Your Lifestage vs. Insurance Coverage

STARTING

Age: 19-34

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

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.