Having insurance is like carrying around an asthma inhaler: Though it may seem like a burden more of the time, you’ll be glad you have it when you need it.
If you’re just starting out in the insurance world, chances are you’re a little lost on where to begin. What do I need to buy insurance right now? What can I wait to purchase? Do I really need that renter’s insurance? Do I need any insurance?
Well, let’s just say you need insurance like an asthmatic need an inhaler.
We understand that insurance can be confusing and intimidating at first, but we’re here to help you out. Though we understand everyone’s needs vary, we’ve compiled a general list of what insurance you need—and when.
In Your 20s
There’s a reason car insurance rates get cheaper at age 24—there are a lot of bad drivers out there, and younger people are generally riskier than others. This risk is mostly due to a lack of driving experience. Imagine all the cars you pass on your way to work, the gym, or as you’re out running errands. Even if you’re a safe driver, you can’t rely on everyone around you to be as cautious as you are.
Should you get into an accident, how are you supposed to get through your daily life if you have no way of getting around? Auto insurance will also ensure you aren’t liable to the costs associated with an accident when you’re found at fault. That liability coverage will protect you from the other driver coming after your personal assets.
Beyond safety factors, having auto insurance will keep you in compliance with state driving laws—which should be obviously important!
When you don’t need it? When you don’t have a car or driver’s license.
How many times have you had to go to the doctor during flu season? Thank goodness for your parents’ health insurance policies, right? By your mid-20s, you’ll need to find the right health insurance policy for you, because American healthcare just isn’t affordable without it. Luckily, most employers offer health insurance you can purchase through your work.
There are even incentives for better pricing on health insurance premiums if you exercise regularly, have a good BMI (body mass index), and don’t use tobacco products.
The first thing your doctor’s office is going to ask when making an appointment is, “Do you have health insurance?” If you don’t, you may not receive the same quality of care as if you did. Besides, the way the laws are currently set up, there is no reason anyone who files a tax return shouldn’t have health insurance coverage.
When you don’t need it? When you’re dead, or living in a bubble.
In today’s day and age of renting over owning, it’s important to have renter’s insurance. Even if you’re only planning on renting for a year before buying a house, a lot can happen within that time. You’ll be glad you have it in the event of a damaging fire, leak, storm, or burglary. Policies are generally low-cost, and should you need to rent for longer than anticipated, you’re already prepared and all of your things are covered.
Renter’s insurance will even provide liability coverage if someone were to get injured on the property.
When you don’t need it? When you buy a place.
If your parents aren’t ready to set you up with a small loan of $1 million, chances are your income depends on your ability to work. Should you be involved in a debilitating accident—or your health begins to unexpectedly deteriorate—you don’t want to add the stress of making money to the stress of getting yourself better. Disability insurance provides that peace of mind, and often you can secure a policy through your employer. Even if your employer doesn’t offer it, you can purchase it privately on your own.
You’ve worked hard to establish what you have, why take the risk of losing everything if you can suddenly no longer work?
When you don’t need it? When you retire.
In Your 30s
This one is a given. If you have a home, you need a policy, because if something should happen to your home and all of your belongings, where will you go? Purchasing homeowner’s insurance ensures that you and your home are protected from whatever life throws at it. And if you live in a part of the country subject to different natural disasters—i.e. hurricanes, earthquakes, tornados, flooding—you may have to purchase additional coverage. But if you live in a place nicknamed “Tornado Alley”, we hope you would expect to purchase that additional coverage.
When you don’t need it? When you don’t own a home.
You now have a home, you may be married—maybe with some kids—and you finally feel like you have things figured out. You know what that means? Life insurance! Today’s society relies on a dual-income household. What should happen to your spouse or children if you were to die suddenly? If you’re here one minute and gone the next, the last thing they will want to worry about is how to maintain their current lifestyle. Give them that peace of mind by purchasing life insurance. Buy it early and get it cheaper!
If something happens to you, the only thing that leaves is the appetite at the dinner table—the bills keep coming in! Everything that was paid for with your income will still continue. And let’s say you are saving money for your children’s college, who will complete the savings plan if you die prematurely? Having life insurance is going to make sure your family is well taken care of long after you’re gone.
When you don’t need it? When you’re already six-feet under.
In Your 40s, and Beyond…
Long-term Care Insurance
While it is a miracle that we are living longer nowadays, if you don’t take care of your body, you will likely need help with daily living. Though no one enjoys thinking about the limitations that may come with aging, it’s important to prepare, should that become a reality. Nursing homes and at-home care are fairly expensive, and you don’t want all of your hard-earned retirement money flying out the window to pay for that care.
Not only does it cover you, it’ll provide an in-home caretaker to help ease the burden on your family. Even if you are in a nursing home, if you have an extended stay in a hospital, you could stand to lose your room if funds aren’t available to keep you in residence. Having that long-term care insurance in place will help fill the gaps. It’ll also ensure you are able to stay in your cushy nursing home when you are discharged from your hospital stay.
Investing in long-term care insurance will ensure that you can enjoy your golden years with your loved ones—and without worry!
When you don’t need it? Again, six-feet under.
Do you still have questions about insurance policies and when you need them? Contact an agent at our Martinsburg office at 304-263-3361, or the Inwood office at 304-229-7227 today. You can also get a free quote on our website here. Remember, having the right insurance policies for you means peace of mind for the future!
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