Checklist for insurance coverage in different phases of life
Your insurance requirements change throughout your life. Find out what insurance you need.
Have you recently left home or bought your first home, started a family, or beginning to look forward to retirement? The stage of life you find yourself at right now will impact which insurance you should have, and which policies can be moved further down the list.
Your ability to work will create your future
As a young person and/or student, you’re concerned about building a future, and the possibility of establishing yourself with a family and a home beckons on the horizon. In this stage of life, you don’t have many assets such as a home or a car, but you are free to travel and experience life.
The most important thing you have is your capacity to work and plot out a good life path for many years to come. When your working life has been short, the social security you get if you become disabled will be very low. Securing the loss of future earned income is the most important thing now, and the advantage is that disability insurance is cheap when you’re young.
Should have: contents insurance.
Build your family life and protect the people you love
Whether you’re in the early stages of setting up your life with your first home, or already have a busy family life with children and a home, your capacity to work is essential. You have dependents and a big debt to pay off, and this makes it important to secure a certain level of income. It’s also important to secure an income for your loved ones, should any unforeseen events occur.
Freedom to enjoy your life
When you reach your 50s, you’ve probably paid off parts of your debt, are well on your way to saving for a pension and have perhaps built up some savings as well. Your children start leaving the nest and you have greater financial freedom.
At the same time, you’re at a stage of life with an increased risk of health problems. If you don’t have disability insurance, but have a good savings plan, it is not written in stone that you have to prioritise disability insurance. You might consider Critical illness insurance – a lump sum payment in the event of serious illness.
A single life
If you live alone, you’re in good company with one million Norwegians. Alongside having a family and cohabitants, getting set up in your own home is one of life’s big goals. The costs are generally higher for single people, and you’re the only one servicing loans and paying instalments. This means that it is even more important to protect your capacity to work and your income level – especially if you have children.
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No two financial situations are alike. But all are important. Try our advisory tool, become more familiar with your own finances and make better decisions for the future.