One thing that you can count on in your life is that you are going to need insurance. We all need to be protected from the hazards that life will inevitably throw our way. Insurance provides us with money to replace what we damage, help us when we are sick and help us cover the costs that disaster will bring us. While we always need insurance, our most important insurance needs change over the years as we enter different periods of our lives. Here is a brief look at the timeline of our life matched with our insurance needs.

Health Insurance (All Ages)

The most important type of insurance to have is life insurance. When you are a child, you are going to be more susceptible to illness and injury simply because of your age and activity level. When entering college, it is usually mandatory to have health insurance to enroll in class. When you are an adult, you never know when you could get sick, end up with cancer or any other unfortunate health situation.

Car Insurance (16-86)

If you want to drive a car, you should prepare to pay for insurance. This type of insurance won’t be personally needed until age 16, and will be needed until whatever age you decide that you can no longer drive a car.

Renter’s Insurance (18 and up)

Your first apartment means you have to watch out for your own property. Do this effectively with a renter’s insurance policy. If your things are ever stolen, lost or damaged, you can get money to replace your items. Renters insurance is also quite cheap.

Life Insurance (35-85)

As soon as you have a family, you should get life insurance. If you are sick, die or simply cannot work any longer, this coverage will allow you to pay your bills and protect your family. Life insurance policies can even gain cash value over the life of the policy.

Homeowner’s Insurance (35-85)

When you buy a house, you need to get homeowners insurance. This will protect your home from any damage that incurs and will entitle you to reimbursement for expenses incurred. Consider getting flood insurance as well because floods are typically not covered in a homeowner’s policy.

As you get older, your insurance needs and requirements will change. When you get that first car, you need car insurance, when you get your home you need to get homeowners insurance. Family life requires life insurance for adequate protection and health insurance should be carried at all ages whenever possible.