Being a millennial means you are taking out student loans, buying homes, renting homes or apartments, having children, and many other things to start your life. One of the biggest things we don’t want to think about but absolutely needs to be is insurance. Insurance protects you and your family’s future and should be one of your necessities in your budget.
Let’s take a closer look at 5 insurance tips for millennials that are recommended to keep in mind when looking into insurance.
Cover your belongings – Completely.
Your basic auto, home, renters, and condo insurance will cover the basics. If you have expensive items in the home, it is best to make sure you have additional coverage for these items. Take inventory of what you need covered such as Car, home, marine, ATV, expensive jewelry, electronics, etc. For smaller items, take a photo or video to document the item and keep a receipt of the items value. Keep this information safely where you can access if you need to make a claim. It’s important to know what you have so you can properly cover it.
Shop Smart. Find an independent agent.
Independent Agents can do the shopping for you. Independent agents represent multiple carriers as well as a ton of different types of policies. They take care of the shopping headache for you. Whereas an agent that represents one company can only shop their company. Forget calling around, find an independent insurance agent that can do that for you.
Purchase life Insurance.
You are never too young for life insurance. Life insurance can remove the financial burden of loved ones in the event of your passing to pay funeral costs and any end-of-life costs. Life Insurance is something to purchase when you are younger due to the benefits of your policy being cheaper as a young and healthy individual. Secure that rate in now! If you have kids, having a life insurance policy can secure their future in your absence and cover any costs such as a mortgage or their education. “Young Americans, in particular, are at most risk — more than half of Millennials have no life insurance coverage.” said David Levenson, president, and CEO, LL Global, LIMRA and LOMA. (Study Finds COVID-19 Spurs Greater Interest in Life Insurance, 2021) With that being said, get life insurance today!
Ask for discounts.
Ask your agent if you qualify for discounts. A lot of carriers will offer discounts, especially if you are “bundling” multiple policies with the same carrier. Some other discounts some carriers offer include staying accident free, good grades if you are in school, and paying your policy in full. Always ask if you don’t the answer will always be no. You could be leaving a great deal of savings on the table.
Get an umbrella policy.
An umbrella policy is something everyone should have. This type of policy is generally not expensive. An umbrella policy takes effect when your limits have been met with your basic policy. For example, say you are in a car accident, and you end up being sued for $1 Million dollars. Your car insurance only covers a small portion of that, and you are left to pick up the rest. This is where your umbrella policy will take effect and pick up the remainder to prevent you from going into financial ruin.
All in all, getting insurance can be complicated. However, it doesn’t have to be. Having an independent agent is important because as your life changes your coverage changes. If you have questions about any of the policies mentioned, we offer great interactive graphics to explain different scenarios in which you may need a certain type of coverage such as Life Insurance, Auto Insurance, Renters Insurance, Condo Insurance, and Home Insurance. For more information on other personal policies, check out our personal insurance page.
Still have questions? Contact us at 770-720-1314 or firstname.lastname@example.org.
Study Finds COVID-19 Spurs Greater Interest in Life Insurance. (2021, March 23). Retrieved from LIMRA: https://www.limra.com/en/newsroom/news-releases/2021/study-finds-covid-19-spurs-greater-interest-in-life-insurance/