During your 30s, life usually begins to settle down. Instead of spending Friday and Saturday nights at the bar, they are often spent taking care of others, like kids. Life seems to just slip up on us. Careers and families become a priority. With these new priorities comes extra responsibility. To reduce risk to yourself and loved ones, make sure that you are covered in these five areas:
- Health Insurance: Your 30s is he best time to begin establishing positive life-long habits. Regular checkups should become a must-do routine habit (BusinessInsider.com.) Establishing this in your 30s can lead to better results later in life. However, these visits aren’t cheap, which is where a solid health insurance policy comes in hand. BusinessInsider.com suggested spending more to find a policy that best suits you.
- Disability Insurance: Not to be confused with life insurance, disability insurance covers you when you become injured and are no longer able to work. BusinessInsider.com said “if you’re relying on your income to live, it’s a good idea to get disability insurance.”
- Life Insurance: The purpose of life insurance is to help cover expenses, such as funeral costs or mortgages, after a death (BusinessInsider.com.) In a sense, it gives you loved ones a safety net. It is suggested to get term life insurance over whole life insurance (BusinessInsider.com.) Whole life insurance can require an investment of some sorts, which is why term life insurance is better.
- Renter’s Insurance: If you are still renting at this point in life, renter’s insurance should be a must-have. “The landlord is not responsible for anything that happens to your stuff,” BusinessInsider.com said. Common scenarios that renter’s insurance is used in include burglary, fire and flooding (BusinessInsider.com.)
- Umbrella Insurance: The larger salaries, investments and overall assets you earn in your 30s means you need extra coverage to help protect them. Umbrella insurance is meant to help cover scenarios with large costs, such as lawsuits (BusinessInsider.com.) “Umbrella insurance will cover all legal fees and the settlement amount, up to the policy amount,” BusinessInsider.com said.
BusinessInsider.com suggested remembering that insurance is meant to help protect our money, not take all of it. Insurance shifts a large proportion of risk from you to the provider. If you’re in, or about to enter your 30s, give Copeland a call at (785) 776-0089 to discuss what plans may best benefit you and your family.