Our lives are marked by milestone birthdays. At 21, you’re finally considered adults. When you turn 30, we’re supposed to be semi secure with ourselves, and once you hit 40, we’re supposed to be wise enough to know all the things you didn’t know at 20. As you reach these milestones, your needs continue to change, physically and financially. And when it comes to insurance coverage, what was right for you as a young adult probably won’t be the same once you turn 40 or 50. Below is a breakdown of which insurance you need for every stage of life.

Young Adult

As a young adult, you’ve got time and hopefully, good health on your side. In addition to car insurance coverage, you also need health and disability coverage. If you’re working, your employer may offer both of these coverages. Health can be rudimentary and cover regular checkups and annual screenings. Disability coverage should be in place if you work a job where the risk of injury is higher than average. If you live away from home, you should also have renter’s insurance as well.

Having a Family

Even though times are changing, most people start their families somewhere in their early to late thirties. You may buy your first home and get married. Both of these important milestones should have the right type of insurance coverage. If you’re a homeowner, you need a policy that protects your investment. If you’re married, and even if you’re not, you should also have life insurance in place. Life insurance gives your spouse or family the security they need in case you pass prematurely. If you run into financial difficulties, you can also get a life insurance settlement for much needed liquidity. Getting a settlement involves selling your policy to a third-party of a certain percentage of the total value.

Middle Age

Once you turn 40, you start to see life differently. You’re probably more established in your life and feel comfortable in your own skin. You should already have homeowners’ insurance in place to protect your home. You also need to start thinking about long-term care insurance as well. Even though you’re in the prime of your life, eventually you’ll reach an age where you need additional assistance. Assisted living can cost upwards of $10,000 a month, so it’s a good idea to have the appropriate financial instruments in place to cover the cost.

Golden Years

Once you retire, it’s time to do all the things you couldn’t while working full-time. When you are thinking about all the ways to have a happy retirement, including insurance in those plans means you have a safety net in place. Your health is of the utmost importance, especially now. Appropriate health insurance coverage, one that covers annual screenings, offers prescription plans and hospitalizations, needs to be part of your plan. If you have a chronic medical condition, having proper health insurance protection is even more important.

Burial Expense

Although most life insurance policies cover the cost, some people opt for additional coverage to finance this expense. Burial insurance will pay for all expenses, alleviating the stress from your loved ones’ shoulders.