Insurance needs change as we progress through different stages of life. Everyone’s journey is different, so this information is a general guide. We recommend speaking to one of our financial advisers for specific, personalised recommendations for your insurance needs.

This age group is in the building foundations phase, starting careers, maybe pursuing a higher education and still figuring out what they want to do with their future and careers. They may have started a family and are purchasing their first home. Key insurance to consider:

Health insurance: Young adults may feel invincible, but health issues can arise unexpectedly. Health insurance that covers major medical expenses like surgery is more cost-effective than covering small things like GP visits.

Income protection: This type of insurance provides financial support if you are unable to work due to illness or injury. It ensures that you can maintain your standard of living while recovering.

Life insurance: While young adults may not always consider life insurance, it’s beneficial to have a policy that provides financial support if you have dependents or any debt in the event of an untimely death. 

Trauma insurance: Provides a lump sum payment if you are diagnosed with a specified illness or injury listed in your policy, such as cancer, heart attack, or stroke. Trauma insurance can be a good option if you work part-time or have a lower income. It does not require proof of income or working hours, making it accessible to individuals who may not qualify for income protection due to insufficient earnings or not working enough hours.

Life is unpredictable and can present unexpected challenges at any moment. Whether it’s a sudden illness, an accident, or an unforeseen financial setback, having a plan to manage these risks is crucial. Risk cover, such as insurance, provides a safety net that ensures you and your loved ones are protected against life’s uncertainties. By preparing for potential risks, you can navigate through difficult times with greater confidence and peace of mind. Talk to one of our financial advisers – it costs nothing to have a chat and see how we can help you.

This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request