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3 Types of Insurance Millennials and Gen Zers Shouldn’t Live Without

Growing up, there are a lot of things your parents might take care of, insurance being at the top of the list. As you enter the real world, though, and you start to manage your own life, insurance is one thing you shouldn’t put off. Sure, it might not seem like you need to rush into a plan right away, but having the safety net in all the different parts of your life will put you in a better spot when you least expect it. Below are the different types of insurance you shouldn’t live without.

Auto Insurance

If you buy a car, you also need to buy car insurance. The two go hand-in-hand, not just because it’s the law in most states, but because if you do get in an accident, the average loss per claim is around $5,000. There are different types of car insurance that you can choose from – liability coverage, comprehension coverage or collision coverage. Sometimes the decision depends on the type of car you drive, so make sure to consult the dealership and a reputable insurance agency in your area when you purchase the car.

Renters or Home Insurance

Your next big purchase might be your very first home or apartment. The bigger the purchase the more important it is to figure out the insurance that goes along with it. Once again, there are different types of home insurance options you can choose from. However, the best advice when deciding is not to settle on the least expensive option. If the worst-case scenario happens to your new home, the last thing you want to be worried about is if the insurance you chose is enough to cover the damages.

Life Insurance

Sometimes the things you might not want to think about are the things you should be thinking about. It is important to learn about the different life insurance options as soon as you can. Back in the day, life insurance used to be a longer process most people dreaded going through. Nowadays, companies like Ladder have transitioned to online platforms, allowing you to qualify in less than 5 minutes. Learn more about Ladder and their instant life insurance here.

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About the author

Rebecca Arcand

As the Marketing and Design Specialist at LendingClub, Rebecca makes understanding finances simple for the Millennial generation. Focusing on how to set up different accounts or how to save, Rebecca is an experienced financial mentor giving you advice that will make a difference.