subject: Should Gen Y Say 'Why?' to Life Insurance [print this page] Should Gen Y Say 'Why?' to Life Insurance
Gen Y are the scapegoats of society in many ways, characterized as the generation who want it all, want it now, and don't want to work for it. Smart financial policies like buying life insurance are almost never linked with the present-minded Gen Y. So much so, that life insurance companies almost never try to market to this upcoming generation ... even though this is the most sensible time for them to start a policy. However, for many members of the 'Why?' generation, life insurance may not actually be necessary! So, do all people born between 1979 and 1994 need life insurance? We find out today.
What is Generation Y?
The boundaries of generation Y are fuzzy, as with all designated generations, but the borders are somewhere around 1980 and 1995, with a few years leeway. This puts members of generation Y at any age between 31 and 16 currently - quite a range, in terms of life events and variance in lifestyles.
Why the Y's Need Life Insurance
The need for life insurance is not based on age, but rather on life circumstances. Despite the advancing first-pregnancy age in Australia, there is still a significant number of people in Gen Y that have already had kids. Despite the perception of Gen Y as unable to save and mostly still mooching off their parents, a significant number have purchased their own house and married.
Members of Gen Y need life insurance in the same situations as everybody else. That is:
If you have children, life insurance will be needed to assure them future opportunities and safety
If you have a long term de facto or spouse, life insurance is necessary to assure their lifestyle and safety, even if your duties are home-based and you don't bring income into the household
If you have a mortgage, life insurance will be necessary to ensure that your estate doesn't end up in the red
Additionally, for those in Gen Y who have a family history of serious illness or who have unhealthy lifestyles, it is wise to buy life insurance while you are still in relatively good health. Most policies in Australia are not cancellable upon discovery of a chronic illness, but if you leave it until you've been diagnosed with an illness to investigate life insurance you may not be offered a policy.
When the Y's Shouldn't Bother
Obviously, members of generation Y that are still living at home, still going to university, are yet to purchase their first home and are many years away from having children should consider other types of insurance.
For those living independently, but renting and without a dependant partner, income protection insurance is far more necessary than life insurance.
We know that all the Gen Y stereotypes are just that .. stereotypes, without any real relevance to most individuals. We also know that Gen Y has the brains to figure out whether they need life insurance or not - just don't leave it too late!
welcome to Insurances.net (https://www.insurances.net)
