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What type of insurance do you need at each stage of your life?

What type of insurance do you need at each stage of your life?
October 28, 2021 camsrep

As children, all we cared about was homework and tests. As we grew older, we got more mature and began to consider our future and careers. Our priorities and needs changed as we progressed through life. Similarly, our insurance requirements change as we progress through life.  In this blog, we will discuss the different types of insurance required at various stages of life.

Anuj turns 26 today. He realises that he is getting older and that he must begin planning his finances in order to live a happy and stable life. Let’s take a look at his life to see what he needs to reach his goals.

Age 26:

Anuj works as a software engineer in a reputed company and has a secure job with a steady income.

What is on Anuj’s plate?

  • He wants to buy a car before he turns 30
  • He has a bike for his daily commutes
  • Needs to save for his sister’s wedding expenses

What does he need?

  • Short term saving insurance
  • Health Insurance
  • Motor Insurance for his bike

Anuj will benefit from a short-term savings strategy because he has a few short-term goals. He needs motor insurance because he rides his bike to work every day. Even if Anuj’s employer provides health insurance, he should check to see if he will need additional coverage and purchase health insurance accordingly.

Age 33:

Anuj is now married to his colleague Priya. They have big dreams and plans for their future. Priya is expecting their first kid in the near future.

What is on Anuj’s plate?

  • He has purchased a new house
  • Take care of his aged parents who live with him
  • Maternity cover for Priya

What does he need?

  • Home Insurance
  • Life Insurance
  • Health Insurance
  • Senior Citizen Health Insurance
Anuj and Priya have recently purchased a new home and require home insurance to safeguard it from theft and accidents. Every stage of life necessitates the purchase of health insurance. Because Priya is expecting a child, she should choose a health insurance plan that provides maternity coverage. Senior citizen health insurance is great for Anuj’s parents because it eliminates the need for him to pay out of pocket in the event of a medical emergency. They further invest in life insurance since they are about to become parents and will have greater responsibilities ahead.

Age 40:

Anuj and Priya are well-settled with two kids.

What is on Anuj’s plate?

  • Retirement Plan
  • Kid’s educational expenses and wedding expenses

What does he need?

  • Upgraded health insurance and life insurance
  • Saving Plan
  • FD, RD, Mutual Funds, Jewellery Investment

Anuj and Priya’s children are as ambitious as they are, with aspirations to attend Ivy League institutions in the United States. Anuj and Priya must set aside funds to cover their educational costs. They also want to see both of their children married happily before they retire. As a result, they upgrade their health and life insurance policies. They also begin to save through FDs, RDs, and jewellery purchases.

Age 60:

Anuj and Priya have now retired. Both the kids are settled in the US and financially independent.

What is on Anuj’s Plate?

  • Health issues due to ageing

What does he need?

  • Senior health insurance plans for both Priya and himself

Anuj has put aside enough money to live comfortably with Priya. He travels frequently to see his children and spend time with them. Anuj only requires health insurance at this point in his life so that he does not have to worry about expenses when he or Priya falls ill.

One Step Further

While you have invested your time, energy and money to secure your family with the right insurance policy, take the next important step of digitizing them. Imagine if you lose your insurance policies in a fire accident? This will only stress you out further.

e-Insurance allows multiple policy viewing, safety, easy tracking and monitoring, paperless processes, reduced risk of fraudulent acts, effortless premium payments and easy accessibility anytime, anywhere.

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