What Insurance Do You Actually Need?
These days, it’s difficult to watch TV, listen to the radio or browse the internet without hearing or seeing an advertisement for an insurance company. While each of these companies may be selling a different type of insurance, they have one notable thing in common — they all claim you need them.
At CCCU, we believe in transparency. Our helpful team has gathered a list of the most common types of insurance plans available to advise Millennials on which policies they may need.
Types of Insurance
Believe it or not, there are dozens of types of insurance policies. Here are a few that many Millennials may consider:
- Life Insurance
- Automotive Insurance
- Health Insurance
- Homeowner’s Insurance
- Renters’ Insurance
- Mortgage Life Insurance
- Children's Life Insurance
With so many types of insurance available, we’ve separated these policies into three categories to help you identify which plans you need, may need and won't need.
Insurance You Need
- Health Insurance: You need health insurance, plain and simple. Illnesses and accidents happen, and without health insurance to protect you, any hospital or physician bills you incur could be astronomical. All Millennials should have general health insurance, as well as optical and dental insurance.
- Automotive Insurance: Most states require you to have car insurance and the penalty for uninsured driving will definitely outweigh the cost of purchasing a car insurance plan. All Millennial drivers should have automotive insurance, particularly a plan that covers uninsured motorists too.
- Homeowner’s Insurance: If you own your own home, it’s important to have home insurance. Similar to car insurance, many financial lenders will not allow you to obtain a mortgage without a homeowner’s insurance plan.
Insurances You May Need
- Life Insurance: Some Millennials should consider purchasing a life insurance policy if they have a spouse, child or dependent that would need financial support in the event of untimely death.
- Renters’ Insurance: This policy will protect your belongings in the event of damage or theft. If you have significant expensive items in your home, renters’ insurance may be an additional level of protection you need.
Insurances You Probably Don’t Need
- Mortgage Life Insurance: An adequate, general life insurance policy will already cover this.
- Children’s Life Insurance: Your children do not need insurance since they don’t contribute financially to the family.
Protect Your Financial Well-being at Clark County Credit Union
Ultimately, insurance is an investment in your financial well-being, however, not all policies are applicable to every Millennial. For more information about responsibly investing in your financial future, contact us at 702-228-2228 today.