What Millennials Need to Know about Insurance
As a millennial, you may not have given much thought to insurance. After all, you’re probably healthy and don’t own much. But insurance is actually something that everyone should have, even millennials. Here’s what you need to know about insurance.
First, what is insurance? Insurance is a way to protect yourself financially in case of an accident, illness, or other unexpected events. It’s basically a safety net.
There are different types of insurance, but the two most common are health insurance and life insurance. Health insurance covers medical expenses, while life insurance pays out a death benefit to your loved ones in the event of your death.
You may not think you need insurance, but it’s actually a good idea to have it. You never know when you might get sick or have an accident. And if something happens to you, your family will be grateful that you had insurance.
So, if you are a young person who doesn’t have much money, how does that change when you become a parent? Well, it depends. If you have a high-risk profession, or if you consistently spend more than $3,000 a year on healthcare, then you should seriously consider getting life insurance.
The best way to decide what type of life insurance you need is to talk to your agent.