Health anxiety is one of the most significant causes of midlife crisis, so this is a good time to ensure you have an adequate insurance portfolio to cover your long-term living and medical expenses in the event of critical illness or physical disability.

If you are the main breadwinner in your family, will your parents be able to support themselves comfortably if something tragic strikes you, like a serious illness or an accident causing death? What if you still have a mortgage if you pass away? Will your parents be able to pay it off? Make sure you review your life insurance portfolio in terms of coverage and insured sum.

If you want to buy a flat, be aware that there are many hidden costs to owning a home, including repair and replacement fees for damaged property as a result of unpredictable natural disasters or accidents. You may also be responsible for something that affects third parties arising from your property. For example, if your sewage drainage pipes leak and damage the exterior wall of your building, can you afford huge potential litigation costs if a third party files a lawsuit against you for compensation?

Hong Kong people are renowned for their long life expectancy. Are you concerned about the adequacy of your pension or other assets to support yourself in the coming decades? It will be too late to start your retirement planning when you are approaching retirement age. Plan ahead while you have stable long-term earnings. You may consider buying an insurance product aimed at retirement planning. If you buy a deferred annuity product that is certified as a Qualifying Deferred Annuity Policy (QDAP), you may claim a tax deduction for the premiums.