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No one needs a full basket of all kinds of insurance coverage at a given time.
As people age, they would need more kinds of insurance to cover for their growing security needs. New forms of insurance become necessary and old forms lose value for different life stages.
The youth will not need anything other than medical insurance, paid for by their parents or legal guardians. Upon becoming teenagers, they can opt to seek discounted vehicle insurance for their first vehicles as soon as they learn how to drive. This would be the only form of insurance they would need for much of their young lives until they finish high school or college, upon which they would begin working and need disability insurance for themselves and renters insurance for apartment possessions. Motorists would also need auto insurance.
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People would not need homeowners insurance until they finance their own homes. Life insurance is also usually postponed until marriage, or when plans to have children are laid out. Adults who assume the guardianship of under-aged relatives such as siblings would also do well with life insurance.
When adults settle into marriage, family life, and homeownership, specific insurance coverage for disasters like wildfires and floods can also be sought as protection against unexpected and life-changing events not usually covered by home insurance.
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