If you are a millennial, you may be thinking about buying a house, obtaining a student loan, getting married, having a baby and purchasing insurance.
All these events have major implications in life, which require you to have financial security. And that is exactly what insurance provides.
As a millennial, you should be proactive. The time for getting insurance is now. Here are some useful tips:
Get Adequate Coverage
Do not make the mistake of focusing on the price of the insurance policy. What you should be looking at is the coverage.
First off, assess the type of coverage you need and what is reasonable for you if something goes wrong. Once you know how much coverage you need, only then pick the policy that provides adequate coverage.
Look for Discounts
Once you have selected the policy that is right for you, research how you can get discounts on it. The insurance company may be offering student discounts or for up-front payments. Many insurance companies offer discounts to customer who buy multiple policies, such as auto and home insurance.
Discounts can save you hundreds of dollars, so it is important to be smart when purchasing the policy.
Cover the gaps
A basic policy will not cover specific needs that you have. For example, you may have a health condition that is not covered in the policy, or you have a precious jewelry item that is too expensive to replace. For this, you will need to purchase additional coverage.
Make sure all the gaps are filled so that you have total peace of mind.
Consult an independent agent
An independent insurance agent is different from an insurance agent. Insurance agents work for particular insurance companies and try to sell you as much as possible. Independent insurance agents on the other hand, work for multiple carriers and will help you get the right policy.
Don’t be afraid to consult an independent insurance agent. They have impeccable knowledge about insurance and will get you the best coverage in the best price.
Get life insurance
Buying life insurance now is a good choice, as it will be cheaper when you are healthy and young. If you are planning to have a baby, then it is even more important. In case of unexpected events, your family will be able to get adequate amount of money for childcare expenses and education.
Additionally, your family may also be able to payoff their mortgage and other loans.
Insure your Student loan
Make sure to have your student loan is covered in your policy. If your parents or sibling co-signed your student loans with the banks, they will have to repay it in your absence. In most cases, banks ask for the money immediately.
Get your student loan insured so that you know your family is secured.
Gregg Marcus is an insurance professional who helps out individuals struggling with their finances or insurance planning. Contact Gregg today and set up an appointment for a professional consultation.