If you’ve raised teenagers you know what I’m referring to. They emerge ready to take on the world and gloriously ignorant of life’s pitfalls. As a priority, insurance comes in about 88th place, below learning Esperanto and studying actuarial tables.

This is a risky time – but also a moment of opportunity.

If your young family members have had the benefit of insurance throughout their young lives, consider extending it. They will never be healthier than they are at this time, so now’s the time to lock in cover with no exclusions or loadings.

Maybe you could gift them a 21st birthday present of three to five years’ premiums on life and health insurance. It may not be the coolest birthday present but it could provide continuity of cover before they start chipping in from their own resources.

It can be seriously good value too. A 21 year-old male non-smoker could get $250,000 of life cover for just $28.50 a month. His 21 year-old female equivalent gets an even better deal – just $20.10 per month. Comprehensive health cover would cost $53 per month for a male or $59 for a female.

That might seem a bit steep for someone in their first job but I have seen clients in their 20s and 30s faced with bills over $20K for operations not funded by the public health system. If that happens, say goodbye to your house deposit.

At the other, cuter end of the scale, a newborn baby can be added to your health insurance very easlly. The cost is minimal and the benefits could be considerable.

Have you reviewed your insurance recently?  If not, make an appointment