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From Renting to Retirement: How Your Insurance Needs Change Through Life

As your lifestyle evolves, so do the risks you face. Your insurance cover should adapt to reflect that. While some policies are easy to set and forget, the reality is that regular reviews are crucial to ensure you’re properly protected at every stage of life. We can manage all this for you, so you can focus on living, and not worrying about your insurance needs!

Here’s how your insurance needs typically shift – from your renting days to your retirement dreams.

In Your 20s–30s: Renting, Studying, and Starting Out

  • Contents insurance
  • Car insurance
  • Private health (if NHS waiting times are a concern)

Young renters often assume the landlord's building insurance has them covered – but it doesn’t protect your personal belongings. A basic contents policy can safeguard your gadgets, clothes, and furniture. And for drivers, car insurance is not just a legal requirement, but increasingly tailored to low-mileage or app-based driving styles.

In Your 30s–40s: Buying a Home, Having Kids, Getting Established

  • Buildings & contents insurance
  • Health insurance (especially with a young family)
  • Pet insurance
  • Gadget cover

When you buy a property, buildings insurance becomes essential (especially if you have a mortgage). It covers structural issues like fire or flooding. Add contents cover to protect everything inside, from white goods to laptops.

If you’ve added a furry family member, pet insurance is a smart move – vet bills can be steep, and even routine treatments add up. And as gadgets multiply, especially in households with children, gadget insurance can save you hundreds on lost or broken devices.

Don’t forget to reassess your policy limits as your belongings grow in value.

In Your 50s–60s: Upsizing, Downsizing, and Health Focus

  • Comprehensive home cover
  • Travel insurance with medical cover
  • Private medical insurance
  • Specialist car cover (e.g. for classic cars or lower mileage)

At this stage, you might be travelling more or considering early retirement. Travel insurance becomes increasingly important, and more complex, with age, as pre-existing conditions often require disclosure. Annual policies may still offer value, but be sure they cover your destinations and activities. Your health might become a bigger priority, too. Private medical insurance can provide faster diagnosis and treatment, especially if you want access to specific consultants or hospitals.

Tip: If you're downsizing or moving to a different area, don’t forget to update your home policy – premiums and risks vary by postcode.

In Retirement: Lifestyle-Based Cover

  • Home & contents
  • Health & dental insurance
  • Travel cover with cruise or extended trip options
  • Legal expenses or home emergency cover

Retirement can bring more freedom, and more time at home or abroad. Consider home emergency cover to protect against burst pipes or boiler failures, especially if you're away for extended periods. If you're cruising or heading abroad for months, look for specialist travel insurance with generous trip limits.

For ongoing health concerns, private health insurance with outpatient care and dental add-ons can make life more comfortable and reduce waiting times.

Some insurers offer over-60s discounts or loyalty perks, and is worth reviewing every few years.

One Size Doesn’t Fit All

Even if your policies are set to auto-renew, they may no longer suit your lifestyle or reflect current costs and values. Regularly reviewing your cover ensures you’re not overpaying, or under-protected.

Whether you’re renting your first flat or planning for retirement adventures, make insurance work for where you are now, not where you were five years ago.

Let’s get you updated for the future! Get in touch today for advice just for you.

SPEAK TO AN ADVISER

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

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A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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