If you’re between 18 and 30, you might not have put much thought into insurance policies. Many in your Generation lack sufficient insurance and that leaves you vulnerable. We hope that you don’t assume that because you don’t own a home or have kids that insurance is not for you.
Many Gen Y’s have homes and kids and still lack adequate insurance coverage. Generation Y’s attitudes toward insurance need to evolve, and some insurance companies are offering new products that appeal to Gen Yer’s circumstances and needs. Gen Y’s have these special circumstances to consider:
1. They will live longer than any past generation
2. They may not earn or save as much as their parents (although Gen Y’s appear to be savers)
3. 4 in 10 will have to support their old age parents
4. There will be future recessions
5. They have more debt mostly from their college years
6. Forecast for them being disabled at some point in the future is high
A recent study revealed that half of Gen Y’s said they intend to buy life insurance. Good thing because it provides security and can become an asset to borrow against at a future date. Given the cost of car insurance, many Gen Y’s aren’t eager to have their own auto insurance, and would rather stay on their parent’s policies.
Too many of those with young children have no life insurance or savings to care for their surviving kids if they should die.
In general, Gen Y’s use the Internet and social media channels to discover products and ask questions. Many will buy insurance products online at a much higher rate than Generation X or Baby Boomers do. And they’re seeking flexible, customized policies in a life insurance market that typically doesn’t offer customization.
With insufficient reason to buy insurance and with an industry that won’t offer flexibility, you may have gotten a negative view of insurance providers. And you may might not be seeing the full value in good insurance coverage.
Coverage you would be wise to inquire about includes usage-based car insurance, disability insurance, renter’s insurance, and life insurance with a savings component.
Buying Online is Ok, but sometimes it’s Better to Speak to an Agent
By 2015, Generation Y’s total income will equal that of the Baby Boomer Generation. Still well behind Generation X, but this a key group for insurance companies to reach. Although Gen Y’s like to buy insurance online, it’s often wise to speak to a broker who has extensive training, information, and insight into better insurance products.
As a broker, we encourage you to give us a call and inquire about how we can help get your premiums down so you have proper auto insurance, life insurance, and even homeowners insurance. Life insurance with a savings component may be one of the best investments you can make.
And you can save by combining policies with your spouse. You may think your savings will enough to cover you in bad circumstances such as a disability, yet insurance offers far higher and more realistic protection for you.
If you’re an employer, you might keep in mind that Generation Y loves work benefits. Getting insurance through work can work well for them.
If you live in Markham, Richmond Hill, Ajax or Stouffville, why not call us right now at 1-888-471-3868. You like to make your own decisions and we want to help you get the best info possible.