When you’re just starting out on your own, trying to manage student loans, housing costs, and everyday expenses can be challenging. As such, many millennials don’t make it a priority to add insurance into the budget. However, going without coverage can leave you vulnerable to significant financial hardship. Even if you’re young and healthy, there are multiple forms of insurance you need to protect yourself from all the unexpected events life can bring. Here are a few types of policies to consider purchasing if you don’t already have them.

What Types of Insurance Do Millennials Need?

1. Health 

Your health is your more important asset, which means you should have insurance to help make sure you stay in good condition. Anyone can suddenly develop a medical issue or become injured, and having proper health insurance will lift a heavy weight off your shoulders should you receive a doctor or hospital bill. If you feel that premiums are un-affordable, you can lower costs by getting a state subsidy, purchasing a plan that accurately suits your needs, or staying covered under your parents’ plan until you reach the age of 26.

2. Life 

Life insurance goes largely overlooked by millennials, but it’s a vital form of protection to have no matter your age. It can help cover a range of expenses, such as funeral costs, mortgage payments, and outstanding debts. This will prevent your loved ones from facing financial burdens if you pass away. Life insurance becomes even more important if you have a spouse and children that depend on your income. It will replace your earnings, so your family can continue to enjoy the same standard of living they’re used to.

3. Auto 

The majority of states legally require drivers to carry auto insurance, but it’s essential to buy the right type and amount of coverage. In addition to covering any third party bodily injuries and property damage you cause in an accident, your policy can protect you against lawsuits and help pay to repair or replace your own vehicle if it’s stolen or damaged. Without coverage, you would be responsible for the expenses out of pocket. Fortunately, there are several ways to secure a reduced rate, including bundling policies with the same insurer, maintaining a clean driving record, improving your credit score, installing an anti-theft device, and taking a driver’s safety course.

If you’re trying to keep costs down, skimping on insurance may seem like a good money-saving strategy, but this can expose you to financial trouble should disaster strike. The professionals at Imperial Agency can help determine which kinds of coverage you will benefit from the most based on your unique circumstances. They have been providing residents throughout Bergen County, NJ, with reliable and cost-effective insurance solutions for the last 40 years. Call (973) 546-9567 to request a quote, or visit them online for more information about their services.