Being a millennial has never been easy, and oftentimes it can seem like it’s getting more challenging as the years go by. As if you didn’t have enough things to worry about in your day-to-day life, you also have to worry about reaching your dreams and goals, and plan for the future. No matter how much adulting might seem daunting, there are many challenges you need to tackle to ensure long-term professional and personal success.
One of the most confusing tasks can be finding the right insurance. There are many options out there, and while you definitely need insurance, choosing the right coverage can be confusing. It can also be expensive. That’s why today we are making things easier for you by sharing the five smart insurance hacks you can use to save money and get the coverage you need. Let’s make the millennial lifestyle a little less stressful and help you achieve your goals and resolutions.
Don’t go for the lowest price tag
First and foremost, understand that price isn’t everything when it comes to insurance. While the price of the coverage might be the first thing you notice, and it should be, that doesn’t mean that you should spring for the first offer you come across. Keep in mind that finding the right policy for you is about balancing the price vs the coverage that the policy provides. Oftentimes, you will find that a cheap policy is not worth it because the amount and scenarios it covers are just too low and too few.
If you want to get the best bang for your buck, you should talk to different insurers, and take the time to compare policies and prices. What you will find is that there is usually a middle ground where a policy is affordable enough and provides decent coverage. It’s better than the cheapest one, but not as comprehensive as the expensive ones. This is typically the kind of coverage you as a millennial should go for.
Look for discounts and promotions
Just because you shouldn’t get the cheapest policies out there doesn’t mean that you shouldn’t look around for special deals and discounts, and promo periods. The insurance market is very competitive nowadays, and so insurers are constantly running time-limited offers and deals to get ahead of the competition and attract more customers. This is your opportunity to snag an amazing insurance deal with a low premium.
Usually, the policies that are on “sale” will have a time period where you’ll be paying a lower premium, typically ranging from several months up to a year. You can go hunting for these deals if you’re looking to do some traveling, as travel insurance is often discounted. Now, keep in mind that some insurers will try to make up for their losses by raising the premium way too much after the promo period is over, so be sure to read the fine print.
Find comprehensive deals on car insurance
The millennial lifestyle is a fast-paced one, and even though you could do without a car, chances are that you need one. Your car is one of your most valuable assets, and that’s why you need to get a good insurance policy for your vehicle. Remember, paying out of pocket for repairs and maintenance will always cost you more than going through your insurer.
That said, you also need to know how to save on car insurance by comparing insurers and policies, but also focusing on comprehensive instead of partial coverage. Typically, you will find that comprehensive insurance covers a lot more while being slightly more expensive than other policies, which is a great deal. What’s more, by finding insurers that offer discounts on annual policies, you can further lower your premium and save up on car coverage.
Work with a professional insurance agent
There are many reasons why a millennial would want to seek professional guidance in their professional and personal life. Whether you’re talking to a financial advisor, a personal investment agent, or someone who can help you stay healthy, there are people out there who specialize in making your life easier and more successful.
The same goes for insurance. Professional insurance agents are there to help you make the best decisions, find the best opportunities, and invest in the right coverage. Working with an insurance advisor is a great way to eliminate all the noise and the confusion surrounding insurers and policies, and grab the coverage that’s right for your current and long-term needs.
Get life insurance while you’re young
Lastly, remember that now’s the best time to invest in life insurance. Having life insurance is a great way to future-proof your life, secure your family’s finances, and save up for retirement down the road. But that’s not why you should get life insurance right now, the reason you should get it is because life insurance is much cheaper for young, healthy individuals.
As a millennial, you’re still young and vibrant, and so your life insurance policy will come cheaper and there’s a high chance that you’ll get it approved immediately. If you’re an entrepreneur, then all the more reason to have this type of coverage due to the volatile nature of the startup scene. In the unlikely event that you should pass away, the insurer will pay out a lump sum of cash to your beneficiaries, protecting them from financial pitfalls.
Being a millennial comes with a lot of stress, but insurance should not be one of your stressors in life. Use these tips to make smarter decisions, find the best policies, and save money so that you can keep building a thriving professional and personal life.
About Lilly Miller
Lilly is a freelance writer, who focuses on the latest business trends, commercial design, and environmental issues. She also loves to experiment on daring new home decor trends and write about it as a regular contributor to Smooth Decorator. Settled in Sydney for the time being, Lilly shares home with two loving dogs and a gecko named Rodney. You can find her hanging out on Twitter.