Most people may not prioritise life insurance at this stage of their lives, and little did you know that for some insurance the younger you start, the lesser the premium might be. You can consider a whole life policy, which will pay benefits for as long as the policy is in force. Some insurance also include a savings and investment portion if you ever need money for life’s necessities. An accident or retrenchment could quickly lead to debt and the last thing you want is to put pressure on your family for financial support. Look at life insurance plans that change with your needs. There is a wide range of products to choose from that let you live your life – the way you want to!

Protecting your health is very important at this stage of your life because you don’t want unforeseen circumstances to derail you from your dreams or poor health to slow you down. Having medical cover means you won’t have to dip into your savings to cover your medical expenses. As a first step, look at healthcare plans that ensure you wouldn't deplete your savings, if you were admitted to a hospital or require surgery. Critical illness and hospitalisation cover gives you peace of mind that you’re covered when you need it. You’re the sole provider of your own income – and you need to protect that.

Once you’ve got life’s unwelcome surprises covered, start saving up for your dreams. Life is filled with changes you can’t always control. But there are plenty of solutions that are flexible enough to allow you to take payment breaks if you need to, or top up if you have a cash windfall. Whether you want to own a house, buy a boat or just make sure you always have money set aside for the events that make life fun, most of these need planning. Consider savings and investment plans that are designed to help you put money aside and fulfil your wealth aspirations. Choose between guaranteed rewards, annual cash back or investment linked funds -whichever best suits your needs. 

The golden years might seem a long way off now, but consider starting your retirement fund now. Putting aside a small amount each month will soon mount up. You’ll have the benefit of enjoying decades in which your investment will grow. This is an easier way to fund your retirement than having to find and save large sums of money a few years before you decide to stop work.

Life is a precious commodity for all of us, so consider what would happen to your loved ones if you weren’t around to look after them. Without your income to supplement the day to day living expenses, how would your family cope? With young ones that are dependent on you, now is a good time to think about increasing your life insurance coverage. If something were to happen to you your family would be able to maintain the same lifestyle. To get an idea of how much money you’re likely to need to ensure they are well looked after, use our dependent protection and liability calculator.

Knowing that potentially high medical bills are covered like hospitalisation and surgery takes the worry away from being ill. You’ll need general medical cover for yourselves as parents and all your dependents. You might also want to make sure that you have specific plans in place for your children should they suffer any scrapes or accidents. Parenting is an exciting challenge and knowing that any mishaps are covered gives you peace of mind. There are insurance policies that allow you to set up a fund to ensure that your children's future needs are covered if you are no longer around.

Your children will spend around 16 years in school and the earlier you start the less you’re likely to need to save on a monthly basis. It’s also time to look at how you can safeguard your assets to benefit their future and to consider ways that you could start accumulating your hard earned wealth. A good step is to look at investment-linked policies that offer both savings and investment elements. The key is finding out what works for you, and only committing to what’s affordable on a monthly basis. After all, we want you to enjoy the present too.

Sometimes when you have the large financial demands of a growing family it’s difficult to look very far into your own future. Even if you only put a minimal amount into your retirement fund now, it's a start. Think about cutting down your takeaway coffee by a couple of cups a month. A small saving like this will give you enough to pay a monthly premium - and get the retirement ball rolling. Also consider finding out if your company has a retirement scheme. Then you'll be able to look ahead to your golden years, when you will have the freedom to enjoy what makes you happy.

The longer you live your life, the more you realise the importance of protecting it. Making provisions for your loved ones if you’re not around is another significant factor to think about. Consider taking out life cover along with provision for critical illness. Life cover will enable your family to maintain their lifestyle when you’re not around. And added critical illness cover will pay out if you are diagnosed with one of the illnesses listed on the policy. Not only will this take away the worries of the potential costs of long-term medical care, it also means that you are able to make the most of life and do all the things you have ever wanted.

As your children embark on the next stage of their life, the last thing you want, as a parent, is to be a burden to them. Now is a good time to consider cover for long-term health care. As you get closer to your golden years, ensure that your family won't have to provide or fund your nursing care. You’ll also need to think about making some provision for your own parents if they need long term nursing care as age often brings more health related problems. It’s also worth considering the option of a global medical plan. This will give you access to the best doctors and surgeons in the world, covering the costs of your treatment in whichever country you decide to receive it.

If you haven’t done so already, consider looking at legacy planning. Putting a legacy plan in place makes sense for both financial efficiency and peace of mind. Legacy planning is not just about setting aside for your offspring; it’s your plan for managing your wealth. A legacy plan also defines the way that your money and assets are distributed in accordance with your wishes. Planning ahead gives you the option to offer a clear direction to your beneficiaries on how it should be spent. It also means that as well as protecting what you want to pass on, you will also enjoy your financial freedom and make sure you live your dreams and achieve all you want to do in your golden years.

Hopefully by now you will have started adding some money to your retirement pot. But if you haven't, there’s no need to panic. Even if don’t get around to it until your fifties it’s not too late to start. Make sure you’ve paid off credit card debts or loans as soon as possible. Then consider putting away a minimum of 10% of your salary each month, to give you a good financial base for retirement. At 5% interest your money would double in 15 years. The important thing to remember is that you don’t need your retirement fund ready to empty on the day you leave work. Your retirement years still give you time for your money to grow.

Life cover is as important as good health planning at this stage of life. Adequate cover gives you peace of mind all day, every day. It ensures that your loved ones won’t have to bear the financial burden of paying off your mortgage or debts when you are no longer around. While you’re still working the majority of your income will be going towards your retirement planning. You may have decided to scale back your time commitment and take on a part time role. Now is also a good time to look at leaving a legacy for your children and deciding how much of your assets you want to retain and how much you want to bequeath to family.

As well as your standard medical plan, it’s a good time to consider expanding your coverage. As you age it’s important to make sure you are adequately covered in case of disability and critical illness. Disability cover is one of the main plans that gets over looked but is crucial in ensuring that your lifestyle is not affected if you’re unable to work. It’s especially important in later life when the majority of your income will be going towards your retirement planning. As you get older you may also need financial help with long term medical care. Looking ahead, it is also worth putting into place a health care directive in the event that you are seriously ill and need your dependents or partner to make decisions on your medical care for you.

At this stage of life, it’s time to maximise your nest egg so that you look forward to a comfortable retirement. Enjoying life at every stage is what it’s all about, and there is a range of products to help you smooth over the unexpected, and plan to make those dreams a reality. If you have a bucket list you’ll have an idea of the sort of sums you want to save, whether you want to go on world cruise or help out a loved one with a deposit on a home. Have a chat with your financial adviser about how much risk you are prepared to take. Just remember that the plans with the highest returns are usually the ones that expose your savings to varying market changes the most. That is why getting quality advice is crucial.

Thinking about enjoying the finer things in life is probably something that you do more frequently now that retirement is on the horizon. A good retirement plan means that you will be able to maintain your lifestyle after you have stopped working. So look towards having a realistic income to help you enjoy all the things you haven’t had time to do before. To maximise your retirement income, look at a single premium savings plan, where you may invest a lump sum for five years or so. You are eligible to apply right up until the age of 70. You might also want to consider an annuity benefit plan that offers you a regular income – and one that increases in the event that you are unable to look after yourself and need long term care.