Millennials differ from previous generations in a number of ways. One of the biggest reasons is that they were born into a generation with such massive technological advancements — their computer, internet, and research skills are innate. With so much positive cognitive power behind them, it’s surprising that this generation is also lacking in insurance coverage.
Being young and having little in the way of concrete assets, they often feel that they don’t need to think much about life insurance or disability insurance. They sometimes don’t even consider health insurance. This generation is on a tight budget and they often view insurance as a needless expense.
What Everyone — Including Millennials — Needs To Know About Insurance
- Insurance is Necessary. Millennials may be the youngest adults on their career paths, but that doesn’t make them invincible or somehow magically protected from all of life’s mishaps. Many young people don’t see the need for insurance because they haven’t built up significant assets yet. Their lack of assets actually makes them more prone to serious, long-term financial damage resulting from a single catastrophic incident. They are less likely to be able to pay damages out of pocket, meaning a good insurance policy is a fantastic security net.
- Insurance is Affordable. Most types of insurance are far more affordable than people think. Life Insurance for the month might cost less than a Millennial spends on coffee in a week. Disability Insurance for the year could be less than the cost of a weekend getaway. On the other side of the coin, how much would it cost to continue your standard of living after a major illness or injury that prevents you from working for a year or more?
- Having Insurance is the Responsible Thing to Do. Setting all the proper policies in place is far more responsible than never looking at options and hoping never to need them. The latter decision means that a Millennial will likely need to rely on family or friends to help bail them out of any emergency, which isn’t fair — and isn’t always an option.
- Health and Auto Insurance Aren’t The Only Types To Consider. For anyone who has a spouse or dependents, life insurance will protect your family. If you are the breadwinner, disability insurance will protect your income. If you have a cherished furry friend, pet insurance will protect against unexpected vet expenses. There are more types of coverage out there to protect a person’s life and lifestyle. Most types of insurance offer policies that are affordable on any budget.
- Insurance is Easy to Purchase. A lot of Millennials put off purchasing insurance because they’ve never looked into it and it sounds like a hassle that they don’t really need. The truth is that purchasing insurance can be easy and affordable.
In Search Of The Right Policies For You Or A Millennial In Your Life?
Insurance isn’t just a safety net for those who’ve already built their lives. It’s also important when you’re just starting out and can’t as easily afford life’s little — or big — setbacks. If you’re a millennial who wants more information on the types of insurance you really need to fit your life, the FICPA sponsored CPA Insurance Marketplace can help. Give us a call today at (800) 282-8626 for more information.