Global Courant
When it comes to insurance coverage, we can all agree on one thing. Bounties sure cost big dollar bills! Sure, there’s a reason for that. We pay for a pool of protection. Our collective contributions are there for the risk exposure that each of us faces. If I take losses and damages and make a legitimate claim, that pool of premium payments is what pays me. If you suffer losses and damages and file a claim, you pay that premium pool.
Of course, not every insurance cover applies to every stage of life. The following gives you a good guide on when it’s smart to get specific coverage and when it’s not.
Timeline of coverage for health, car, home, business
• Teenage years
Although teens grimace at auto insurance premiums, it’s imperative that you cover your teen driver. Trying to skimp on teen car coverage will only backfire if he or she is involved in an accident. There’s a good chance it will happen. If so, you want full protective liability coverage!
• Twenty to thirty
The general consensus among this age group is that ‘we are all-powerful’. Unfortunately, no one can lay claim to that nonsense. Accidents, illness and liability can happen to anyone. Tip of the day: take out health insurance, even if you are healthy!
• Thirty to forty
This age group is personified by being more settled in terms of assets and family. Usually this group has children, a house and more than one car. Balanced coverage in the form of auto insurance, homeowners or renters insurance, health insurance and life insurance is a must. It is also wise to consider an overarching policy on this point. If you are a professional then professional liability insurance is a must and if you have a business then a general liability policy is the way to go.
• Forty to fifty
This age group is usually at the peak of making a profit, peaking in personal wealth and net worth. Auto, homeowners, health, life, and umbrella coverages are things you can’t do without. It’s time to think about adding disability insurance.
• Fifty to sixty
At this stage, children begin to go out on their own. It is important to discuss their responsibility to take care of their own insurance needs. Equally essential is the need to evaluate your adult status and increased need for coverage. Consider nursing home insurance and a trust fund for your heirs.
• Sixty Plus
For those who haven’t thought about nursing home insurance at this point, now is prime time! It’s also a good idea to go through all of your different forms of coverage and see if you need to add anything else.
Alive! Responsible living means that you are sufficiently insured. Once you have your needs met, you can rest easy with unquestioned peace of mind!
When insurance coverage is right for your stage of life
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