Millennials are often shamed for the lifestyle that they have adopted. The priority spectrum is differently constructed for a millennial because a good majority face unique financial challenges- from trying to tackle their crushing student loans, to trying to live up to the glorified Insta-worthy life. Amidst all the juggling, having adequate insurance, or having insurance at all, takes a back seat.

The common idea of “what will I do with life insurance? I am just 26!” is prevalent. It is easier to forget about insurance when you are just starting your career, and have no plans to start a family any time soon. However, as far as insurance is concerned, it is better to have it sooner than later- here, adulting cannot wait.

Why should you buy insurance?

Procrastinating investing in a good insurance plan and rationalising it by telling yourself that it is an “expensive investment” is no longer valid. The market has developed so many policies where the premiums are monthly, and cost next to nothing.

It is morbid to think of a possibility of getting into a car accident, experience a break-in, lose all their prized possessions in a fire or a flood because of pipe burst in your building. But these experiences are very real and happen on the daily. It is a question of whether or not you are prepared to tackle the aftermath of such events.

Do not let preconceived notions of how insurance is this huge deal overwhelm you, and hinder you from researching and investing in an insurance plan that befits your needs and lifestyle perfectly.

Read More :- Things You Must Know Before You Buy a Life Insurance Policy

Things to remember while buying insurance

Conduct proper research: While buying insurance, you should be aware of the kind of policy that will be suitable for you. Take into consideration your income, what you want insured, and all the variables that you might encounter. Compare different insurances and then settle on one- and do not make that decision solely on the basis of the price. Sometimes, the cheapest policies look rosy, but once you read through the terms and conditions, they paint a very different story. Always choose a policy that will make it easier for you to file a claim if havoc strikes.

Seek discounts: As aforementioned, do not get caught up in the cost of the investment. Evaluating your coverage needs will allow you to get a better grasp on your budget, and ways to save. Seeking professional help will help you get some discount, as carriers offer discounts on paying for your policy in full. Another way of saving money could be by bundling multiple policies into one. But before you do so, ask your broker whether or not it will be as beneficial to you.

Fill in all the gaps: No single policy can cover everything that you would want insured. Being aware of this and adding extra coverage will only avoid you from feeling sorry in the future. Items are difficult to replace, even when with an average renter’s policy. For irreplaceable items, it is better to have them insured singularly.  

You aren’t too young to buy life insurance: Irrespective of your age, a smart move is to invest in life insurance as soon as possible. It is not only because of the cost of life insurance is directly proportional to your age, but also because it will provide your family, and your future relationship parties to benefit from the policy in your absence.

When in doubt, speak to an independent insurance agent: An independent insurance agent will guarantee sound advice because they will not be associated with any particular brand that they can be biased towards. This will further allow deriving the best price on your potential coverages. 

Let your agent know of all your wants and needs, and your goals and expectations from your plan and they can find a suitable plan for you, making sure all your assets are covered. A perk of having an agent is all the discounts, and being in constant touch with the ongoings in the insurance market, so that you can update your policies with ease.

What are the kinds of insurance should you have?

The process of buying insurance can be very confusing, especially if you have never had any prior experience in the field. Here is a list of various insurances that you can use as a checklist-

Life Insurance: As you grow, your concerns expand over time. Be it career fluctuations and being equipped to deal with them or wanting to start a family. With life insurance, you provide your loved ones with a backup plan that they can use in your absence.

Car Insurance: Owning a car and having to maintain it is an extra expense. It is a legal requirement to have car insurance if you buy a vehicle, and the purchase depends on the kind of coverage it provides. Having one that covers most situations will help you save money in the long run.

Health Insurance: Health should be your top priority because no one has to deal with you longer than you have to deal with yourself. Having health insurance takes a great burden off of one’s head. If your employer provides it with sufficient coverage, then you need not bother yourself; but if you are planning to switch jobs you might lose that luxury.

Health insurance provides free check-ups, extremely discounted vaccinations etc. The perks outweigh the costs today because of the thriving inflation. It is better to invest in health insurance rather than spend as much as an arm and a leg when a medical emergency knocks at your door.

Renter or Homeowner’s Insurance: No one can foresee what your future holds- be it a flood, a fire, or a break-in. It proves best to be prepared for the worst, instead of crying once the milk has long been spilt. Protecting your prized possessions should make it to the top of your priority list. In order to do that, it is best to invest in a renter’s insurance or one for homeowners, which is more robust in nature.

Millennials are the most socially aware generation, and in order to stand true to that great stereotype, it becomes paramount to invest in an insurance coverage plan(s). It will only have favourable results and have additional value as both you and policies mature over time.

Jun 107/19

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