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Protection at different stages of your life

Protecting what matters usually involves having to balance the cost of protection with the risks you face. Everyone is different, but there are a number of specific life stages where certain insurance coverage or protection may be particularly relevant.

Here are some illustrative examples:


Mike is a 30 year old college lecturer, living with his partner Jess. They recently bought their first home with a bit of help from Jess’s parents, and are expecting their first child.

He wants to have peace of mind that his new family will be safe and protected from whatever life throws at them.

Mike and Jess have taken out a homeowner's policy, which was a requirement of the mortgage they took out on their home. As a precaution, Mike also has life insurance and long term care, which could help their growing family if he dies or becomes incapacitated.

As well as insurance, both Mike and Jess have made a will, and they each pay into retirement savings-plans.

John and Gloria

John and Gloria are both in their 60s, with John still working full-time and Gloria part-time. They have two daughters and a son, all of whom have left home and started families of their own. They have four grandchildren.

John hasn’t always been in the best of health, and private healthcare has reassured him that he and Gloria would always be well cared for. They both have life insurance, which will protect either of them if the other passes away.

John has calculated that his retirement savings - along with their insurance policies - will enable them both to retire comfortably at 65. They both have a will.


Nina is in her 40s, works full-time and has two school age children. She recently separated from her partner and has moved into a new house close to her work.

Nina’s home is rented, so insurance is the responsibility of the landlord. However, she has renter's insurance which includes contents and added a jewelry rider for a few items of jewelry that had belonged to her mother.

She is planning a special holiday this year for her and the children, so has been shopping around for travel insurance.

She has been paying into a retirement savings plan, which her workplace contributes to, but she plans to increase her payments into the plan from now on.
She's also recently reviewed her life insurance policies with her ex-partner to ensure the children's future continues to be protected. 

These are examples to get you thinking about what protection you may need for you and your loved ones. It's a good idea to do your own research and if you're unsure of what's right for you, ask for professional help or advice.

HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness,  and they provide free individualized support focused on your personal situation and financial wellness.