As a millennial, you’re at the point in your life where you’re taking out loans, or starting a business, or getting married, or planning a family, or going on a big holiday, or about to purchase a home or a new Mac Book Pro or even a fancy engagement ring.
Whatever stage of life you’re currently in, these major life events make it vitally important to have a financial security net.
Insurance provides that financial security net for these circumstances, but guys, we need to talk about a serious issue; Millennials are vastly underinsured.
We get it, no one wants to think about the possibility of breaking their leg on a scooter in Bali, being in a car accident, having your most prized possessions stolen, or losing everything in a house fire.
But accidents are a fact of life so it’s better to consider these possibilities for a moment and plan accordingly. Whether the reason you’re shying away from insurance is due to the expense side of things, the “it won’t happen to me” attitude or because you’ve simply overlooked it, the fact of the matter is that right now you’re living life with more risk than necessary.
Investing in insurance isn’t as expensive, difficult or scary as you might think. Here are the top tips to consider when looking into insurance.
Know your needs
Choosing cover based solely on the price is a really bad idea.
Sure, it might suit your budget perfectly, but often comparing insurance policies is not as simple as comparing apples to apples, and you know the saying “you get what you pay for”? Well yeah, that applies for insurance policies too.
You might have found the cheapest premium but that could mean you will be hit with a huge excess in the event of needing to make a claim, or it could even mean you have a very basic level of cover that has missed essential items that you needed. For example, Flood Cover is a notable exclusion from many home insurance policies.
Check for discounts
Seek and you shall find! Insurance can be expensive but there are often ways to take advantage of various discounts available.
Discounts can be attracted by things like paying a yearly premium upfront rather than monthly. Staying auto accident-free, listing your occupation on your policy, having combined home and contents insurance, bundling multiple policies under the same provider, and even for something as simple as applying online, and we know you LOVE the convenience of anything you can do online.
Cover your big ticket items
It’s important to make sure your most prized possessions are covered under your policies.
Of course, a basic level of cover is provided under a Contents or Travel policy but let’s say you’re travelling to Paris with a $10,000 ring to propose to your significant other.
You’re going to want to make sure the maximum payout on the travel policy covers the value of the ring, and then when you get home, you’ll need to make sure you have adequate cover on your Contents policy to compensate you if the ring happened to ever go missing.
Talk to an expert
There’s no better person to help determine your needs than an independent insurance adviser.
They have the expertise to help you identify exactly what coverage you need and they work with a variety of different insurance providers to help you secure the best policy for your personal situation.
They’re experts so they know how to determine your level of required cover, they know how to take advantage of discounts and they understand the coverage of policies so they can point out where ever additional coverage is necessary.
Most Millennials are under-insured but this doesn’t mean they should be.
In the digital age it’s never been easier to research and invest in insurance so do yourself and your loved ones a favour and get that financial safety net in place.
Insurance is a win-win situation, after all, the worst thing that could happen is your life goes exactly to plan and you never need to use the policy you’ve purchased.
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