Navigating the murky world of insurance can be intimidating at best. However, when you’re a member of Gen Z and you’re still trying to figure out the whole “adulting” thing, trying to figure out which types of insurance you need and how to get it can feel downright paralyzing.
The good news is that getting insured is probably not as complicated as you think. You just need to know how to figure out what policies are right for you.
It can be hard to think about your own mortality when you’re still just entering adulthood. After all, when you’re young, you can feel invincible, as if you have all the time in the world to attend to such depressing matters.
Not only this, but the thought of taking on an added monthly debt may be deeply worrying, especially if you’re not exactly flush with savings. For many members of Gen Z, in fact, financial anxiety is simply a fact of life, one that doesn’t make the idea of taking on a seemingly non-urgent or non-essential expense appealing.
The reality, though, is that accidents and illnesses can happen to anyone, no matter what your age. And when you have people depending on you, especially a spouse or young children, then it’s far better to be safe than sorry.
True, there may not be a lot of money in the monthly budget for things like life insurance, but with the right plan, life insurance doesn’t have to break the bank. In fact, life insurance premiums can be quite economic for young people with no pre-existing health conditions. And even if you do have a health concern, you’ll still likely have an array of affordable options to choose from.
Buying your first car can be both exciting and terrifying, especially when you begin to factor in all the expenses that go into car ownership, from fuel to maintenance. It’s a major purchase, one that involves a significant commitment in terms of both money and effort, and that can lead a lot of people to subconsciously avoid the car-buying process altogether.
However, owning your own car can also dramatically improve your overall quality of life, giving you a measure of independence and mobility that relying on public transportation, hoofing it, or depending on the kindness of car-owning friends and family can’t provide.
However, because you are required by law in most states to take out, at the very least, liability insurance on your car, you’ll need to understand how auto insurance works in your state. Ideally, your policy would cover more than simple liability, though.
For example, many auto accidents involve injuries that do not necessarily manifest at the time of the accident, such as spinal and musculoskeletal injuries or traumatic brain injury. An insurance policy that will protect you financially from the medical expenses that you or others may incur following an accident can more than make up for the additional costs of extended coverage.
Every pet parent knows that our furry, feathery, and scaly friends aren’t just animals, they’re family. Unfortunately, though, the cost of keeping our animal companions healthy and happy can be extreme, especially when an accident or illness strikes.
For that reason, pet insurance is something every pet parent should consider. Pet insurance can potentially save you thousands in emergency vet bills, and even potentially spare you from having to make heartbreaking decisions in regard to care.
In addition to emergency care coverage, most insurance plans also pay for some or all preventive and routine care, from regular vet checks to dental cleanings.
Similarly to life insurance, you might feel that the financial burden of carrying health insurance is simply an unnecessary drain on your household resources. But when you get hurt or sick, that protection can literally save both your physical and financial life.
Indeed, medical expenses are the leading cause of personal bankruptcy filings in the United States. Having good health insurance will help ensure you receive the timely and comprehensive care you need without having to risk financial ruin.
Plans which also include short-term disability coverage can enable you to take time away from work to recover without having to worry about how you and your family will keep the lights on and a roof over your head.
Navigating the world of insurance can be a tough proposition for anyone, but it can be especially difficult for young adults who are just learning how to get, and keep, their financial house in order. And yet if you want to protect yourself and those you love, then being well-insured is one of the first and most important steps you can take. At a very minimum, having good life insurance, auto insurance, pet insurance, and health insurance coverage can offer peace of mind, no matter what life may throw your way.