Whatever stage of life you’re at, it’s important to have the right insurance in place. Chances are you may not need them, but if you do then it will make a huge difference to your life. And so it pays to be prepared for the unexpected whether you are young or just young at heart. Insurance is, however, largely personal and your needs will depend on your individual circumstances. To help you get started on thinking about what kind of insurance you should be considering, we’ve outlined some key insurance policies arranged by different ages. Now these aren’t set in stone. For example, if you become a homeowner in your 20s rather than 30s, then your need for homeowner insurance will, of course, kick in earlier. Use this checklist to make sure you’re covered for every age and stage of your life.

In your 20s

Car insurance: this is often the age when we buy our first cars and statistics show that more young people than any other demographic are involved in car accidents. This makes having car insurance an absolute must. Ideally it should be comprehensive insurance but third party, theft and fire is a good starting point for those on tight budgets.

Renter’s insurance: this is also typically the age when we start flatting with friends and so renter’s insurance is a good idea. It will provide cover for your personal possessions and home contents in the event of theft, fire or some natural disaster. It’s becoming increasingly popular so try googling to get the best deal possible.

In your 30s

Life insurance: our 30s is often the time when we get married or start a family. You will want to make sure your family is financially secure should something go terribly wrong and you are no longer able to provide for your loved ones. Life insurance gives you peace of mind in knowing that your family will be taken care of.

Disability insurance: similarly to life insurance, disability insurance provides a financial cushion should you become unable to work due to a disability or sickness. This is a must-have insurance when you have dependents or a spouse who doesn’t work.

Homeowners insurance: along with family commitments often comes the purchase of our first homes and homeowners insurance is a must-have. It should cover you for everything – from the structure itself to the contents within. And it’s also worth checking that you are covered for floods, earthquakes and other natural disasters.

In your 40s

Long-term care insurance: nobody wants to consider the prospect of growing older, but what would happen if you needed help with daily living or nursing and residential care? Thinking about your long-term needs now makes sense as the reality is that the older you get, the more expensive it is to get insurance. And so, it’s worth considering long-term care insurance sooner rather than later. This will provide cover for people who are ageing or disabled and ensures your care needs are met as you get older.

Having the right insurance policies in place at the right time is the key to a healthy financial life. Make sure you get the right policies for your time of life and shop around, read the fine print and ask questions if there’s something you don’t understand.