At any stage of life, life insurance and disability are the most important types of coverage, financial experts told CNBC.
However, beyond the basics, these experts dug into the types of insurance a range of people should consider, from college-aged to retirees.
Students in college might want to consider term life insurance, experts say, to cover student loan costs that may fall on a parent.
Term insurance is for a defined period of time, while permanent insurance is for a lifetime, or an undefined amount of time.
Single individuals should have health insurance, renters or homeowners insurance, and auto insurance, experts say.
Workers should consider disability insurance, and may need coverage that extends beyond what an employer offers.
When a person decides to get married and start a family, experts recommend permanent life insurance and long-term disability to help support the family in case health needs change over time.
Some experts suggest those with children gift a life insurance policy to their children, and when a couple or individual becomes an “empty nester,” they should get a long-term care insurance policy.
Sean M. Pearson, CFP, associate vice president with Ameriprise Financial in Conshohocken, Pa., told CNBC that preretirement is the time to plan for protection against chronic illnesses.
At this time, couples or individuals may have less expensive choices for planning early, he said.
Some experts suggest retired individuals should look into a single premium immediate annuity, which can help protect someone from outliving their money.
After paying a lump sum upfront, an individual can tap into a lifetime stream of income paid by the insurance company.
The amount of these regular income payments is calculated by the insurer, and based on a variety of factors such as age and interest rates.
Retirees also no longer need disability coverage, but experts say long-term care insurance becomes essential, as well as life insurance for a surviving spouse.
To find a trustworthy insurance agent, experts suggest asking friends and family for recommendations, looking for reviews online, and interviewing a few prospective agents to see who might be the best fit.
Never hesitate to ask an agent for references or to see their licensing, experts say, to ensure they are legitimate and have their customers’ best interests in mind.
Experts also suggest finding an agent that can communicate how a person’s insurance needs will change over time, and recommend these updated or new policies over time as needed.