3 Life Stages When Insurance Matters Most


Insurance is a necessity of life. There is so much to insure, and just thinking about how to line it all up — and pay for it — can be overwhelming. Instead of falling down the rabbit hole of “I am going to be broke from all this,” think about the different stages of your life and how insurance can benefit them. And not just benefit but protect them. A huge part of why insurance is essential is because it provides a safety net. Yes, this will come at a cost, but when you decide to focus on the benefits instead of the financial output, you might be surprised at how relaxed you can be about the undeniable need for insurance. 

When You Are Responsible on Your Own

It is fantastic if you were fortunate enough to be under an insurance umbrella held by your parents or guardians for the first part of your life. However, when it comes time to navigate this on your own for the first time, whether it is because you have aged out of their policy, have decided this is what you want for yourself or they have told you that they will no longer cover these costs, you need to be well researched. What kinds of insurance will you need? What brokers should you use to obtain your policies? Are you eligible through your job to have some of these costs covered? All are essential questions to consider at this juncture. 

When You Retire 

As you make the transition from earning a paycheck to living on a fixed income, you need to think about some of the “what ifs” in this stage of life. Long-term health care is one of the biggest. As you age, even those in the most optimal health are not eliminated from the possibility of requiring long-term health care. Long-term care insurance can help you plan for the unexpected and contribute money towards what you might need in the future. However, your retirement savings probably did not focus on paying for your care since there is no way to anticipate, what if any, you will need. To avoid spending your hard-earned savings on long-term care costs, review a guide on if long-term care insurance is worth it and the pros and cons of having, or not having, a policy. 

When You Have a Family

If having a family is in your plans, you have to think about protecting them at all costs. In this case, health insurance should be top of mind. Thinking about why a health insurance policy is essential for your family is layered. One of the biggest, and most noticeable parts of being responsible for a family, is just that you are responsible for them. If you bring children into the world, it is your job to make sure that should they break their arm, need braces or have a chronic illness from birth, they receive the healthcare essential for their needs and well-being.