I’m a Millennial. Why do I need insurance?

Did you recently start your first job? Are you out on your own for the first time? As you work to build your career and independence, you’ll be assuming more financial responsibility. Take some time to look at your employee benefits package. While you may be familiar with health, dental, and vision insurance, there are other types of insurance that you may want to consider. These products may help you round out your coverage and protect what you love about your life.

Are you trying to build up your savings?

If you are putting aside money to build a rainy-day fund, to pay off student loans, or even to get a jump start on your retirement savings, you may want to consider disability insurance. Why? If you get hurt or sick and can’t work, disability insurance provides you with a portion of your paycheck, once your claim is approved. This cash benefit can help you stay on track with your expenses (e.g., rent, groceries) so you don’t have to rely on your savings alone while you are out of work.

Did you elect a high deductible health plan (HDHP)?

While an HDHP may be a good fit for your current health and medical needs, it’s important to remember that you are responsible for 100% of the costs until you meet your deductible. Accident and critical illness insurance can help you reach your deductible. Here’s how:

  • If you have an active lifestyle, an accident could mean doctor appointments, a trip to the ER, an X-ray, or even crutches—all of which can add to out-of-pocket expenses if you haven’t met your deductible. Accident insurance can help you pay for those expenses by paying you a cash benefit for injuries, treatments, and loss, once your claim is approved.
  • If you’re concerned about being diagnosed with a serious illness or cancer due to family history, critical illness insurance provides a lump sum payment—once your claim is approved—that you can use to help pay for medical or everyday expenses if you were to develop a serious condition.

Do you have student loans or credit card debt?

Though no one wants to think about needing life insurance, it’s an important benefit to consider if you have any debt—especially if you share the responsibility with someone else (e.g., your parents or a spouse). While government student loans—like direct loans or Stafford loans—are typically discharged upon your death, private student loans and credit card debts may require full repayment. Having enough life insurance to cover your student loans, credit card debt, or other loans you may have can help ensure that your financial obligations are covered if anything happens to you.

Although you may not have given insurance much thought, it’s important to take the right steps to evaluate your benefits options so you can protect what—and who—you love.

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SLPC 26280 11/14 (exp. 11/16)

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