When it comes to insurance coverage, we all agree on one thing. The premiums certainly cost big dollar bills! Certainly, there is a reason for it. We’re 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 pays you.

Of course, all forms of insurance coverage do not apply to all stages of life. The following will give you a good guide as to 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 face on car 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 it does, you want comprehensive protective liability coverage!

• twenty to thirty

The general consensus among this age group is that ‘we are all powerful’. Unfortunately, no human being can claim such 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 personified 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 an overall general policy at this point. If you are a professional, a professional liability policy is a must and if you own a business, a general liability policy is the way to go.

• Forty to Fifty

This age group is typically at the top of earning, with an increase in 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, too.

• 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 your state of maturity and your heightened coverage needs. Consider nursing home insurance and a living trust fund for your heirs.

• Sixty Plus

For those of you who haven’t thought about nursing home insurance right now, now is the best time! It’s also a good idea to go through all of 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 your needs are taken care of, you can surely rest easy with undisputed peace of mind.