Today, I use life insurance, so my parents will be able to par for my funeral if I die, and health insurance to cover my medical bills. In the future, I will need not only health and life insurance, but also umbrella and renter's insurance. I will most likely be driving a car by then and I will also either be in a dorm room or renting an appartment. Really, the difference here is that I will be doing a lot for to lower my risks and, in turn, my insurance rates.