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We will have a long list of plans for our and our loved ones’ lives as we grow. This is especially true when you are turning to be a 30-year-old. Age is just a number, right! But it is a turning point in our lives where we would have seen a number of ups and downs and prepare for a stable life. All our efforts can go haywire in mere seconds and we will not have much control to do anything at such times.
Many people think that spending on insurance premiums is a waste and we can rather put that money in another investment product that brings more returns. But there is no guarantee that the investment product will give a good yield and that it comes in handy when in crucial times.
Here is a list of five types of insurance that you should have when you turn 30. Investing in these insurance types will give you overall protection for everything and everyone dear to you.
Having a life insurance policy before you turn 30 will be beneficial for you as you will be at the prime of your health and the premiums come in at low costs. You buy a life insurance policy and pay premiums regularly.
Further, a life insurance policy assures you that your family can lead their life with the sum assured in the case of unexpected situations. Choose a minimum sum assured of 6-8 times your monthly income. Also, it should be able to settle all your liabilities and other living expenses for your family.
Keeping up with your health is the most important boon in life. A medical emergency can knock at your door at any time and you need to be prepared with health insurance. Keep your family independent and prepare a way to pay your hospital bills.
A medical insurance policy covers all the necessary expenses when an insured person is hospitalised, i.e. either through cashless hospitalisation or reimbursement.
Accidents happen even if only one party is at fault. Things go wrong in a matter of seconds or even milliseconds and the unpredictable incident just happens. Stay prepared through accident and disability insurance cover. You can either buy a separate policy that provides accident and disability cover or opt for a rider that covers accident and disability and attach it to your health insurance.
Robbery is something one needs to take precautions. You would have built/bought your house with so much love and effort. The same goes for every item you have carefully chosen for your home. It will be so unfair if it is stolen or damaged.
Protect your house structure and its contents through the home and contents insurance. The insurance pays you for any damage or theft to the house structure and its contents.
It is quintessential to have insurance for your vehicle irrespective of it being a two-wheeler or four-wheeler. Getting the vehicle on the road without insurance will attract a fine from the traffic police in India.
Keep an active vehicle insurance cover with you to deal with fire, theft, and damage to the vehicle as well as any mishappenings to yourself.