The Issues with Underinsured Millennials
Why Millennials Need Insurance
Millennials will soon replace boomers as the largest group of consumers, and they are constantly changing life as we know it. They’re updating workplaces, how we communicate, and even how we spend our time and money. What many Millennials aren’t doing is getting insured. The younger generation typically has higher expectations and less patience. They are thrifty by default but are willing to spend more on products that are delivered through a seamless experience. However, Millennials continue to be severely underinsured.
Buying insurance shifts onto new screens, channels, and platforms when it comes to Millennials. Because of this, insurers need to engage with Millennials to give them what they want. Burdened with greater student debt and a stagnant wage growth, Millennials are more likely to be debt-averse than their parents, which further jeopardizes their decision to spend money to get insured. However, this is a valuable step to take, as buying insurance saves money when an accident or incident happens.
Millennials are making different life choices than Baby Boomers, with nearly two-thirds renting many of the big-ticket items, such as houses or cars. This disconnect has created a gap in the market, where Millennials are still awaiting products that actually cater to the ways they live and work. This is why renter’s insurance is so important for city-dwelling Millennials. It’s important for young individuals to find plans that suit their needs and cover their risks that are often overlooked by traditional plans.
With each passing year, the old model of one-size-fits-all coverage plans are replaced by a broader range of plans and features that are ideal for different audiences, lifestyles, and communities.
If you have questions regarding your personal insurance policies, or if you’d simply like to get the coverage you need, turn to the experts at Little & Sons Insurance Services. Our dedicated team serves the insurance needs of Banning and the neighboring cities of California.