finance5 sections · 28 items

Insurance Coverage Cheat Sheet — What You Need at Every Life Stage

Essential insurance types at every life stage — from your first job to retirement — with coverage amounts, typical costs, and what to prioritize.

Young Adult (18–25, Single)

Item	Value	Notes
Health insurance	Essential — stay on parents' until 26	Or get employer/marketplace plan
Auto insurance	Required if you drive	Liability minimum; full coverage if financing
Renters insurance	Highly recommended	$15–$30/month; covers belongings + liability
Life insurance	Optional unless supporting someone	Lock in low rates if healthy
Disability insurance	Check employer benefits	Protects your income — most valuable asset

Item	Value	Notes
Life insurance	10–15× annual income	Term life — cheapest and most effective
Health insurance	Family plan essential	Check deductibles, out-of-pocket max
Disability insurance (LTD)	60–70% of income	Most overlooked insurance need
Homeowners insurance	Required if mortgaged	Cover replacement cost, not market value
Umbrella insurance	$1M+ recommended	$200–$400/year; extra liability protection
Life insurance (spouse)	Even non-working spouse	Childcare replacement cost: $30K+/year

Item	Value	Notes
Increase life coverage	Review every 3–5 years	Match to outstanding debts + needs
Long-term care insurance	Start researching at 50	70% of 65+ will need some LTC
Umbrella insurance	Increase to $2M+	Higher net worth = higher liability risk
Review health plan	HSA-eligible plan?	Triple tax advantage for retirement
Identity theft protection	Consider adding	Higher risk with more accounts

Item	Value	Notes
Medicare (at 65)	Parts A, B, D + Supplement	Enroll during initial enrollment period
Medicare Supplement (Medigap)	Plan F or Plan G most popular	Covers gaps Medicare doesn't
Long-term care insurance	Buy by 55–60 ideally	Premiums rise sharply with age
Life insurance	May reduce or drop	Depends on dependents and estate plan
Annuities	Consider for guaranteed income	Not insurance per se — income tool

Item	Value	Notes
Term life (30-yr, $500K, age 30)	$200 – $350/year	Healthy non-smoker
Health insurance (individual)	$4,000 – $8,000/year	Marketplace, before subsidies
Auto insurance (full coverage)	$1,500 – $2,500/year	Varies widely by state/record
Homeowners insurance	$1,200 – $2,500/year	Depends on home value and location
Renters insurance	$150 – $300/year	Very affordable protection
Umbrella policy ($1M)	$200 – $400/year	Best value coverage available
Long-term care (age 55)	$2,000 – $4,000/year	Couples get discounts

Tip: Use landscape orientation for wider tables

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