Your Lifestage vs. Insurance Coverage

Understanding when you need to buy certain types of insurance can feel intimidating. Consider where you are in life to help decide what type of policies are the right fit for you. Below are some life stage guidelines to get you started. This will also help you identify information to share, and questions to ask when you talk to your KOVR agent. Our licensed agents can help you with all your insurance needs and can provide referrals when specialties are required.

STARTING

Age: 19-34

Starting

Coverages You May Need Now

  • Auto, Rental, Health, *Pet

Considerations

  • As a renter, it is important to understand your renter’s policy requirements and have an inventory of your valuables and belongings that might need additional coverage.
  • Standard liability limits of $50,000 per person/$100,000 per accident bodily injury and $50,000 property damage is a good minimum level of coverage for car insurance.

Do’s & Don’ts

  • Take defensive driving if you get a ticket to keep tickets off your record. (After two tickets, your insurance premium will go up.)
  • Lean on your insurance agent to understand insurance terms and coverages.
  • Take advantage of state-mandated health insurance if your employer does not cover you.
  • Let your insurance agent know if you are operating a business from home.
  • Let your insurance agent know if you are working in the gig economy. This will help determine if you might be vulnerable to a claim and what additional coverages might be needed.
  • Don’t let your policies lapse.
  • Never go without auto insurance or health insurance.

 

 

BUILDING

Age: 35-60

Building

Coverages You May Need Now

  • Auto, Rental/Homeowners, Earthquake, Flood, Business Owner Policy/Worker Comp, Valuable item policy, Health, Life, Disability Insurance,*Cyber, *Pet

Considerations

  • While you are in the building stage, it is a great time to buy affordable life insurance.
  • As you near 50 years old, you should talk to your insurance agent about long-term care insurance.
  • Make sure you discuss limitations on valuable items on your homeowner’s policy. (e.g., engagement rings, wedding rings, high-value jewelry, fine art, and collectibles)

Do’s & Don’ts

  • Share life changes with your agent. (e.g., marriage, family expansion, etc)
  • Have a saving and retirement plan, and establish a relationship with a *financial advisor.
  • Review auto insurance with your agent upon adding young drivers to your policy, early driving at age 16 is encouraged to establish a good driving record in three years.
  • Review coverages with your agent for college students away from home and special events such as weddings and anniversary parties.
  • Let your agent know if you are operating a business from home.
  • Involve your insurance agent in long-term care decisions to take care of senior parents.
  • Don’t leave kids on auto policy once they leave home. Help your children move to their own auto policy once they are on their own.
  • When creating and managing a budget, don’t forget to account for autopay subscriptions and expenses.

Holding

Age: 61+

Holding

Coverages You May Need Now

  • Auto, Homeowners, Health, Life, Medicare

Considerations

  • You are eligible for Medicare healthcare benefits at age 65. We recommend that you start reviewing Medicare supplement plans with your insurance agent at age 64.
  • Make sure your *retirement plan is in order by age 60.
  • Review all insurance policies established in your building stage with your insurance agent for opportunities to revise and save money especially in a stage of downsizing assets and properties.

Do’s & Don’ts

  • Review your options on determining your age to start your Social Security benefits.
  • Don’t try to figure out Medicare supplements alone or wait too long to enroll.

*Your KOVR agent can provide referrals for financial advisors, pet insurance, and cyber insurance.