Millennials have been accused of killing countless number of things including diamonds, chain restaurants, homeownership, movies, and many industries. One industry in particular is the insurance industry.
Millennials are known to be the most underinsured generation today. An alarming number of millenniala have no life or health insurance. At most, what they have is car insurance but mostly because the law requires it.
There are many reasons millennials are not insured even though they believe it to be necessary. But let’s not worry about reasons and focus on solutions – for now, at least. Here are some insurance tips for millennials who are looking into securing their future.
Only Get What You Need
You don’t need to avail of every type of insurance there is – and trust us there’re lots. Out of dozens of insurance types, the ones that most believe to be a necessity are life, health, renters/homeowners, and auto insurance.
If you don’t have a car or your own home/apartment/condo, then you most likely won’t need the last two. But even if you do, it’s best that you make life and health insurance a priority.
Tweak the Coverage Accordingly
Now that you know which insurance types to get, the next thing you have to do is look at its coverage. There are as many levels of coverage in an insurance policy as there are types of insurance. Ask your insurance provider or agent about the level of coverage their insurance policy has and adjust it according to your preference.
You can knock the price down even if only by just a little by tweaking the policy accordingly. This tip will continue to be helpful as you grow old since you can increase or decrease your insurance’s coverage anytime you want.
Find the Best Deals
Treat insurance as you would any other purchase. Always look for the best deals that will get you your money’s worth. Contact insurance providers for any special packages and discounts they have to offer. Don’t always assume that the best ones are the most expensive or the cheapest ones are the worst.
Insurance doesn’t cost as much as most people think. You just have to learn how to shop smart and not give into your impulses and assumptions.
Start as Early as Possible
Purchase insurance as early as you can; the earlier, the better. People aren’t lying when they say that the best time to invest is while you’re young.
When you’re young, you have more financial freedom. You don’t have any dependents or beneficiaries. No child, no spouse, and your parents are still able to provide for themselves. In fact, they might still be providing for you, so buy insurance when you still have extra money to spend.
Why millennials refuse to buy insurance even though they believe it to be necessary is still up for debate. Some say it’s because they feel invincible, others believe it is due to the low wages and high insurance rates. Who knows? Maybe it’s both, maybe it’s neither.
Whatever the reason is and whoever’s to blame is not important. Bottom line is that everyone deserves to have security in the form of insurance. And you surely can have it if you follow these insurance tips for millennials.