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Age 22: Renter's Insurance
At the age of 22, after I graduate from college, I decide to rent a home instead of buying one. Having renter's insurance assures that if something happens to the home I am renting, it will not completely be my responsibility. The location of the home will affect the price of the insurance, as well as what all in the house you want covered. -
Age 24: Auto Insurance
At the age of 24 I decided to buy a new car. With a new car, comes new insurance. Depending on the type of car, how often I will be driving the car, and where I will be parking the car, my auto insurance will be more or less expensive. -
Age 26: Homeowner's Insurance
At the age of 26, after 4 years of renting a house, I decide to buy my own house. Like with renter's insurance, the location of the house, the type of home, and the construction of the home will affect the price of the insurance. This insurance is needed in case something happens to the house, such as a tree falling on it, or a car hitting it. -
Age 28: Wedding Insurance
At the age of 28, I decide to get married. To ensure that if something goes wrong, I will get back a majority of the money that I spent, I got wedding insurance. If something happens to the rings or photos or venue, it will be covered. Things such as the location of the wedding and the length of the relationship will affect these rates. -
Age 30: Health Insurance
At the age of 30 I have a child, meaning that my health insurance will increase as there is another person being added to it. The healthiness of my child will have an effect on this, as if they are born with complications it will be much higher. The insurance is necessary to ensure that any problems I have with the child will at least be partially covered, and things such as doctor appointments are not extremely expensive. -
Age 32: Pet Insurance
At the age of 32 my family decided to buy a dog. This is necessary so things such as vet appointments are not too expensive. Additionally, this will cover if the dog is hurt in some way and needs some sort of care. The type of dog is a major factor in this insurance, as well as things such as the place that we live and if we have a fence and yard. -
Age 34: Professional Liability Insurance
Because my husband is a doctor, we decided to purchase professional liability insurance at the age of 34, as he is finally getting into his career. This will cover any costs in case he makes any serious mistakes such as leaving something in a person during a surgery. Things such as the person's history in their career and the place in which they work will affect this. -
Age 36: Homeowner's Insurance
At the age of 36, my family decides to move because of a job opportunity. This new home means that there will be a change in our insurance, as it is in a new location. The factors in this location determine whether the insurance will increase or decrease compared to our last home, such as the crime rates and structure of the house. -
Age 38: Boat Insurance
With our new home being near a bay, we decide to buy a boat. Insurance on this boat will cover damages in case of an accident, as well as the people in the boat. The age of the boat will help to determine the insurance rate, as well as the type and where the boat will be being kept while not in use. -
Age 40: Traveler's Insurance
As our child gets older, we decide that it is time to travel throughout Europe. We get traveler's insurance in case of any lost luggage, damage, or illness during the trip. It also will cover the cost of any delays that we experience. Our destinations are key in determining the cost of this insurance, as some places are more risky to visit. Factors such as the airline being used and hotels being stayed at will also influence this.
