Different Insurance for Different Life Stages

Change is a natural part of life. As you grow older, your needs, responsibilities and habits change – and so should your insurance cover. Wherever you are in your life, the key is to have an insurance policy that meets your needs at that particular time.  

  • The young and single years - You're fresh out of university, got your first job and you've moved out of mom and dad's house. As a young adult making your own money for the first time, your personal assets are probably modest to say the least. It's safe to assume you're renting a flat or apartment and paying off your first car. Understandably, you may not have a lot of disposable income left after you pay all your bills. 

    When you don't have much disposable income to spare, the unexpected costs that come with theft or an accident could be a major setback. The best remedy to this problem is comprehensive car insurance that covers loss or damage from unfortunate situations like theft, accidents or hail.     
  • Newlywed - After marriage, you and the love of your life are no longer two single individuals, but are now a unit, one couple. That doesn't mean either of you have lost your individuality, though. You are two separate people with distinct personalities as well as individual needs and aspirations. As you and your partner navigate this new phase of your life, you'll have to adjust to making financial decisions that benefit not just you, but your partner as well.  

    You and your partner might have conflicting schedules which require you to be a two-car household. If that's the case, it makes more financial sense to insure two cars with the same insurance company. With MiWay Insurance, the typical two-car family gets at least 25% off the cheapest car’s premium, and up to 25% discount on home contents cover if you and your partner choose to insure your cars and home contents with MiWay. 
  • Established - During this stage in your life, your possessions would have accumulated considerably compared to your younger years. You could have more than one property (one residential and one you rent out) and two cars (an executive SUV you drive to and from work) and a slightly dated SUV to run errands. You need to review your policy to determine whether you're getting the best coverage for your money.  

    In terms of home insurance, make sure that your inventory list is updated at all times. When considering the value of items in your household, remember to rate them at full replacement value and not their current value. For example, find the value it would cost to replace your items today. 

Wherever you are in life, without the right cover, you run the risk of a possible financial setback. The trick is to adapt your insurance cover as your life and circumstances change. As a MiWay client you can always update your policy online as and when it is most convenient for you. If you're not insured with MiWay, you can get an online insurance quote to give an idea of the coverage that awaits you.

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