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Protecting Your Journey: The Essential Insurance Coverage for Every Life Stage

Protecting Your Journey: The Essential Insurance Coverage for Every Life Stage

| August 01, 2023

Insurance is the ultimate coverage of your loved ones, your wealth, and your financial independence. At every stage of life, it's crucial to have the right coverage to shield yourself and those you care about from unexpected financial blows.

Whether you're single and independent, a young couple starting a life together, or enjoying your golden years in retirement, insurance plays a vital role in safeguarding your financial well-being. As you navigate the twists and turns of life, your insurance needs will evolve. Let's take a closer look at the types of insurance recommended for different stages in your journey:

  1. Individuals:


As an independent soul, coverage for your essentials and embracing the basics is important. Consider health, auto, renters, and disability insurance. 

Health insurance serves as your primary safeguard against exorbitant medical expenses, sparing you from the burden of overwhelming debt. Finding the ideal health insurance plan is attainable oftentimes through full-time employment or by exploring options during the open enrollment period within the insurance season.

Auto insurance stands as a mandatory legal obligation in the majority of states. All drivers must possess liability car insurance, and if you happen to finance or lease your vehicle, comprehensive collision coverage will likely be necessary as well. 

Renters insurance provides a coverage shield for your personal belongings in the face of unexpected disasters. As a renter, this type of insurance is a crucial safety net, as your landlord's insurance typically only covers the building itself, leaving you responsible for the protection of everything you own inside. 

Disability insurance is a vital measure to guarantee a safety net in times of injury, illness, or work incapacity. Although short-term disability insurance is commonly offered through employers, it's essential to recognize that long-term disability insurance is the one that caters to the needs of most individuals.


Did you know? Guardian Life reports that 90% of disabilities are caused by illnesses, with the remaining 10% attributed to injuries. Shockingly, more than a quarter of today's 20-year-olds are expected to experience a disabling condition that will keep them out of work for at least a year before they reach retirement age.1


  1. Newlyweds:


Congrats on leveling up! We recommend adding life and homeowners’ insurance to safeguard your love nest and each other's financial future. 

Life insurance offers essential financial protection to your spouse or dependents in the event of unforeseen circumstances. If there are individuals who depend on your income for their financial stability, life insurance is likely a necessity. Purchasing life insurance at a young and healthy stage is advisable, as age often comes with declining health, making policies more costly and harder to obtain as time passes. The two main types of life insurance policies - permanent life and term life insurance - will hinge on your budget and financial objectives.

Homeowners insurance serves a dual purpose by safeguarding both your home and belongings, while also extending liability coverage for injuries occurring on your property. Though homeowners' insurance isn't obligatory, if you have a mortgage, your lender will likely insist on it to protect their investment.


  1. Families:


As your family expands, so should your insurance coverage. Increase your auto insurance to cover young drivers and add liability coverage to protect against unforeseen accidents. If you plan on sending your kids to college, explore your employer's FSA and Section 125 plans to maximize savings for their education. 

FSA Plans: An FSA (Flexible Spending Account) is a specialized savings account offering valuable tax advantages, enabling you to set aside a portion of your earnings for qualified medical and dental expenses. Additionally, employers have the option to make contributions to their employees' FSAs. 

Section 125 Plans: A Section 125 plan, also known as a cafeteria plan, is a well-defined arrangement that empowers employees to choose between multiple benefits, including qualified options like health insurance and cash benefits. These benefits are received as pre-tax deductions, benefiting not just employees, but also their spouses and dependents.


  1. Empty Nesters:


The kids are moved out, and it's time to plan for your golden years. Consider long-term care insurance to cover potential assistance needed in the future. Long-term care can be expensive, but having the right coverage will ease the financial burden on you and your family. Now is a good time to start preparing for retirement with a hybrid policy. 

Long-term care insurance, encompassing options like at-home care, assisted living, or nursing home care, proves to be a valuable investment during retirement. Given that Medicare offers only limited coverage, any additional care expenses fall on you or your family's shoulders. This is where long-term care insurance or a hybrid policy can make a significant difference. Just like life insurance, obtaining long-term care insurance while you are relatively young and in good health tends to be more cost-effective.


  1. Retirees:


Congratulations! You've reached a well-deserved retirement! Transition to a Medicare plan with a Medigap policy to fill in any gaps in coverage.

Life insurance serves as a supplementary insurance plan, offering comprehensive coverage beyond what Original Medicare provides. While Original Medicare covers a considerable portion of qualified healthcare expenses, it still leaves gaps in coverage. To address these gaps, a Medigap policy comes to the rescue, assisting in paying the remaining healthcare costs. Though disability insurance may not be a necessity anymore, it's wise to contemplate long-term care insurance as a means to ensure your well-being during your golden years. Additionally, life insurance can serve as a meaningful legacy, providing financial security to your surviving spouse or heirs.

For over 50 years, The Legend Group has been dedicated to assisting individuals at every phase of life. Our experienced advisors will guide you through a wide array of insurance options, tailoring them to fit your specific needs. Get in touch with us today to assess your insurance coverage requirements and guarantee the perfect plan for your future. Don't hesitate—take charge of securing your future now! Reach out to one of our local financial advisors today.






Annuity/life insurance contracts are not issued by Lincoln Investment or its affiliates. All contracts, features and guarantees, including optional fixed subaccount crediting rates or annuity payout rates, are backed by the financial strength of the issuing insurance company and do not apply to any subaccount. In addition, the financial ratings of the issuing insurance company do not apply to any non-guaranteed separate accounts.  The value of the subaccounts that are not guaranteed will fluctuate in response to market changes and other factors. Neither Lincoln Investment, nor any of its affiliates, makes any representations or guarantees regarding the claims paying ability of the issuing insurance company.

Annuity/life insurance contracts are not insured by the FDIC or any federal government agency and are not deposits of, or guaranteed by, any bank or credit union, or a provision or condition of any bank or credit union activity or Lincoln Investment or its affiliates.

Annuity/life insurance contracts may have limitations and restrictions, including possible withdrawal charges and excess adjustments where applicable, may involve investment risk, and may lose value.

Withdrawals of taxable amounts from an annuity are subject to income tax and withdrawals prior to age 59 ½ may be subject to a 10% federal penalty tax.

Account values/surrender values:  1) Values, including estimated insurance values, are illustrative only, from sources believed to be accurate but are not guaranteed, and are not intended to predict future performance or guarantees.  Values are subject to change;  2) The value indicated does not consider any benefit rider restrictions and may be more or less, depending on market fluctuations, corrective processing, and additional fees; 3) Withdrawals will reduce the contract’s cash value, and may reduce death and living benefits;  and 4) Withdrawals, if made during your contingent deferred sales charge (CDSC) or surrender charge period, may be subject to a CDSC and in fixed or fixed indexed products, a Market Value Adjustment (MVA). In selected states, an MVA may adjust the withdrawal amount payable. 

Death Benefits:  1) Death benefits may be subject to ordinary income tax; 2) Withdrawals may reduce the death benefit; and 3) The death benefit may be the greater of the contract value or the reported Estimated Death Benefit Valuation. The actual benefit amount paid may be more or less depending on the date of death, market fluctuations, premium payments and withdrawals.

Any optional benefits listed may have an extra charge in addition to the ongoing fees and expenses of the product.  Protections provided by the guarantees are dependent upon the policy remaining appropriately funded. None of the information in this video should be considered as tax advice.  You should consult your tax advisor for information concerning your individual situation.

Review your prospectus and insurance carrier issued statements and contract for additional information and restrictions on accessing your benefits.