When should you purchase insurance?

Young Single

Full of life. Few responsibilities. Get Travel insurance as you see the world. Protect yourself with personal accident insurance to cover any injuries or disabilities. Plan your career growth with an education policy. Protect your treasured electronics, phone, and household appliances with home insurance. Retirement planning (yes, it's coming).


Protect yourselves with life insurance. Get health insurance and consider funeral insurance for both of you and your parents. Home insurance protects that valued asset. Retirement planning.

Married with children

Life insurance. Education policy. Health insurance and incorporate funeral insurance in it. Home insurance. Investments and retirement planning.

Business owner

If you are running a business, it should also be protected. Depending on the nature of the business there are several options, from professional indemnity, business interruption, goods- in-transit, money insurance, theft insurance, fire, and perils. If you have employees, group insurances such as health, life, and pension are also key.


Establish what kind of insurance your employer provides, then depending on which stage of life you are in, you can fill in the gaps in insurance that you require. For example, your employer may provide health insurance but no life insurance or pension. It then becomes your responsibility to plan for retirement and to protect your life.


Planning for retirement is critical and this should start as early as possible. Insurance offers many options for planning for retirement in the form of schemes and annuities.