Adulting 101 – Let’s talk personal insurance

26 January, 2022 / words by user

Written by Kelly Adonteng

Image by @AdutAkech

Joyous January – a time to refresh, reset, reflect over year that’s just left and put some goals in place for the next 12 months. 

First stop – finances. You might have gotten your head around NTF’s, or maybe you’re well versed in the investment world and you’ve got a decent balance in your savings, but when was the last time you considered personal insurance as part of finances? “I think I’ve got a policy I took out with my bank years ago but I don’t even know the details.” “Oh, I’ve not got children. I don’t need it (yet).” “I’m young and healthy. That’s not something I’ll be looking at for now.” These are common types of responses I get when the topic of, namely, life insurance is brought up. The subject itself is so much broader than that and this article is going to give you the full breakdown as to why every millennial, especially us glossy ones, need to have our personal insurances sorted. 

These are what I like to call the pillars of personal protection – comprehensive and robust protection solutions for any of life’s uncertainties:

Income protection

What’s your most valuable asset? Your home? Your car? Your Birkin or Chanel 2.55? Nope. Nope and nope. Believe it or not, YOU are your biggest asset. Your ability to produce an income and maintain your standard of living is everything. If there’s no income – how do we afford life’s basics, let alone the heavenly luxuries?!

Income protection is the first cornerstone of any protection portfolio because it pays out on a monthly basis (up to 60%- 70% of your gross salary) if you are sick or have had an accident that resulted in you being unable to work for an extended period of time.  If you’re self-employed / a freelancer who doesn’t have the security blanket of an employer’s sick pay, this type of cover is a no-brainer. 

Critical Illness Cover

Young, old, tall, or short – critical illnesses do not discriminate in our modern world. We only need to look at the rise of ‘Go Fund Me’ pages that are raising money to pay for serious illness treatments to know how prevalent critical illnesses have become. It’s not the most desirable subject, I know, but this type of cover offers a single lump sum payout in the event of a critical illness and usually covers children as standard too. A payout could afford you the freedom of not having to think about work or perhaps giving you the option to explore specialist treatment whilst going through a life-altering event. In addition to this, many insurance providers have fantastic health and wellness support to help you during life’s tough times. 

Life Insurance

I’ll let you in on a little secret – we’re all going to exit life’s door at some point. I like to see life insurance as a final love note to your nearest and dearest. Life insurance can be used in a number of ways, including settling any liabilities like a mortgage, covering funeral costs, or even planning for inheritance tax. Again, I get it – you’re young, cute and your life has been pretty straightforward so far. Therefore, you’re not sure about life insurance. I think we can all safely say we were not AT ALL ready for that stage of our lives, but that’s life and the basis of what insurance is about. It’s cover for what we don’t expect but could actually be a reality. The cost of your monthly premiums for life insurance could be equivalent or less to your daily oak milk latte – somehow the hot beverage is deemed a daily necessity, whilst the other that could create a lasting legacy, is not deemed as essential. 

Finally, the younger you are, the lower your monthly premiums could be*.

The motto for my business is ‘Love. Protection. Legacy.’ And as a brand owner, it extends far beyond those three words. Ultimately, you’ll go to whatever lengths necessary to protect what you love. Your family and loved ones, your home, your shoes (where my shoe girls at?!) and YOU should be at the very top of that list too. Being a “gorgeous gorgeous girl” isn’t just about what’s going on outwardly but being of mindset that we collect our coins, protect our coins AND we stay as ready and prepared as we can. Whether that’s on your hair, an outfit or life’s more serious and unpredictable events.

The other side of my motto and the ethos of my business is – yes, have all your insurance sorted but also invest in creating great memories. How you look after yourself and your loved ones really is the strongest and most stunning legacy that any of us can leave and that’s fully and forever on brand. 

*subject to health status and medical underwriting. 

Kelly Adonteng creates personal insurance solutions on her website and is an FCA regulated protection specialist.




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