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The Insurance You Should Invest in Before You Turn 30


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1/31/2017
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The Business Insider explains the best type of insurance policies young adults should invest in by their thirties. 

By the time you turn thirty, it is likely that you have a full-time job, perhaps a spouse, and a child. In order to protect you and your family, you should consider purchasing these five types of coverages:

1. Health Insurance

Without health insurance, receiving healthcare can be almost impossible to afford. 

Pamala Capalad, the Certified Financial Planner and Founder of Brunch and Budget, informs Business Insider of the importance of health insurance. "Your 30s are when you need to start getting your heart checked out regularly, your blood tests could actually start showing abnormalities you need to treat, and the healthy (or non-healthy) habits you've started to develop are going to solidify."

Having an adequate amount of health care coverage is important. You never know what unexpected health problems may arise.

2. Disability Insurance

Disability coverage will cover your bills if you are injured and cannot work. Disability insurance can cover living expenses until you can return to work or for forever if you are too injured to work. 

Capalad believes this type of coverage is more important than life insurance.

3. Life Insurance

Although disability insurance may be more important than life insurance according to Capalad, do not neglect to purchase a life insurance policy. Life insurance will guarantee protection to your loved ones once you die. If you have a family, you should definitely consider purchasing life insurance to ensure your children or spouse will not carry on any financial burden you left behind.

4. Renter's Insurance

This insurance may not be necessary for you to purchase. However, if you are renting a house, you should definitely look into a renter's insurance policy that will work for your budget. 

Capald tells the Business Insider that if damages occur to your personal belongings while renting, your landlord is not responsible for repairing any damages that happen to your personal items. Renter's insurance can protect your belongings from a fire, burglary, or water damage. Policies typically vary from $20-$30 a month. 

5. Umbrella Insurance

By the time you are thirty, you likely have more assets you need to protect versus when you were twenty. Umbrella insurance can help provide extra protection to your car and house.

However, the most common use of umbrella insurance, Capald explains, is when there has been a vehicle accident involving a lawsuit. "Umbrella insurance will cover legal fees and the settlement amount, up to the policy amount. Without umbrella insurance, you could end up owing hundreds of thousands of dollars out of your current assets and your future earnings."

All of the insurance plans listed are important, but the insurance you purchase must be personalized to meet your budget. Do not feel that you should obtain all the coverage from this list if you cannot afford the premiums.



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