Getting Insured: Essentials for Millennials
If you're a millennial reading this, pay close attention. You need insurance. It's plain and simple. Be smart and acknowledge that things will not always go your way. After all, it will only do you well to have coverage for something that could happen in the future. Now, ask yourself these questions.
What do you need to insure?
A good starting point is to look at what you have and assess what needs to be insured. Consider which valuables - your computer, your mobile devices, your car - would need coverage in the event of an emergency.
What is your lifestyle like?
A different lifestyle will require different types of coverage. If you are a millennial who is more willing to splurge on travel and prioritize experiences over material possessions, getting an annual travel insurance plan that covers adventurous activities may be right up your alley. As more and more of this generation taps into the sharing economy, your insurance need will change. For example, a private motor insurance will no longer be sufficient if you are into the car-sharing business.
Can you afford insurance?
It's a valid concern and should not be taken lightly. Factor in how much your premium amounts to in your monthly expenses. You probably already knew this but it doesn't hurt to brush up on the basics and go for a lower-tier insurance plan to start off.
Did you read the fine print?
Be aware of the conditions of when you are covered, and when you are not. Re-read your policy before you sign on the dotted line.
Did you consult a qualified, independent agent?
As millennials, we tend to 'live online' and buy online but engaging an independent agent can help when it is a big ticket item like motor insurance. Finding an experienced agent is essential - especially if this is your first time. An independent agent can help ensure that you are getting the best coverage, for the best price and recommend an insurer that has a good reputation for after sales service.
