Thirty is the prime of many people's careers, but it's also a crucial time when family responsibilities gradually increase.
During this period, planning for one's own and family's future and ensuring protection against unforeseen risks are particularly important. Insurance, as an effective risk management tool, can provide essential financial support and alleviate financial stress at critical moments. So, how should you choose the right insurance product for your thirties?
Protection
- Accident Insurance
Reimburses medical expenses due to an accident;
Pays a lump sum in the event of disability or death due to an accident.
- Medical Insurance
Reimburses medical expenses due to an accident or illness.
- Critical Illness Insurance
Pays a lump sum in the event of a critical illness that meets the claim criteria, typically to compensate for income loss during recovery.
- Life Insurance
Pays a lump sum in the event of death, typically for the family's breadwinner.
Savings
- Increasing Life Insurance
Save money upfront, then proactively apply for withdrawals from the insurance company later. You collect your payments at your own pace, and once you've collected them, they're gone.
- Annuity Insurance
Save money upfront and receive regular, passive payments from the insurance company. This creates a continuous cash flow that lasts as long as your life.
Why buy insurance?
- Consider the future.
Although the probability of contracting a critical illness at this age is very low, critical illness insurance is typically a long-term policy, often covering decades or even a lifetime. I recommend building this foundation for the future, as just because you can buy it now doesn't mean you can buy it 10 years from now.
- Lock in a low premium.
Unlike medical insurance, critical illness insurance premiums increase annually. Once set, they remain the same each year. So what determines the premium? The core factor is age. Therefore, now is the time to buy the cheapest critical illness insurance.