What Insurance Do You Actually Need at Every Life Stage?
Understanding how your insurance cover should grow with you.

Life doesn’t stand still, and neither should your insurance.

As we move through different stages of life, our responsibilities shift. Our assets change. Our risks evolve. Yet many Australians wait until something big happens — or worse, goes wrong — before thinking about whether they’re properly covered.

A recent report by riskinfo found that most Australians don’t buy life cover until their 30s. That’s understandable, but it also means many could be underinsured during key life moments when protection matters.

At IAS, we believe insurance isn’t a one-off decision. It’s something to review regularly, just like your financial goals. That’s why we’ve developed a life stage approach to advice — helping you understand what cover you need now, and what’s worth planning for next.

Starting Out

Setting strong foundations for your financial future

You might be early in your career, renting, travelling, or starting fresh after a major life event such as a relationship reset, inheritance, or returning to work. Whatever your story, this is about building financial confidence and creating your safety net.

Consider:

  • Income Protection– Your ability to earn is your biggest asset. If illness or injury stopped you working, how would you cope?
  • TPD & Trauma Cover – For serious illness or permanent disability
  • Health Insurance – Especially with Lifetime Health Cover loading in mind.
  • Travel Insurance – Travel and risks can still be significant in the lead up to your holiday or on extended travel trips.
  • Basic Contents Insurance – Even renters have valuable belongings. The cost of replacing everything after fire, flood, or burglary can be far more than you think — even second-hand goods and Ikea furniture add up quickly.
  • Motor Vehicle Insurance – Your car likely plays an important role in your life. For many drivers, their car is their primary mode of transportation. Car accidents, theft, or damage are never planned, but unfortunately, they can happen.

Common triggers for review:

  • First full-time job
  • Moving out of home
  • Financial independence
  • A fresh start after a big life change

Growth and Discovery

Protecting what matters as your life takes shape

This stage often includes juggling career, family, a mortgage, and maybe even your first business venture. You’ve worked hard to build what you have. Now’s the time to make sure it’s protected.

Review:

  • Life Insurance – To protect your family’s future if the unexpected happens.
  • TPD & Trauma Cover – For serious illness or permanent disability.
  • Income Protection – Particularly important for dual-income households.
  • Home & Contents – With a mortgage or growing family, replacement value matters.
  • Business Insurance – If you’re self-employed or running a side hustle.

This is also when most Australians first consider insurance, but too many still wait until after a major event. Getting ahead of it can save stress (and money).

Common triggers:

  • Marriage or a new relationship
  • Buying a home
  • Starting a family
  • Taking on more debt or career responsibilities

Planning and Consolidation

Planning your next chapter, your way

You may be thinking about stepping back from work, selling a business, or starting to picture retirement. You’ve likely built substantial assets, and this is the moment to tidy up loose ends and set up your next phase with confidence.

What to review:

  • Life Cover Needs – Do you still need the same level, or could you reduce and repurpose?
  • Super-linked Insurance – How your cover and contributions align with retirement planning.
  • Income Protection – Is it still needed, or are you self-insuring?
  • Estate Planning – Including Wills, Powers of Attorney, and beneficiaries.
  • Business Succession Planning – If you're looking to exit or reduce your hours.

Common triggers:

  • Career shift or redundancy
  • Helping adult children financially
  • Planning to retire in the next 5–10 years

Retire with Purpose

Making the most of what you've built

You’ve likely stopped full-time work or are working less. You may be drawing income from super, reviewing investment strategy, or planning for aged care.

At this stage, insurance is about maintaining comfort, independence, and peace of mind — while ensuring your estate and legacy plans are solid.

What to consider:

  • Existing Cover – Are you still paying for policies you no longer need? Co-ownership options may need to be discussed as an option to reduce costs and keep cover up-to-date.
  • Aged Care Planning – Including Centrelink and medical costs.
  • Estate & Succession Planning – Ensuring clarity and up-to-date documentation.
  • Annuities- Are part investment (your money is put to work so it can grow) and part insurance (it provides protection against running out of money in retirement). The insurance part is what makes an annuity different from just investing in shares or a managed fund.
  • Travel or Asset Protection – Lifestyle risks can still be significant.

Common triggers:

  • Sale of property or investment
  • Change in health
  • New caring responsibilities or personal loss

Life Events That Should Trigger an Insurance Review

Regardless of your life stage, the following events are a good reason to check your cover:

  • Starting a new job or business
  • Getting married or divorced
  • Having a child
  • Buying or selling a property
  • Inheriting wealth
  • Significant health changes
  • Changing superannuation
  • Approaching retirement

Insurance is personal. Your advice should be too

Your life won’t look like anyone else’s — and your insurance shouldn’t either. At IAS, we take the time to understand where you are now, and where you’re heading next. Then we make sure your cover keeps pace.

If it’s been a while since your last insurance review — or if you’re not sure where to start, we’d love to help. We’re here to help you protect what matters most.

Book your insurance chat today

Talk to us today about how IAS can help you navigate the future with confidence. Call us anytime on (02) 8268 2900 for an obligation-free chat.

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.