When it comes to insurance coverage, we all agree on one thing. Premiums certainly cost big dollar bills! Certainly there is a reason for this. We pay for a common protection fund. Our collective contributions are there for the risk exposure each of us faces. If I suffer loss and damage and make a legitimate claim, that group of premium payments is what pays me. If you suffer loss and damage and file a claim, that set of premiums is what pays you.
Of course, all forms of insurance coverage do not apply to all stages of life. The following will give you a good guide to when it is smart to buy specific coverage and when it is not.
Timeline of health, auto, home and business coverage
• Adolescence
Although teens put a big snarl at auto insurance premiums, it is absolutely essential 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. Most likely it will happen. When you do, you want full protective liability coverage!
• From twenty to thirty
The general consensus among this age group is that “we are all powerful.” Unfortunately, no human can claim that nonsense. Everyone can suffer accidents, illnesses and responsibilities. Tip of the Day: Get Health Insurance Even If You’re Healthy!
• thirty to forty
This age group is personified as being more settled in terms of property 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 coverage, and life insurance is a must. It is also wise to consider a comprehensive blanket policy at this time. If you are a professional, a professional liability policy is a must and if you own a business, a general liability policy is the way to go.
• Forty to fifty
This age group is generally on top of making a profit, with an increase in personal assets and net worth. Auto, homeowners, health, life and umbrella coverages are things you can’t do without. It is time to consider adding disability insurance as well.
• fifty to sixty
At this stage, children begin to go out alone. It is important to discuss your responsibility to take care of your own insurance needs. Just as vital is the need to assess your state of maturity and your high coverage needs. Consider nursing home insurance and a living trust fund for your heirs.
• Sixty Plus
For those of you who have not thought about nursing home insurance at this time, now is the best time! It’s also a good idea to go over all the different forms of topping and see if you need to add anything.
To the life! Responsible living means getting adequate insurance coverage. Once you’ve taken care of your needs, you can surely rest easy with undisputed peace of mind!