As far as insurance coverage goes, we all agree on one thing˳ Premiums certainly cost big dollar bills! Certainly, there’s a reason for it˳ We are paying for a pool of protection˳ Our collective contributions are there for risk exposure that each of us faces˳ If I suffer losses and damages and submit a legitimate claim, that pool of premium payments is what pays me˳ If you suffer losses and damages and submit a claim, that pool of premiums is what pays you˳
Of course, every form of insurance coverage is not applicable for every stage in life˳ The following will give you a good guide as to when it is smart to acquire specific coverage and when it is not˳
Timeline of Health, Auto, Home, Business Coverage
• Teenage Years
Though teenagers put a big grimace on auto insurance premiums, it’s absolutely essential that you cover your teen driver˳ Trying to skimp on teen auto coverage will only backfire if he or she is involved in an accident˳ Chances are it will happen˳ When it does, you want the full protective liability coverage!
• Twenty to Thirty
The general consensus among this age group is that ‘we are all-powerful’˳ Unfortunately, no human being can lay claim to that nonsense˳ Accidents, sickness and liability can happen to everyone˳ Number one tip of the day: get health insurance even if you are healthy!
• Thirty to Forty
This age group is personified by being more settled as far as assets, and family˳ Typically, this group has children, a home 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 an encompassing umbrella policy at this point˳ If you are a professional, it’s 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 usually is at the summit of profit-making, with a spike in personal assets and net worth˳ Auto, homeowners, health, life and umbrella coverages are things you cannot do without˳ It’s about time to look into adding disability insurance as well˳
• Fifty to Sixty
At this stage, children begin to go out on their own˳ It’s important to discuss their responsibility to take care of their own insurance needs˳ Equally as vital is the need to evaluate your mature status and elevated needs of coverage˳ Contemplate nursing home insurance and a living trust fund for your heirs˳
• Sixty Plus
For those who at this point have not thought about nursing home insurance, now’s prime time! It’s a good idea as well to go over all your different forms of coverage and see if you need to add anything to it˳
To life! Responsible living means getting adequate insurance coverage˳ Once you’ve taken care of your needs, you can surely rest assured with undisputed peace of mind!
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