“When should I buy life insurance?” “Do I need renters insurance?” “What is disability insurance?” “I’m starting a business. What insurance do I need?”
These are just a few questions that are frequently asked by individuals who are planning for their future and/or entering a new season of life. As your life changes, so should your insurance coverage. While insurance isn’t the most exciting purchase, it is essential for protecting yourself, your loved ones and your wealth.
From buying a car to starting a business, certain life milestones call for reevaluation of your insurance coverage. Some policies are required, while others are strongly recommended. As you reach these common milestones, here are the policies you should consider purchasing:
When you buy a car: Before hitting the road in your new ride, you need personal auto insurance. Many factors impact how much you pay for your premium, including what you drive, your driving history, how often and how far you drive and your credit history, as well as your age, sex and marital status. That being said, your premium may increase or decrease as these factors change throughout your life.
When you start “adulting:” As you enter the workforce and move out from your parents’ home, consider purchasing these policies to protect your livelihood:
- Health insurance: Children can stay on their parents’ policy until age 26, but once your 26th birthday comes around, you’re required to obtain your own policy.
- Disability insurance: If you’re relying on your income to live, purchasing disability insurance could be a lifesaver if you become disabled and unable to work for a period.
- Renters insurance: While it’s not a requirement, renters insurance is something any renter will be glad to have in the case of a fire, leak, or storm.
When you buy a home: If you own a home, homeowner’s insurance is a necessity. Most policies cover the house itself, your belongings and the liability of someone being injured on your property. Depending on the location of your home, you may need to purchase additional coverage, such as flood insurance.
When you get married and start a family: While you can purchase life insurance at any time, the importance of life insurance increases when you get married and/or start a family. In the event of your death, life insurance offers protection for your family and home by replacing your income. Acquiring life insurance at a younger age is smart because you’re not only healthy, but you also pay the same rate over a period of time.
When you start your own business: As soon as you start your business, no matter the size, you should consider getting commercial insurance. The type of coverage you need will vary based on the type of business you open.
At The Prewitt Group, we are committed to understanding your needs for every stage of life and delivering customized services to fit those needs. We would be happy to meet with you to discuss the coverage you need with each life change.