If you are a millennial you are probably wondering why or if you need insurance. If you know you need insurance – you are correct. You are allowed to be on your parent or guardian’s plan (depending on their plan) up until you are 25 or 26 years old. After that, it is time for you to figure out what insurance you need and do not need. Keep reading on some tips for what to look for when shopping for insurance:
You Are Never too Young for Life Insurance
No matter what your age you are you do need life insurance. Life insurance covers unexpected costs ranging from student debt loans, mortgages and health crisis. Having this type of insurance is especially important if you have children and have childcare expenses to take care of. With this insurance it also helps cover for what the future has to offer. If an unfortunate accident were to ever occur and you become disabled or unable to work, you are covered.
Tip: It is cheaper to buy life insurance when you are young and healthy, and have no expenses to worry about.
You Probably Need Renters Insurance
More and more millennials are renting instead of taking out a mortgage on a home. It is important to have renters insurance because it covers you from possibilities like theft, damage and personal injury. Read up on all the different policies and work with an insurance agent on what your needs are to decide what policy is best for you.
Tip: Make a list of everything you have, make sure it is easily accessible in case of an emergency.
You do need auto insurance, but what does it cover? There are multiple things that auto insurance covers, and different liabilities it protects. Your coverage protects things like medical payments, collision coverage and bodily injury liability. Having a higher priced car means the insurance will be higher, so make sure you budget for insurance when picking out your next car.
Tip: If you are on Honor Roll in college you can qualify for a discount.
Legally you have to have health insurance. No matter how minimum the cost, you still need it. Keep in mind the lower the cost the higher the bills will be if an emergency were to ever happen. An emergency would cost a significant amount more than if you have health insurance to cover the cost. So set a budget for each month and decide how much you are willing to pay.
Tip: If you have prescriptions opt for the 90-day refill and mail order – this will cut down cost.
From all of us here at Deibler, Straub & Troutman Insurance thank you for reading and don’t hesitate to reach out with any questions on the insurance coverage’s above!