Life Stages

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Welcome to the life stage tool of the Insurance Information Institute.

This tool provides easy to use information on insurance and financial planning for different stages of your life. Information on auto, home, life, health, disability, and long-term care insurance are provided.

Raising Children

Children are the future. We need to plan for their future and we need to protect it. As the saying goes, it will be here before we know it. A family's insurance and financial needs will grow and change over time as we take steps to manage our finances; and protect our property and lifestyle against significant changes in our life or health.

Life

Couples should take a close look at life insurance once children arrive. This is when it hits home that others are depending on you and your income. Read more >>

Students

Since nearly half of all marriages fail, divorce is unfortunately very real for many people. Couples face the difficult task of separating emotionally and financially. This has insurance implications as well. Legal and financial advice will be critical, particularly if there are children involved.

Health

In most cases, a full-time student will be covered in the family's health plan until he or she graduates from college, or remains a full-time student up to
23 years of age. Read more >>


Divorced

Since nearly half of all marriages fail, divorce is unfortunately very real for many people. Couples face the difficult task of separating emotionally and financially. This has insurance implications as well. Legal and financial advice will be critical, particularly if there are children involved. Divorce can have a serious impact on one's credit standing, both in terms of dividing joint debt that exists at the time of divorce and expenses that come with starting over. Paying close attention to existing obligations and monitoring credit reports at this time is critically important.

Home

Divorce will mean a change of address for one or both parties. The insurer needs to know when there is a change in residence and property coverage. Read more >>


Employment Change

Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important. A new job can also mean a change in lifestyle, which can also have an impact on insurance.

Financial Planning

When changing jobs, in most cases, the major question is what to do with your 401(k) account. There are basically three options: Read more >>


Married

The joining together of two lives is joyous. It's also nerve-wracking. There are a number of adjustments couples have to make when thinking and planning for two. They may need financial protection they haven't worried about before, because spouses now depend on each other for support. In merging two households and perhaps two careers, there are choices that couples may need to make as to which spouse has the best existing insurance coverage.

Life

Becoming a couple means sharing responsibility with and for someone else. Both spouses may work, building a lifestyle that depends on two incomes. There will be loans and other debts to pay off. At this stage, it makes sense to protect what you have. Read more >>


Senior Years

By the time you retire, your accumulated wealth is probably at its height. The challenge now is to manage your assets so that they last as long as you do. Insurance still plays an important role at this stage of your life.

Long Term Care

Long-term care insurance is not part of Medicare and is purchased from private insurers. It is designed to pay for the many services needed by people who suffer from chronic long-lasting illnesses and need regular care, usually in a nursing home, but in some cases in-home care. For those who have this coverage, at least two activities of daily living, such as bathing, eating, dressing, continence and mobility, and/or cognition must be lost in order for the coverage to take effect. Read more >>


Single

You are part of the work force and out on your own. Establishing a solid financial foundation should be a priority, including insurance in the mix. It's important to understand what affects the cost and availability of insurance. If you have accidents, insurance will increase in cost. Financial instability, getting smothered by credit card debt, is frequently a predictor of future insurance losses. As a result, an insurance company may see additional risk, making it more difficult to get coverage at the best possible price. Conversely, if we take care of ourselves and protect what we own, insurers will see good insurance risks and are more likely to compete for your business.

Auto

What you pay for auto insurance depends on several factors: prior claims; driving record, including speeding and other traffic citations in recent years; and the kind of car, how many miles and where you drive. Read more >>

Domestic Partnership

Since insurance and domestic partnership laws are different in each state, it's best to consult with a financial advisor or lawyer who is familiar with laws affecting domestic partnerships in your state.

Life

Is your partner dependent on your income? Are you dependent on your partner's income? If the answer is yes to either of those questions, consider purchasing a life insurance policy. You can name your partner as the beneficiary. When determining how much coverage you need, you should consider the following: Read more >>

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