Millennials Are Insuring Things, Not Themselves (And Why That’s A Mistake)

One of the best ways for businesses to strategize in modern society is to look into what millennials want and what they’re going to buy. The millennial generation is one of the largest in the market, and their needs drive big business to make moves that sway their way.

This can be a positive thing since it encourages older generations to get to know their younger counterparts and better understand them. It can also cause a lot of miscommunication. These misunderstandings can cause younger generations to miss out on important bits of advice gleaned from years of experience. It may also be why millennials seem to be insuring the wrong things.

It Could Cost You Big

When you find one of those “me at the end of the month” memes showing a bowl of ice cubes for dinner, you probably laugh and reblog or retweet it without overthinking it. Millennials are used to scraping the bottom of their bank accounts, and most of the time, it’s no fault of their own.

The problem is that young people often don’t make enough to comfortably build a savings account, if they’re able to at all. In fact, 62 percent of millennials have less than $1,000 saved for emergency expenses. They don’t have the finances to pay for things that may need in the near future like life insurance.

The problem is that young people often don’t make enough to comfortably build a savings account, if they’re able to at all. In fact, 62 percent of millennials have less than $1,000 saved for emergency expenses. They don’t have the finances to pay for things that may need in the near future like life insurance.

Many millennials want to get insurance but don’t know where to begin. An ideal starting point is researching your options and compare and contrast what’s available. If it doesn’t seem like it’s possible for you to get new insurance plans now, don’t give up. There might be something out there that you don’t know about.

You Can’t See the Future

The truth is that you can’t predict exactly what’s going to happen to you. It may seem to make more sense to insure your phone or your computer and not yourself. That’s indeed what many millennials are doing. But what if you never need a cracked screen repaired and instead have to have an appendectomy?

Don’t wait for a celebrity to encourage you to protect yourself with insurance. Call up some agencies and talk with a trusted professional who’ll work with you based on how much you can afford to pay each month. It’s important to balance a policy that’s affordable with enough coverage. You’ll be happy you put that extra change into your insurance plan if you end up in the hospital after slipping on the leftover ice cubes from dinner.

But You’re Not Alone

Talk with your friends to see what they’re doing about insurance. Health insurance and life insurance are the big ones that you may not have. Millennials are more likely to have rental and car insurance. Don’t be afraid to talk about the subject of insurance! It’s not taboo, just not discussed enough. People who know the ins and outs will be willing to help you, because they’ve probably been in the same situation.

Insurance agents are another great resource. You don’t have to call them and immediately sign for a plan to get their help. They’re there to answer your questions and find you the best solution. Just make sure you know the right questions to ask. They’ll know you’re calling around to different companies, so they’re going to work hard to get you a plan that’s right.

Millennials are the demographic struggling the most to get insurance and for good reason. Millennials have to struggle with low wages and crushing amounts of student debt, so why spend an extra hundred dollars a month on types of insurance you could potentially go without?

The most important factor to consider is how much you’d be able to spring back on your own from a large hospital bill or car accident. Most likely, you don’t have much in savings, so insurance companies could save you in the long run. Do your research and call as many companies as you can to compare their prices and what they cover. When that unforeseen expense does happen, you’ll thank yourself.