Insurance for Big Life Changes

At any stage in life, you should look into obtaining insurance. Life's milestones such as your first job, marriage or having kids will present you with their own unique challenges, some of which may include injury on the job, car trouble or if you simply need to protect the belongings in your home. Here's a quick checklist for what you should be scoping out as you go through life and its big changes.

Your First Apartment.
Now that you are on your own for the first time, it's time to consider renters insurance. Many people don't opt for renters insurance but this form of insurance will offer you protection for your clothes, TV, computer and most of your personal items (should they perish in a fire or if they are stolen). Renters insurance also covers you if someone gets hurt in your home or for alternative housing if you can't live in your apartment due to fire or other mishaps. Best of all, it's usually pretty cheap, $100 a year in some cases.

When you start working, you should also look into obtaining health insurance and disability insurance. Many employers offer this, which replaces income lost if you're hurt in non-work activities and unable to work. Also, if you'll be driving to work, you're probably not covered under your parent's auto insurance anymore. Now is the perfect time to buy your own.

You Got Married.
If you don't have any kids, your insurance needs may not change much. But if one of you is still in school, or would be unable to pay all the bills in case of the death of your spouse, look into life insurance to cover those bills.

If you've just bought your first home, consider purchasing a sufficient amount of life insurance to pay off the mortgage. If you buy a home after getting married, you'll need coverage for the value of your home and its contents with homeowners insurance.

Since you just purchased your first home or moved into an apartment, you should purchase moving insurance to protect your goods while they are in transit. Many moving companies only offer very basic coverage but those that have high-valued items should consider an additional plan. Also, if you are storing your items in a self storage facility, consider purchasing storage insurance as an extra form of protection while your items are out of your hands.

If you don't already have it, disability insurance is crucial, particularly if you're relying on just one salary.

Congratulations, You Have Kids!
If you still don't have life insurance yet, now you absolutely need it. In addition to paying off major debt, such as credit cards or the mortgage, you'll need it to replace your income or your spouse's income if something happens to you.

Even non-working parents need life insurance because you would have to pay someone else to take care of the children.

The Kids Have Left.
You may keep them on your auto policy while they're in school, but once college is over, they need to get their own. And you won't need as much life insurance after they graduate.
Though you may not need it for several decades, think about long-term care insurance, which pays for help performing everyday activities if you become chronically disabled.

The earlier you consider buying long-term care coverage, the cheaper it will be. Once the premium is set, it stays at that amount for the life of the policy.