Who says insurance is only owned by people who are married or have families? Millennials can really have insurance, really! Instead of spending money on lifestyle needs, it’s better for you to prepare for insurance from now on. Let’s look at 4 reasons why insurance is important for millennials!
Today’s Millennial Lifestyle
Reported from Kompas (17/04/2021), “millennial” is a description for a generation that grows and processes with technology, spends a lot of time on social media, and likes to travel. In addition, based on data compiled from Good News From Indonesia 2020, millennials are a generation that likes online shopping and occupies the first position. This is indicated by 47 million millennial internet users, as many as 7.8 million or 17 percent of them like online shopping. For further information you can check in this link to buy comprehensive medical insurance plans Malaysia.
From the data above, it can be concluded that today’s millennials cannot be separated from a consumptive lifestyle which is dominated by online shopping. If this activity lasts for a long time, it will certainly disrupt finances so that millennials are less able to maximize their opportunities to save, have insurance, and invest.
Here are 4 reasons why insurance is important for millennials:
- Cheaper Premium Fee
If you decide to have insurance at a young age, the premium you pay will be much cheaper. The health condition that is still healthy at the age of 20-30 years is the reason for the low premium costs. It is different if you have insurance when you are 40-50 years old, the company will charge a higher premium because your health condition is different than when you were young and the risk of getting disease is higher.
- Giving Protection
Insurance will provide protection when you experience a risk in the future. The protection you get will depend on the type of insurance you choose. If you choose health insurance, then you will get protection in health care. While in life insurance, the insurance company will bear the risk if the customer dies. By preparing insurance early on, you don’t have to worry about losses from uncertainties that occur in the future.
- Greater Insurance Application Opportunity
If you apply for insurance from a young age, then the chances of being accepted by the insurance company will be greater, because it is assumed that you apply in good health without complications. In contrast, if the insurance application occurs at the age of 40-50, the insurance company will conduct a strict screening for prospective customers. This is because, in this age range, a person is at greater risk for disease and death.
- To Manage Finance
Instead of buying modern coffee and boba drinks every day, you can divert your finances for useful things, such as insurance. By having insurance, money that is often used for lifestyle alone, you can use to pay insurance premiums every month. That way, you can feel the benefits and get protection in the future.