It is a challenge to be a young adult today especially entering the work-force and experiencing financial freedom for the first time. From keeping up with the trendy lifestyle, paying student loans and saving for retirement, it is no wonder very few millennials have any form of insurance. The upbeat generation between 19 and 35 years seem to think they are invincible or that it is too early to think about death or permanent injuries. Unfortunately, life is unfair and it does not choose age or gender to throw a curve-ball at you. Here are 4 forms of insurance millennials should get as soon as possible;
Only 36% of millennials have life insurance compared to more than 60% of older people. Maybe the reason for this is because young people do not want to think about death or they don’t understand the advantages of life insurance. Besides the fact that it is relatively cheap for them because they are healthy, life insurance can help to pay off student loans, funeral cost and take care of dependents in case the person dies. As uncomfortable as it is to think about death, it’s very important to consider your dependents and how they would be left to deal with your debts if you died.
Luckily, 64% of millennials do have auto insurance mainly because it’s a requirement when you buy a car. However, even if you don’t own a car, chances are that you sometimes drive your friends or parents car or hire one for special occasions. If something happened while you were driving the car, auto insurance will cover you for any liability and take care of your medical bills.
A big number of people under 35 years live in rented apartments and dorms. With only 12% of millennials having renters insurance, it is clear that this group does not understand the benefits of this cover. This is the same group of people who splurge on big screen TV’s, laptops, designer outfits and other incredibly expensive stuff for their house. If anything bad like flood or fire was to happen to the house and destroy all that stuff, the person would be left stranded, and in debt. With renter insurance, all that stuff can be replaced including anything you lose in the car, on a plane and even in a hotel room.
With the rising rate of unemployment across the globe, more and more millennials are opting to start their own businesses. This is a group of very tech-savvy and educated people who are coming up with amazing inventions and companies’ worth billions. Business insurance will protect their hard work and investment in case of bad economic times, poor decisions and other stuff that affect businesses.
Being young and healthy is an amazing thing. However, it’s also a time when one should make plans for the future and protect their interests and there is no better way to do that than to take insurance while it’s still affordable.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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