Here’s what you need to know about insurance as a Millennial

These days it’s hard to get your hands on some spare cash.

Maybe you have the burden of a hefty student loan? Maybe you have a mortgage draining your funds? Or even a family that has taken over the financial reigns?

Are you busy living life in the ‘here and now’ like me? If so, it’s important to stop for a moment and ask yourself “what could happen in the future?” And when you do, wouldn’t it be nice to know you’ll have some kind of safety net?

This is where insurance can help.

With all its terminology and small print, it can be a hard subject to get your head around (I know it took me a while).

To help you out, here are some of the truly important things that you’ll be better off knowing:

1. Insurance is peace of mind

If you buy travel insurance, you hope to return from your trip in good health and feeling rejuvenated. If you buy car insurance, the last thing you want is to be calling up your insurer to tell them about a crash.

When you think about it, buying insurance is a strange concept: paying for something that you hope to never use. So, think of it this way instead…what you’re really paying for is peace of mind. It’s something that enables you to go about your business, because if something does go wrong, someone else will be there to help you take care of things.

2. Shop around, but only after determining your coverage needs

It seems like there are millions of insurance providers out there and all competing to get you on their customer list. By all means, use this to your advantage and get a good price. But first, you must determine what your coverage needs are.

This involves thinking about your current situation, how it’s likely to change in the future, as well as what possible scenarios could play out.

3. Take a long-term view

Once upon a time it was all about you – remember those days?The next minute, you have a job, a home, a mortgage, a family… and more responsibilities than you ever thought you could handle. It all gets a bit crazy!

While you’re doing everything you can to survive and thrive in the world, it’s advisable to always take a long term view.

Get ready to change your coverage as both your lifestyle and needs change.

4. Life insurance is cheaper now than later

Of course, your untimely death is the last thing you want to think about. But, have you considered that by taking out a life insurance policy, your loved ones would be covered should the unexpected happen? And on the plus side, the younger you are, the cheaper life insurance will be.

5. Talk to an expert

The insurance industry is a complicated one with layers upon layers of technical complexities having evolved over generations, leaving the customer baffled and confused. By talking to an unbiased expert, such as an independent financial advisor, you can save an enormous amount of time and effort.

Think about it…would you rather spend the evening enjoying Netflix, or researching insurance on Google?

Insurance isn’t something that you can keep putting off because life can change in the blink of an eye!

It’s far better to get on top of things now, than to get caught off guard. So, take a few moments to discover what you need to know about insurance and get yourself covered.

Get inspired, get some peace of mind with insurance and contact Inspired Money today.

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Inspired Money