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Types of Insurance You Need In Your 20s, 30s And 40s

Updated On May 03, 2021

Insurance is a very integral step in one’s life to attain a secured future. Insurance assists you financially in times like medical emergencies, diagnosis of any illness, hospitalisation, death etc. Insurance covers the damage to your assets like home or car caused by any natural calamity. It also works as an investment instrument to create and maximise wealth overtime. Different ages ask for different benefits, the types of requirements of an insurance differ in your 20s, 30s and 40s.  The following are the best types of insurance you might need according to the passage of your age:

Types of Insurance You Need In Your 20s 

Below are 3 types of insurance you might need in your 20s:

1. Health Insurance

Health insurance is the most important insurance for your young days, insurance companies offer reasonable premium rates and high coverage for young individuals.

2. Car/Bike Insurance

Automobile Insurance covers the possible damages that might occur to your vehicle or damages occurred to any third party because of the vehicle. 

3. Personal Accident Insurance

At this age, your prime focus is building your career and you may act reluctant about your well being while travelling. Personal accident insurance provides death benefits to the nominee and total and permanent disability benefits to the life assured.

Types of Insurance You Need In Your 30s 

Following are the type of insurances you may need in your 30s 

1. Unit-Linked Investment Plans (ULIPs)

During your 30s, you may have people depending on you financially or you may experience increased liabilities and expenses. ULIPs helps you to maximise your wealth for your family while also providing benefits of a life insurance plan. 

2. Home Insurance

Buying your own home is very common during your 30s, protecting that home from unforeseen damages caused by natural calamities is very essential because such damages may disrupt your financial position. 

3. Mediclaim Insurance

Many critical and terminal illnesses may show early symptoms in your 30s, mediclaim insurance provides cover against all the cost of hospitalisation and medical expenses.

Types of Insurance You Need In Your 40s 

Types of Insurance you may need in your 40s are as follows:

1. Life Insurance

Life insurance plans are necessary at almost every age, in your 40s when your family is dependent on you financially, life insurance plans provide death benefit in case anything unfortunate occurs to you. The death benefit provided by the insurer can be used by your family in your absence in many ways such as marriage expenses, paying off debt etc.

2. Annuity Plans

Other than ULIPs, annuity plans are also a great investment you can opt for in your 40s. In annuity plans, you pay the premium amount as a lump sum which is invested by the insurance company. You get stable monthly returns which ensures your financial protection during your retirement time too. 

3. Protection Plans

Protection plans that come with a long cover term are best for the people in their 40s. You can select term life insurance plans which provide whole life coverage such as ICICI Pru Term Life Insurance and PNB MetLife Mera Term Plan + etc. Such plans provide death benefit in case of the demise of the life assured.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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