Life Events

It is important that your insurance reflects your circumstances and obligations at any given time. When your circumstances change, you should therefore consider whether you need to make changes to your insurance coverage, such as when you purchase property or have a child.

We have put together a list of main life events that call for you to review certain insurance policies and go over the insurances you already have.

Turning 18
Buying a Car
Moving Out / Buying Property
Having a Child
Upsizing
Downsizing

Turning 18

Critical Illness Insurance – We recommend purchasing Critical Illness Insurance when you turn 18 (and thereby become legally competent) as it is both cheaper and the application process simpler the younger you are. With Critical Illness Insurance, you protect yourself against income loss and unexpected expenses that severe illnesses can cause.
Smart Insurance – We recommend getting Smart Insurance for your smart devices (e.g., mobile phones, tablets, computers, etc.). Smart Insurance features slower depreciation than traditional family insurance and has lower deductibles, meaning the compensation you receive after a loss may be higher.

Buying a Car

Mandatory Vehicle Insurance – It is mandatory to purchase this insurance for all registered motor vehicles, so you must acquire it when buying a car. This insurance includes liability insurance (for accidents you may cause to others) and accident insurance for the driver and owner.
Comprehensive Collision Insurance – You should consider whether you might need Comprehensive Collision Insurance for your car. It is common to insure newer vehicles comprehensively, and note that if you have taken out a car loan, the lender is likely to require it. Comprehensive Collision Insurance covers damages that may occur to your vehicle.

Moving Out / Buying Property

Fire Insurance – All property owners are required to have Fire Insurance for their properties, whether the property is under construction or completed. You choose where to insure your property when signing the purchase agreement.
Family Protection – When you move out, you will no longer be covered by your parents’ family insurance. Therefore, we recommend purchasing Family Protection, which insures your personal belongings and provides accident coverage during your free time. This applies to renters as well.
Property Insurance – When buying property, check if there is a collective Property Insurance in place, as is often the case in apartment buildings. If not, you will need to purchase Property Insurance. This is also necessary when buying a single-family house. Property Insurance protects you against the most common damages to residential properties, excluding those covered by Fire Insurance.
Life and Critical Illness Insurance – If you do not already have Life and Critical Illness Insurance, we recommend obtaining it when you buy a property, as your financial obligations increase. This ensures you can handle unexpected setbacks and meet financial commitments, such as mortgage payments. If you already have Life and Critical Illness Insurance, review and adjust the coverage to match your current situation.

Having a Child

Child Insurance – We recommend purchasing Child Insurance for every child you have. This insurance covers children from 1 month to 20 years old, protecting against future income loss due to accidents or severe illnesses. It also helps offset parents’ income loss and unforeseen expenses related to children’s illnesses.
Life and Critical Illness Insurance – If you do not already have Life and Critical Illness Insurance, we recommend obtaining it when expecting a child to secure your family’s financial stability in case of unexpected events. If you already have Life and Critical Illness Insurance, review and adjust the coverage to suit your family’s changing needs.

Upsizing

Family Protection – If you do not already have Family Protection, we recommend purchasing it. If you already have it, review whether the insured value of your belongings still reflects your current inventory, especially if you have added expensive items over time. Remember to notify us if you change your registered address so it is correctly listed on your insurance certificate.
Property Insurance – If moving from an apartment to a single-family house, you will need to purchase Property Insurance. If moving between apartments, ensure there is collective Property Insurance in the new building. If not, you must acquire your own. A new Property Insurance policy is required for the new home as it cannot be transferred, unlike Family Protection. Property Insurance protects against common residential damages not covered by Fire Insurance.
Fire Insurance – All property owners are required to have Fire Insurance for their properties, whether under construction or completed. You decide where to insure your property when signing the purchase agreement.

Downsizing

Family Protection – We recommend reviewing the insured value of your belongings under Family Protection to ensure it aligns with your current situation. Downsizing often involves taking only part of your belongings with you, so you may need to lower the coverage amount accordingly. Remember to notify us of your new registered address so it is updated on your insurance certificate.
Property Insurance – If moving into an apartment, check if there is a collective Property Insurance in the building. If not, you will need to purchase your own. This is also necessary for single-family homes. A new Property Insurance policy is required for the new home, as it cannot be transferred, unlike Family Protection. Property Insurance covers common residential damages not included under Fire Insurance.
Fire Insurance – All property owners must have Fire Insurance for their properties, whether under construction or completed. You decide where to insure your property when signing the purchase agreement.

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