{"id":2703,"date":"2020-01-13T10:34:36","date_gmt":"2020-01-13T16:34:36","guid":{"rendered":"https:\/\/shieldagency.com\/?p=2703"},"modified":"2025-02-07T16:24:47","modified_gmt":"2025-02-07T22:24:47","slug":"2703-2","status":"publish","type":"post","link":"https:\/\/www.shieldagency.com\/blog\/2703-2\/","title":{"rendered":"5 Tips for Millennials Buying Insurance"},"content":{"rendered":"\n
\n

Shield Insurance Agency Blog<\/a> | Millennials Buying Insurance | <\/p>\n\n\n\n

Adulting (verb) – acting like an adult or engaging in activities usually associated with adulthood, often responsible or boring tasks.1<\/sup><\/em><\/p>\n<\/blockquote>\n\n\n\n

5 Tips for Millennials Buying Insurance<\/h2>\n\n\n\n

If you\u2019re a millennial, you know this definition all too well. You\u2019ve reached the age where you may be taking out student loans, buying or renting a place to live, having kids, and, ultimately, purchasing insurance. These major life events for millennials make it extremely important to have a financial security net. And that\u2019s exactly what insurance is: a financial security net. So it\u2019s troubling that a survey from Princeton Survey Research Associates International named millennials the most under-insured generation.<\/p>\n\n\n\n

There are many reasons why people of all generations avoid purchasing insurance. It\u2018s often seen as a big investment, but that doesn\u2019t necessarily mean that it\u2019s an expensive one. In fact, insurance probably costs less than you think. For instance, according to the National Association of Insurance Commissioners (NAIC), millennials overestimated the cost of renters insurance by more than five times its actual cost per year.<\/p>\n\n\n\n

Also, the complicated terms can make finding a policy a puzzling experience and the subject matter can be tough to digest. No one wants to think about being in a car accident, experiencing a break-in, losing everything in an apartment fire, or any other sort of bad, unexpected event. But these things can happen, so you\u2019ll want to be prepared.<\/p>\n\n\n\n

And don\u2019t let any initial confusion or preconceived notions drive you away. You\u2019re a millennial, after all! Your generation is always tackling new challenges and expanding the way the world works, oftentimes in brilliant ways.<\/p>\n\n\n\n

Insurance provides essential financial protection for your future, so now\u2019s the time to start \u201cadulting\u201d and take that first step.<\/p>\n\n\n\n

Here are five tips:<\/h3>\n\n\n\n
    \n
  1. Shop smart.<\/strong> When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you\u2019ll want to determine what coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy. You may be tempted to choose insurance with the lowest price tag, but if you don\u2019t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.<\/li>\n\n\n\n
  2. Look for discounts.<\/strong> Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you\u2019re in school, getting good grades. You also can save money by \u201cbundling\u201d multiple policies, such as purchasing a home and auto policy from the same carrier.<\/li>\n\n\n\n
  3. Fill in the gaps.<\/strong> An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.<\/li>\n\n\n\n
  4. Purchase life insurance\u2014you aren\u2019t too young.<\/strong> Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it\u2019s cheaper to buy a life insurance policy when you\u2019re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.<\/li>\n\n\n\n
  5. Talk to an independent agent.<\/strong>\u00a0An independent insurance agent is an essential resource when purchasing insurance\u2014especially if this is your first time. An independent agent works with multiple carriers, different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You\u2019ll also benefit from independent agents\u2019 insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.<\/li>\n<\/ol>\n\n\n\n
    \n

    Find a local independent agent<\/a> and start protecting your finances today.<\/p>\n<\/blockquote>\n\n\n\n

    1 – Grammar Girl<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you\u2019re a millennial, you\u2019ve may be taking out student loans, buying or renting a place to live, having kids, and, ultimately, Millennials Buying Insurance. <\/p>\n","protected":false},"author":2,"featured_media":14881,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[341,346,16,344,148,342,1,343,349,348,347,2,345],"tags":[89,90,1384,1445,14],"class_list":["post-2703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-insurance","category-boat-watercraft-insurance","category-business-blog","category-flood-insurance","category-health-ins-blog","category-home-insurance","category-insurance","category-life-insurance","category-recreational-insurance","category-renters-insurance","category-rv-insurance","category-shield-blog","category-umbrella-insurance","tag-auto","tag-home","tag-insurance-tips","tag-millennials-buying-insurance","tag-term-life"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/2703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/comments?post=2703"}],"version-history":[{"count":4,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/2703\/revisions"}],"predecessor-version":[{"id":14882,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/2703\/revisions\/14882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/media\/14881"}],"wp:attachment":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/media?parent=2703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/categories?post=2703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/tags?post=2703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}