Cornell Insurance
Recent Articles
Staff Jersey Day!
Staff Jersey day supporting the Humboldt Bronco’s during these...
Cornell’s Halloween Costume Contest 2017
In typical fashion some of the staff at Cornell...
Don’t be Nauti this boating season!
With summer holidays and long weekends boating season is...
Cornell’s Battle of the Axes.
The staff at Cornell took to the cages to...
Will my home insurance cover rainfall and floods?
TORONTO — The majority of Canadian homeowners aren’t insured...
Charity Classic Car Show – sponsored by Cornell Insurance – June 11, 2017
First Annual Classics in the Country Car Show –...
Tips For Getting Classics Roadworthy For Spring
For classic car owners in northern climes, the long...
New Legislation for Hydrovac Contractors
Notification to all Hydrovac Contractors considered Road-Building Machines. Effective...
Happy Halloween!
  Happy Halloween from the Cornell Insurance team!  ...
Can you Deal with the Real Costs of Tornado Damage
Those unlucky enough to be living in the direct...
Most Stolen Cars in Canada
Car and truck theft continue to be major sources...
Using Anti-Theft Devices Saves Money
Using Anti-Theft Devices Could Help you Save on Auto...
What’s Really Covered under Boat Insurance?
Another summer season is upon us and thousands of...
Car Maintenance: 13 Tips to Save Money
Don’t Shop around for a better price; Avoid Big...
How Much Life Insurance Do You Need?
It’s a topic a lot of people don’t like...
14 Factors that Determine your Home Insurance Premium
A great way to learn about home insurance and...
10 Ways to Save on Your Auto Insurance
For many smart consumers, saving money is almost an...
Most & Least Expensive Cars to Insure in 2014
You might be able to save several thousands of...
Top 12 Reasons To Use An Insurance Broker
Most consumers are unaware of the difference between an...
Motorcycles — Dangerously Vulnerable Vehicles
There isn’t a vehicle around that doesn’t reveal the...
Cheapest and Most Expensive Cars to Insure 2014
New Report Reveals How Much Car Insurance Rates Can...
ATVs, Fun, Good for You, but Still Dangerous
Every spring, summer and fall, tens of thousands of...
Ontario Demerit Points and How They Affect Your Insurance
How Many Demerits Can I Have? If it’s been...
Driving Under the Influence — Catch me if You Can
You Can be Impaired Many Different Ways Impaired driving...
Top 10 Reasons Drivers Speed
Stats show us that at least at third of...
Impaired Driving and Your Insurance
Drunk Driving and Insurance Rates Despite warnings from police,...
Dangerous Driving – When Drivers Lose It
Dangerous Driving in Ontario While most of us have...
Distracted Driving Penalty now up to $280
Is distracted driving the new “driving under the influence.”...
Managing Your Teenage Driver to Avoid Big Trouble
When teens begin the process of obtaining their driver’s...
Teenage Driving Statistics
Did you just type in “teenage driving statistics” or...
Online Quotes Vs Quote via Agent? Which is Better for You?
Internet technology has come a long way from 1995...
Cars of the Future – What will Change
Technology Will Bring Big Changes – But Will Driver’s...
6 Reasons Generation Y Needs Insurance
Generation Y has one more Big Risk: No Insurance...
10 Ways You Can Become a Better Driver
Need a reason to keep your insurance rates down,...
7 Things You Need to Know About Parking Lot Accidents
Who’s at Fault in a Parking Lot Accident? It’s...
What are the Most Common Driving Infraction Tickets?
How Many Demerits would you Receive for These Violations?...
Usage-based Auto Insurance – How do you Feel about it?
Mention the term usage-based auto insurance policies and you’re...
Liberals Aim to Fight Insurance Fraud
Liberal Government Introduces New Legislation to Combat Insurance Fraud...
Use the Right Child Car Seat and Don’t Get Charged
Car Accidents are a Leading Cause of Death for...
When it Comes to Auto Insurance, Detroit Doesn’t Rock
In its glory days, Motown was the place to...
Will a Red Light Ticket Raise your Insurance?
They’re out there. They’re waiting for you to make...
How Do Your Car Insurance Rates Compare to the US?
At Cornell, we’re always trying to find ways to lower...
Extreme Weather Costs Canadians $2 Billion per Year
Yes, that’s the staggering estimate of the cost of...
What is No Fault Insurance?
Here in Ontario, our government chose to switch to...
Consolidating Insurance Policies Can Save You Money
Couples Should Consolidate and Save Money Congratulations on your new...
What Should You Look for in Renter’s Insurance?
Finding the Best Policy Coverage for You It may...
Will Collision Detection Systems Reduce Insurance Rates?
New Vehicle Technology that Could Save your Life Car...
You Don’t Have Renter’s Insurance!
When Disaster Strikes, You’re in Trouble A rented home/condo/house...
Driving and Texting Costs & Penalties
Texting and Driving – The Penalties Will Increase On...
Top 10 Worst Driving Habits
With auto insurance rates climbing as high as they...
Driving Without Insurance
As if an auto accident isn’t perilous and stressful...
Life Insurance is Packed with Value for You and Your Family
Don’t Deny Yourself the Benefits of Life Insurance If...
Top 7 Car Safety Features You Need to Have
Why Your Car’s Safety Features Could Save You Money...
Winter’s Here, Does Your Vehicle Have it’s Winter Boots?
Winter Driving is Dangerous Every year, people slip and...
Tis the Season to be Careful – All Winter Long!
You might be like everyone — expected to plan...
Top 10 Most Expensive Cars to Insure
Most Expensive Cars to Insure If you’re looking to...
How Your Insurance Company Sets its Car Insurance Rates
Why are Insurance Rate Quotes so Different? If you’ve...
What is Renter’s Insurance?
Renter’s insurance or Tenant’s insurance is a policy that...
Top 10 Cheapest Cars to Insure
Some Cars Could Cost you Thousands more in Insurance...

April 3rd, 2014
6 Reasons Generation Y Needs Insurance

Generation Y has one more Big Risk: No Insurance

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.

Discovering Insurance Online

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.

Leave a Reply

Your email address will not be published. Required fields are marked *