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Five insurance tips for millennials

Monday, January 21, 2019

If you’re like most millennials, insurance is likely to be the last thing on your mind. As a recently employed young person, your major expenses include rent, transport and food. Should there be money left over, you probably have other things that you think of spending it on that don’t include insurance.

While you won’t be retiring any time soon, most millennials have reached the age where you may be thinking of buying a home, having kids, or buying a car. And all these things make it extremely important to have insurance. 

Being involved in a car accident, losing all your personal belongings in an apartment fire, or any other unpleasant, unexpected event is the last thing you want to think about. However, these things happen, and it’s important that you stay prepared for them - that’s part of ”adulting”.

Insurance is vital for the financial protection of your future, so now’s the time to be a responsible adult, and that means securing your future.

Here are 5 tips on taking out insurance for millennials:

  1. You are not too young: It’s important to have insurance no matter how old or young you are. For instance, as a young, working professional,  taking out life insurance now would be a smart move as you could pay a lower premium when you’re young and healthy.
  2. Think of insurance as an investment, not a gamble: It’s better to have insurance and never use it than to find yourself without it when you need it - see it that way. If something were to happen to you, your family members would be responsible for your financial responsibilities.
  3. Do your research well: When you consult a financial advisor, ensure that you discuss, evaluate, and then single out your most important needs, as you may not be able to cover all aspects of your life. Doing proper research will allow you to find the right insurance for your life stage and budget.
  4. Shop around: Once you have assessed your coverage needs and considered what you can afford , look for ways in which you can save. Your insurance agent will be able to tell you if you qualify for any discounts on your cover. You could save money by taking multiple insurance products such as car insurance and home insurance from the same insurance provider.
  5. Read all the fine print: It may be a laborious task, but it’s important that you go through all the fine print and ask the right questions. You can also ask your consultant to highlight all the exceptions for you.

The topic of insurance is a daunting one for most millennials, but it doesn't have to be. Your insurance agent can guide you through the process and help you find the best coverage for your lifestyle.