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26 May 2023

Insurance through the life stages

Insurance plays a vital role in your financial life, and as you progress through different life stages, your insurance needs are likely to change. Let's explore various personal insurance types to consider at different stages of life.

Young adults: securing your financial future

The early bird catches the worm, and getting an early start on insurance can help build a solid foundation for your financial future. So, what insurance types should you consider?

Health insurance can cover potential medical expenses and protect your well-being. The advantage of starting young is that medical conditions you develop are more likely to be covered. Income protection can provide financial support if illness or injury prevents you from working for an extended period of time. Lastly, even without dependents, a small life insurance policy can cover your financial obligations if you have debt. The other key benefit of taking out life insurance when young and healthy is future insurability, as future conditions that you may develop will likely be covered. 

Starting a family: protecting your loved ones

When starting a family, your insurance focus will likely shift to your partner and children's well-being.

Life insurance can be a great help: our advisers can assist you in reviewing and adjusting your coverage to align with your family's growing needs and long-term goals. Trauma insurance, which offers a lump sum payment if you’re diagnosed with one of the qualifying critical illnesses or medical conditions, is another useful financial protection tool. Finally, income protection can make a difference when your family relies on your income, replacing up to 75% of your income if you're unable to work due to a serious illness or injury.

Middle age: building and preserving wealth

With greater financial responsibilities like a mortgage, children's education, and long-term care for ageing parents, updating your insurance cover is crucial during middle age.

Reassess your life insurance, health insurance, income protection, and trauma policies to ensure they reflect your current situation. We can help you review and modify your plan to address any protection gaps.

Approaching retirement: financial stability and peace of mind

As you near retirement, it's essential to have adequate insurance coverage to maintain financial stability and support your lifestyle during your golden years.

Consider reevaluating your life insurance policy to reduce or adjust the coverage based on your retirement goals. With health insurance, the risk of health issues increases with age, as do premium; so reach out to use if you'd like to adjust your coverage accordingly, for example by adding different modules like doctor’s visits or specialists.

Retirement: enjoying your golden years

During retirement, your insurance needs may shift as you transition from generating income to living on a fixed budget. We can help you adapt your coverage to suit your unique circumstances during this life stage.

For instance, we can guide you in determining what covers you may still require and the appropriate coverage level. During your golden years, your insurance options may be limited, both in terms of insurability and affordability as premiums tend to be quite high. So, it’s important to make sure that you know what covers available are still relevant, and whether they need to be adjusted based on your needs and budget. 

Do you have any questions for us?

Get in touch. As insurance advisers, we are here to help you keep your financial protection aligned with your ever-changing needs.  


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

Link Financial Group Ltd trading as Mortgage Link and Insurance Link FSP 696731 holds a licence issued by the Financial Markets Authority to provide financial advice. Insurance Link (NZ) FSP 446867 is authorised by that licence to provide financial advice. Please visit for more information and Disclosure information.