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3 Insurance Tips for Millennials

3-insurance-tips-for-millenials

Cultural generations have been named since the early nineteenth century, when people born between 1883 and 1890 were termed the “Lost Generation,” a name coined by author Ernest Hemingway. Individuals born between these years came of age and many lost their lives during World War I.

More recently, the “Baby Boomer” generation – those born between the mid 1940’s and mid 1960’s, was so-named because of the significant increase in the birth rate following WWII. That gave way to “Generation X” – those born between the late 1960’s and late 1970’s, sometimes called “The MTV Generation,” and often considered to consist of lazy and cynical individuals.

Finally, the “Millennials” is the generation born to the “Baby Boomers,” between the early 1980’s and mid-1990’s. Millennials are also sometimes known as “Generation Y,” and they’ve been called “Echo Boomers,” as the children of the “Baby Boomers” and because of a surge in the birth rate that occurred in the 1980’s and 1990’s. The term “Millennials” came about because this was the first group to graduate college and come of age in the new millennium, post-2000.

Millennial Insurance Tips

Millennials are characterized by familiarity with technology, communications and the media. They’re sometimes accused of lacking in contingency planning and may feel that insurance is unnecessary until they buy a home, get married and have children. Many may only buy automobile insurance because it’s required by law, but carry neither life insurance nor rental insurance because they haven’t felt the need for this type of protection. Here are some tips Millennials may consider regarding their insurance coverage:

    • Even if you don’t own a home and homeowner’s insurance, all of your possessions could be lost if your rental home were to be burned down or your place is robbed or suffers storm damage. Renter’s insurance is probably less expensive than you think and certainly less expensive than replacing all your belongings.
    • Life insurance generally costs less the younger and healthier you are. If you have a spouse and/or kids, your life policy protects their financial future and can help take care of any outstanding debt you’ve accumulated. It’s also probably cheaper to buy than you think.
    • Your car insurance may be inadequate, especially if you’re only covered by minimum liability amounts. The legal minimum in N.C., for instance, would only pay a small fraction of the cost of a serious accident for which you’re held liable.