What types of insurance are a must in your 30s?

Youth is the most appropriate time to consider buying different kinds of insurance since young people are likely to get the most affordable premiums and the best insurance coverage. Take some time to explore what insurance is and the types of insurance suitable for you.

Once you know how many types of insurance are there, you can identify the types of insurance policies you need. Some are designed to secure your (and your family’s) personal finance, while others will protect your assets and your livelihood. 

Let’s look at how many types of insurance are relevant for you in your 30s.

1. Health insurance 
 

Buying health insurance in your 30s means you remain insured for a longer part of your life, at a lower premium and with broader coverage.

In your 30s, you are less likely to have preexisting diseases or the need for long-term care insurance. Therefore, you can get more comprehensive coverage almost immediately without any waiting period. Besides, premium amounts for health insurance will be significantly lower for younger policy buyers.

2. Disability and accident insurance
 

Disability arising from accidents and diseases can affect a person of any age. Since the probability of it happening is relatively low, you can get substantial coverage for a small premium. You should buy one despite the low probability because if it unfortunately happens, it can affect your earning capacity and deplete your savings heavily. 

3. Life insurance 
 

Having life insurance is almost a no-brainer. Life insurance protects the financial situation of the surviving family in the event of the policyholder’s death. You can also buy insurance policies to develop a long-term saving habit and build pension income. If you are concerned solely about the risk to your life, select one of the various term life insurance policies offered by IDFC FIRST Bank.

4. Home Insurance 

Coverage includes loss or damage to the structure and/or contents by natural calamities and an made disasters like flood or earthquake and riots/strikes/malicious damage respectively

5. Motor Insurance
 

If you have a vehicle, third-party insurance is mandatory if you run it on public roads. However, to protect yourself from heavy expenditures incurred due to accidents involving your vehicle, you should buy comprehensive motor insurance. IDFC FIRST Bank offers carefully curated motor insurance policies from leading insurers to make it a hassle-free experience for you.

6. Travel Insurance
 

Soon it will be time for your next vacation. Don’t let any misfortune spoil your holiday spirit – buy travel insurance! From medical expenses and personal accidents to loss/theft of passports, checked-in luggage, and personal belongings, travel insurance takes care of many things that can go wrong during a vacation. 

In conclusion
 

IDFC FIRST Bank offers products for all your insurance needs at a competitive average premium cost. If you are an existing IDFC FIRST Bank customer, you can also enjoy free personal accident, and air accident insurance cover under the FIRST Private, FIRST Wealth, and FIRST Select personal banking programs.

Visit IDFC FIRST Bank today to get all the insurance covers you need!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.