongoing financial commitments that would have to be covered if something happened to you. Having appropriate insurance cover can help protect your family and the lifestyle that you have worked hard to build.

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Mature single or ‘empty-nester’

You may be more financially independent; with or without adult children; lower long-term debt.

Think how medical treatments etc could affect savings. Insurance helps protect wealth, but it’s possible that with fewer commitments your current cover may be more than you need. Cover you had previously could end up costing you more in premiums than necessary.

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Looking for help or advice about insurance?

If you have questions about the type or amount of insurance cover you should have, you may want to talk with the Advice Essentials team. There is generally no additional cost to you to use this service for advice relating to insurance cover in your Accumulate Plus account. (You can also check out insurance calculators.)

 

Find out more

Other useful resources

    Insurance needs calculator

    Try this handy calculator to see what your insurance coverage needs may be according to your circumstances. (Source: Lifewise)