As a millennial myself, I know this generation tends to get a bad reputation from other generations due to our seemingly little capability to "adult." However, millennials were born during a technological boom and an economic disruption, leaving us to face adulthood much differently than other generations. According to Charles Schwab's 2019 Modern Wealth Report, 62% of millennials are living paycheck to paycheck. Yes, we as a generation do overspend, but we also carry significantly more debt than other generations due to student loans and other systemic financial issues.

It's no surprise that a survey from Princeton Survey Research Associates named millennials the most uninsured generation. This is mostly due to the factors listed previously, and because we overestimate the cost of insurance, deeming it an unnecessary investment. The truth is, the investment in insurance helps you plan for the unexpected, which also helps you benefit financially long term. And believe me, the unexpected does happen and the monthly cost of insurance is minimal compared to what you could pay out-of-pocket if you remain uninsured.

As a generation, millennials are smart, savvy shoppers that do a lot of research before making a purchase. For that reason, I've broken down a few quick tips to consider before you sit down to invest in an insurance policy.

1) Shop smart. We usually do, and while quality remains most important to millennials, we are more price-conscious than any other generation. When purchasing insurance, don't consider price first. Instead, take a long look at what coverage you need. If you go for the cheapest option with incorrect coverage, you could see less financial benefit when you go to file a claim.

2) Okay, now you can look for discounts. Once you've figured out the coverage you need, you are then equipped to go in and look at bundling your policies or seeing what discounts carriers offer and other specific ways to save.

3) Fill in the gaps. Consider your specific, personal needs that may require unique coverage. Think about expensive electronics, jewelry and other valuables you would want insured should anything happen to these items. From personal experience, an insurance policy is significantly cheaper than buying a brand new laptop after you spill water all over it.

4) Say it with me: "We are not too young for life insurance." A 2018 article from Forbes states that only 10% of millennials have enough life insurance coverage in place to cover self-reported needs should anything happen to them. Life insurance policies are so important and can help your family financially with any debt, mortgages and other costs associated with your absence. These policies are also much cheaper and affordable when you are young and healthy. Long-term disability policies also offer coverage should you be unable to work for an extended amount of time.

5) Talk to an independent advisor. Independent advisors come with the access to multiple carriers that include various amounts of coverage at all price points. They can also bundle your policies together and see what discounts are applicable to you. Sitting down with an agent to discuss your concerns and personal needs is extremely helpful-- it helps your agent understand your needs to find the best coverage for you, and it helps you better understand what coverage you may need.

As a marketing professional and a millennial, my insurance literacy was minimal before I started working in the industry-- our advisors at EM Ford have helped educate me and have grown my understanding regarding all things insurance, and they can do the same for you. Want to learn more or sit down with an advisor to discuss your needs and understand what coverage is right for you? Contact one of our advisors, or get a quote below. We are here for you.