There are the insurance policies to consider getting when you hit your 30s.
If you’re in your 30s you’re probably starting to make some serious life decisions.
You may be thinking about renting or buying a home, travelling or starting a family.
Whatever your plan, it’s essential you have the right cover in place. So here’s a roundup of the insurance policies you might need.
A life insurance policy makes sense if you have children, a partner or family that rely on your income to pay for the mortgage or other living expenses.
The younger you are when you apply, the better the deal you’re likely to get. This is because you’re less likely to have a health condition and as you’re expected to live longer than someone who’s currently in their 60s, a payout is less likely, meaning a lower premium for you.
As for your loved ones, payouts can cover funeral costs, mortgage repayments and education fees for your children as well as other day-to-day expenses like food bills.
There are a few different types of life insurance policies offering varying levels of cover and you will need to decide whether you need a single or joint plan.To find out more take a look at our guide: Life insurance: how to get the best policy.
If you don’t have dependents, you can hold off on the life insurance (for now).
Critical illness cover
As you may have more people depending on you and your income, getting critical illness cover is the next logical step after life insurance.
Critical illness cover is best if you or your partner don’t have enough savings to cover everyday bills should you become too ill to carry on working.
Just be aware that it may not cover some conditions like cancer. Always read the small print first.
If you’re concerned about treatment, you’ve always got the option of taking out private medical insurance. It doesn’t have to be expensive either: read How to pay less for private medical insurance to learn more.
Travel insurance is vital for anyone going on holiday, whether you’re travelling solo on a backpacking adventure or as part of a family of six on a European getaway.
Individuals can get a single or a multi-trip policy depending on how often they travel. Just make sure it covers each destination you’re going to in the next year.
If you are travelling as a family, a family insurance policy is likely to be the cheapest way to cover your trip as some providers will include younger kids for free.
You may receive higher cover levels on a family policy too. This could be in the form of additional baggage cover, higher cover level for alternative accommodation and increased cancellation cover.
Just watch out because you could be stung by multiple excesses, meaning that you’d have to pay out for each family member.
If the clan go away once or twice a year, a single trip policy would be ideal, but if you go away more often, go for that multi-trip cover. You can compare both types of travel insurance with loveMONEY.