When it comes to insurance coverage, we all agree on one thing. The bonuses certainly cost big dollar bills! There is certainly a reason for this. We are paying for a protection group. Our collective contributions are there for the risk exposure each of us faces. If I suffer loss and damage and file a legitimate claim, that set of premium payments is what pays me. If you suffer loss and damage and file a claim, that set of premiums is what you get paid.

Of course, all forms of insurance coverage do not apply to all stages of life. The following will give you a good guide on when it is smart to purchase specific coverage and when it is not.

Health, auto, home and business coverage timeline

• Adolescence

Although teens put a big dent in auto insurance premiums, it’s absolutely essential that you cover your teen driver. Trying to skimp on teen auto coverage will only backfire if he or she is involved in an accident. Most likely it will happen. When you do, you want full protective liability coverage!

• twenty to thirty

The general consensus among this age group is that ‘we are almighty’. Unfortunately, no human being can claim that nonsense. Accidents, illness and liability can happen to everyone. Tip number one of the day: get health insurance even if you are healthy!

• Thirty to Forty

This age group is epitomized by being more settled in terms of assets and family. Typically, this group has children, a house, and more than one car. Balanced coverage in the form of auto insurance, homeowners or renters insurance, health coverage, and life insurance is a must. It is also advisable to consider a global general policy at this point. If you are a professional, a professional liability policy is a must and if you are a business owner, a general liability policy is the way to go.

• Forty to Fifty

This age group is generally at the peak of earning, with increasing personal assets and net worth. Auto, home, health, life and general coverages are things you can’t do without. It’s about time to consider adding disability insurance as well.

• Fifty to sixty

At this stage, children begin to go out on their own. It is important to discuss your responsibility to take care of your own insurance needs. Equally vital is the need to assess its maturity status and high coverage needs. Consider nursing home insurance and a living trust fund for your heirs.

• Sixty More

For those who have not thought about nursing home insurance at this point, now is the best time! It’s also a good idea to go through all your different forms of coverage and see if you need to add anything to it.

To the life! Responsible living means getting adequate insurance coverage. Once you’ve taken care of your needs, you’re sure to be able to rest easy with unquestionable peace of mind.