5 Tips for Millennials Buying Insurance |
Posted: January 26, 2017 |
As a millennial you know that you have reached an age where you are buying or renting out a place to live, dealing with student loans, getting married and starting a family. You also realize that it is time to start thinking about buying senior life insurance. You are never too young to get this type of insurance and, without it, your family could face severe financial difficulties in the event something were to happen to you. No one likes to think about these things, but you are mature enough to realize certain realities about life and know that it is far better to have a financial security net in place for your family’s sake than doing without it. The Princeton Survey Research Association found that your generation is the most underinsured, but here are five things you can do to flip the statistics around a bit. Determine the Right Coverage Amount Price is a big part of buying insurance but more importantly, you need to purchase the right amount of coverage. Figure on buying coverage that equals about ten times your salary for the ultimate protection. Find Discounts After you determine your coverage needs, figure out what fits best in your budget. Speak with your insurance agent to see if you can get any discounts. You might qualify if you pay your premium in full, get good grades or bundle your life insurance with other policies like home and auto. Fill in Any Gaps When buying renters or homeowners insurance be especially careful to include any unique items that you need to be covered. A substantial jewelry collection or a special family heirloom might need its own additional coverage on your policy. Ask your insurance agent for more details about adding any other items of worth to your coverage. Basic policies only cover what is listed, you may need to add other belongings separately, and you should be aware of this if you have items that would be very expensive to replace. Don’t Think You Are Too Young No matter what insurance you buy, make sure to get it soon. You do not have to pay a lot for good coverage, and you can save money if you can bundle policies. Remember that you are also never too young to buy a life insurance policy. It is one policy that is cheaper to purchase the younger you are when you buy it. Life insurance will cover things like mortgage payments and student loans in the event of your passing. This coverage is imperative if you have children. You should also consider getting long-term disability insurance to protect you and your family in the event an accident makes it impossible for you to work. Talk with an Independent Insurance Agent These agents work with multiple insurance carriers. They can help you compare plans from many different companies and find the best coverage at the best price. You can also get answers to any questions that you might have. Your agent can also make sure you understand what every policy that you buy includes. Get yourself the coverage you and your family need today.
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