Insure your life.
If you’re young and have no dependents, consider life insurance only after you’ve covered yourself for disability and health issues. Once you own a home and have children, however, you’ll need to buy term insurance that’s appropriate for your needs.
What it does: Life insurance pays your designated beneficiaries a specific amount should you die within the terms stated in your policy.
What to look for in a policy: Experts typically recommend a policy worth 7 to 10 times your annual income.
Where to get it: Find ratings online at www.ambest.com.

Other insurance policies you may or may not need

Pet insurance: “Unless you’ve got a show animal worth thousands of dollars, pet insurance usually doesn’t pay,” says Hungelmann.

Travel insurance: While homeowner’s insurance will usually pay for lost possessions, and medical insurance will typically cover any illnesses, the one thing that’s not covered when you travel is medical evacuation insurance. Check MedJetAssistance.com or TravelInsure.com for pricing, and make sure if you do buy a policy it allows you to decide when you need to come home for medical treatment.

Identity theft insurance: This typically only covers expenses incurred while you are trying to reclaim your identity — and those expenses don’t usually amount to much. A new kind of identity insurance, Identity Recovery Insurance, offers you all the benefits of Identity Theft Insurance plus all the advice you need to get your identity back.