It is a common misconception that personal risk insurance is only for people who have families or that they are at a stage of their life where they have major risk factors such as mortgages, other debts, dependents and so on.

While those factors are counted as a form of risk, commonly when you are young and even more so when you’re single as well, there are financial risks that get overlooked. Below are some simple questions to ask yourself:

  • Do I want to be financially independent?
  • Do I have a short, medium and long term plan if I can’t work?
  • To what level and how long realistically could family and friends support me financially?
  • How would it impact my family or friends should I need to rely on them?
  • What are my financial goals and objectives?

These are just a few questions that will hopefully clarify your current situation and provide you with
a starting point. This is also when the conversation about insurance and self-insurance starts to
come into play.

Being able to pick and choose appropriate companies and products can be a complex and a time-consuming task, it is recommended to seek out an insurance adviser who’s specialized in providing personalized options to make your life simple and ensure you’re only paying for what you need.