Insurance Guide for Millennials Ages 28-44

NEWPORT BEACH, Calif. - EntSun -- If you were born between 1981 and 1996, you are called a millennial. You range in age from 28 to 44 years old and, like everyone else, you are seeing a rise in costs, which include insurance premiums.

Let's now look at the different insurance products more closely so you can determine which ones you actually need.

Health Insurance

Millennials have already gotten booted off their parents' health insurance plans. If you're one of the 16% of the millennial population that has no health insurance, you should reconsider the gamble you're taking by having no coverage.

Subsidized Plans and High Deductible Plans Are Cheap

A subsidized marketplace plan can cost as little as $40 a month, and if you don't qualify for that, there are other private insurance plans that will fit your budget. For those on the younger end of the spectrum, at the very least, buy a high-deductible bronze plan with a health savings account (HSA). At least there's a deductible so if you end up getting injured or needing surgery, it won't cost you tens of thousands of dollars to pay the bills.

Car Insurance

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It seems that most millennials live with family members, even if they are unmarried. It's important to remember that every person in your household will be evaluated when a car insurance company is rating you, which is why they ask who lives with you. You're rated based on an assumption that your car may be used by someone living with you. So, if you live with people who don't have a great driving or credit history, you may be paying more than necessary.

Working Around High-Risk Household Members

There's a workaround to this, one of them being exclusion. If you exclude, say a teen driver living under the same roof who will bring your rates sky-high, your rate will be lower but if that teen crashes your car, you won't be covered at all because they are an excluded driver on your policy.

I own my own business. Do I need commercial auto insurance?

Depending on the kind of business you own, you may or may not need commercial auto insurance. If you commute to and from work, you won't need it. If you use it to drive to work-related events, like an open house for a listing or to carry materials for landscaping, you would need a commercial auto policy.

For the full article, which includes home, renters, commercial and life insurance, visit https://smartfinancial.com/millennial-insurance-guide