The Importance of Having Insurance at Every Age

When it comes to insurance, many people are quick to overlook anything that isn’t necessary, or that doesn’t fit their immediate needs. They may be reluctant to spend money for something for which they can’t see the benefit.

There are a few types of insurances that are important for people of every age. That doesn’t mean that once you buy a policy, that’s the end of it. As you age, you will need to re-evaluate your coverage to make sure that it fits your needs at different life stages.

Important Types of Insurance for Everyone

Life Insurance is very important – even for people as young as age 22. Disability insurance is another type of important insurance, and unfortunately, most people are absolutely clueless about the importance of this type of insurance.

According to US Census data, one of five Americans are disabled, but less than half (44 percent) of employed people have any protection through long-term disability policies. That means that in all likelihood, a whole lot of people who don’t have life insurance will wind up needing it, even though they never thought to purchase it.

Buying Insurance and Adjusting Your Coverage as You Age

Life insurance can help with everything from providing a spouse or other beneficiary with the funds they need to live on, or provide security that debt would be paid off if you were to die prematurely. Disability insurance can provide you with income, should you become permanently disabled and be unable to work for the rest of your life.

If you figure that in your 30’s, your annual salary is about $50,000, any permanent disability could cost you as much as $1.5 million in lost earnings over the course of your lifetime.

Life insurance can provide your family or spouse with income if you die.

If you’d like to discuss your options for increasing your coverage, contact Prutting Insurance Group, and be sure to get a quote today!