Well, the twenties and thirties are for adventure and exploration. But, it is also the beginning of responsibilities of your future self and a family. Insurance acts as a risk management tool. It goes a long way from protecting against contingencies to offering financial support. If you start taking insurance in your twenties, your future self will thank you. Keep reading for different aspects on why millennials should start taking insurance!
Before moving further, let’s discuss the types of insurance available:
1. Life Insurance
- In India, only 45% of the millennials aged between 25 and 35 years have heard of term insurance plans and barely 17% have bought such policies1. You must be wondering at this age why you should start paying for life insurance when you can enjoy life.
- Life insurance secures your family’s future after your death. As male members, we are bound by various family responsibilities. It enhances over time when you start your family, like getting married or planning a kid. But have you ever considered the probability that who would take care of them after you? Life insurance provides you that financial security. You have to pay a regular premium to the insurance company over a period of time. In case of an untimely death, the insurance company will pay the sum insured.
- There are various life insurance policies available. It can help you in meeting financial goals like getting a new house, new car, marriage, foreign vacations, and so on. Insurance companies like Future Generali India Life Insurance have a variety of life insurance policies suited to your requirements.
2. Health Insurance
- With the outbreak of COVID-19, we all have become aware of the importance of health insurance. On average, hospitalisation for the treatment of COVID-19 without ventilators or other life-saving equipment costs between Rs 20,000 and 25,000 per day. It may increase from state to state2.
- Diseases are uncertain, and their treatment costs a lot of money. With the fixed income and expenses, not every individual can afford the treatment. Ageing causes various health issues among men and women. Father’s health is vital as they are a support system to the family. That’s why health insurance is essential.
- You pay a fixed sum, and in return, the insurance company will reimburse your treatment.
3. Child Insurance
You heard it right! Now, you can insure your child's education with reliable insurance companies. Future Generali Assured Education Plan that ensures your child's education. This insurance lets you save enough money for their future.
4. Retirement Insurance
About 60% of millennials have a thing going on as - getting an early retirement3. Ever wondered how to achieve that goal? You have to save a lot of money to retire early. It’s possible if you avail of retirement plans that offer great financial support.
Still not convinced of taking insurance? Consider some important points listed below while making this big decision.
- Get more coverage at a lower cost
While you are young and fit, avail exciting coverage at a much lower premium. Young people have fewer chances of getting a serious disease, and hence they qualify for full coverage. With serious health issues, the cost of premium increases, and the coverage reduces. Moreover, getting insurance at a young age doesn’t cost as much financial trouble as buying it later.
- Generate wealth
Millennials want to become rich as soon as possible. What if I tell you that you can create wealth from life insurance policies like endowment policy or ULIP, etc... Building wealth from a young age is a dream for many. Make your dream come true.
- Support your dependents
Even if you don’t have a spouse or child, your parents and siblings may depend on you. Start planning early and insure yourself and your dependents with reasonable insurance policies.
- Plan your retirement
Even if you are young, you should have a futuristic approach. This “live in the moment” sounds good, but it’s impractical. Early retirement is a big dream. Make that come true and enjoy your life as per your terms.
- Expensive Healthcare
This is a major factor in why you should opt for insurance! Healthcare expenses cost a fortune. You can’t have enough money in your hand every time a contingency happens. Go for insurance and save yourself from financial trouble.
Considering all the factors discussed above, millennials definitely need insurance. For more information, check out the insurance plans listed on the Future Generali India Life Insurance website. Consider everything and make an informed decision for your future.