Checklist for insurance coverage in different phases of life

Your ability to work will create your future

As a young person and/or student, you’re concerned about building a future, and the possibility of establishing yourself with a family and a home beckons on the horizon. In this stage of life, you don’t have many assets such as a home or a car, but you are free to travel and experience life.

The most important thing you have is your capacity to work and plot out a good life path for many years to come. When your working life has been short, the social security you get if you become disabled will be very low. Securing the loss of future earned income is the most important thing now, and the advantage is that disability insurance is cheap when you’re young.

Must have: disability insurance, accident insurance and travel insurance.

Should have: contents insurance.

Build your family life and protect the people you love

Whether you’re in the early stages of setting up your life with your first home, or already have a busy family life with children and a home, your capacity to work is essential. You have dependents and a big debt to pay off, and this makes it important to secure a certain level of income. It’s also important to secure an income for your loved ones, should any unforeseen events occur.

Must have: disability insurance, travel insurance, life insurance, accident insurance, contents insurance and/or home insurance, vehicle insurance.

Should have: children’s insurance, Critical illness insurance.

Freedom to enjoy your life

When you reach your 50s, you’ve probably paid off parts of your debt, are well on your way to saving for a pension and have perhaps built up some savings as well. Your children start leaving the nest and you have greater financial freedom.

At the same time, you’re at a stage of life with an increased risk of health problems. If you don’t have disability insurance, but have a good savings plan, it is not written in stone that you have to prioritise disability insurance. You might consider Critical illness insurance – a lump sum payment in the event of serious illness.

Must have: life insurance, contents insurance and/or home insurance, vehicle insurance and travel insurance.

Should have: disability insurance, accident insurance, Critical illness insurance.

A single life

If you live alone, you’re in good company with one million Norwegians. Alongside having a family and cohabitants, getting set up in your own home is one of life’s big goals. The costs are generally higher for single people, and you’re the only one servicing loans and paying instalments. This means that it is even more important to protect your capacity to work and your income level – especially if you have children.

Must have: disability insurance, contents insurance and travel insurance. Life insurance if you have children.

Should have: accident insurance, Critical illness insurance. Children’s insurance if you have children.