The Best Insurance Out There For Millennials
From home and contents insurance for buyers or renters, to insurance for self-employed and freelance workers, find the best insurance for millennials that will suit your lifestyle and your wallet.
Being a millennial means being fully emerged in the age of information. Meaning, anything you possibly could want to learn is never further away than a google search. But, ironically so, with access to all information at your fingertips, we still can end up missing some of the really important stuff. Stuff like all the things necessary for adult life that we were never really taught growing up, in school or university. Which means, it’s not your fault! When there’s so many cat videos and memes on the internet to get through, who has time for learning about the serious stuff? Either way, it’s not too late.
Financial responsibility and exactly what it means can be a difficult realm to navigate for the first time on your own. But fear not, we’re here to help you with that. A lot of us millennials are at the time in our life where we’re just starting to own things that we can’t afford to lose. Whether it be a car, a home, any miscellaneous valuable possessions or etcetera… these things deserve protection. More importantly, financial protection. In other words: insurance. Insurance can be a scary word, but it really just is the first step in being independently responsible with your finances, and we can help guide you on taking that first step. Whatever you’re looking into, we’ve got the right resources to make sure you find the best insurance that suits you. So go on, give proper adulting a try. It’s not so bad, we promise.
As a millennial who’s bound to be not much older than 35 at most, it seems a little morbid to talk about getting insurance in cause you pass away. But there’s points that make life insurance important to talk about, and something you want to consider, even right now. For those who are cosigned on property or any other loans with their parents, if you pass away suddenly, there are some clauses that force your co-signers to pay the rest of your loan immediately. Getting the right life insurance can help you avoid this. Plus, for those who are married and in their 30’s, and especially those with kids, life insurance is a valuable matter to get sorted early on. In fact, if you're married, you may want to consider joint life insurance.
Aviva offers flexible protection from £5 per month, and also offer joint coverage for married couples.
Lucky enough to live in a house of your own? The new app Buzzvault is great for millennials and new buyers looking to protect their home, in a way that's smart, effective and very quick. You can get a quote in 60 seconds, and sign up and manage your plan all from your phone; plus, you pay only based on what you own, so Buzzvault offers some of the cheapest rates on the market. On the other hand, if like most millennials, you’re renting, that doesn’t necessarily mean you don’t have things in your home-of-the-moment to protect. In fact, more millennials are opting for long-term renting so it’s likely you'll just be looking to protect your precious items you keep in your home. Laptops, televisions, cameras... Luckily, buzzvault offers contents insurance too.
Our top rated:
Home contents insurance is at all time low, so given your circumstances, you could be covered for as little as £127 a year. Plus you can get up to £100 cashback! Problem solved.
Getting car insurance is truly the main downside of owning a car. But - it’s necessary. Fortunately, InsurTech apps like Honcho make it much easier. Just scan your driver’s license, and instantly tons of insurers will bid against each other to get you the best deal. Technology is really great sometimes.
Our top rated:
AvivaPlus comes highly recommended as an insurance provider, and you can get starting quotes from only £17.50 a month. Much, much less than your monthly coffee budget.
Continuing with highlighting the unique lifestyle that millennials lead, the number of self-employed and freelance workers are increasing. While the flexibility of gig culture is a huge pro for us in the contemporary age, the lack of stability can become a little worrisome.
Our top rated:
InsurTech providers like Dinghy are making that fineprint drawback of freelancing utterly irrelevant. There are no fees, no admin charges and you can turn off or turn back on whenever you like. Keeping with the flexibility you’re likely fond of. You can get starting rates for professional indemnity from only 30p per day.
Did you know that Generation Y are actually the least likely generation to travel with travel insurance. Ironic, considering millennials are also the generation that travel the most! When going abroad, particularly somewhere off your domestic sub-continent, it's very important to get travel insurance - and, the right one. Travel insurers can often be a rip off if you don't know where to look.
Pluto Travel is the InsurTech company that's tackling this. It's hassle free in that it lets you sort your insurance through your phone, and get claims suited to the kind of travel you're doing. Plus, you can get a quote in less than 30 seconds.
January 29 2020 by Kiran Saggu
