No one thinks they need insurance—until they actually need it. As parents, it’s essential that we help our children understand the need for basic coverage and ensure that they are adequately protected as they make their way in the world.

Did you know...?

• Young adults ages 18–24 are the least likely of any age group to have health insurance. In 2004, almost a third of this age group did not have health insurance. (Source: 2005 U.S. Census Bureau report on health insurance)
• Half of uninsured young adults ages 19–29 forgo needed health care due to cost. (Source: 2001 study by the Commonwealth Fund)
• In 2003, medical bills were the number one reason for bankruptcy in this country. (Source: 2003 Harvard University study)

When it comes to insurance, health and automobile policies are a must. Renter’s insurance is recommended. Once your son or daughter has a job, disability insurance may be available through the employer. But unless your children have dependents of their own, life insurance can probably wait. People can generally hold off on getting long-term care insurance until they are in their 40s or early 50s.

 

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of savings and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction or strategy for his or her own particular situation. The examples mentioned are for informational purposes only and are not intended to represent results you should expect in the future. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.