Young Professional Series: Insuring Young Professionals

Young Professional Series: Insuring Young Professionals

Congratulations…you are a college graduate, or soon-to-be one! This is an exciting time in your life as you are young and ambitious with a lifetime of experiences ahead of you. However, this new stage of life also coincides with many responsibilities and important decisions to make. There are many aspects to consider such as your career, where you will reside, how you will support yourself, etc. All of this can become very overwhelming, but these are not the only variables of consideration.

Securing insurance should actually be at the top of your list. Why would a young, healthy individual want or need to worry about insurance? It is important to understand that “life happens” and it is best to be prepared. You never know what the next minute, hour or day will hold, and as a young, healthy individual, why risk not being covered?

You aren’t bulletproof

  • According to the National Safety Council, there were 40,000 traffic deaths in the United States in 2017*…that’s over 100 deaths per day, which is a staggering statistic. When you’re young, it is easy to think that you are invincible, and that is why teens and young adults are often so reckless these days. We are all vulnerable to these incidents, which is why it is absolutely necessary to have the protection you need in case you ever do incur a serious accident. Auto insurance, for example, ensures that you won’t have to pay for such damages because the insurance company will cover it for you.

Protect your most valuable asset

  • As a young adult just beginning your career, you may be in the process of looking to purchase a home as well. Although you may not be too thrilled with the idea of paying for homeowners insurance, this specific insurance is vital to have. For some people, their home is one of their most valuable assets, and homeowners insurance will protect your house should some sort of natural disaster destroy it. Purchasing homeowners insurance will help you pay for the necessary repairs on your house to protect you and your asset.

Provide for your loved ones in the event of death

  • If you have a family, you may want to consider investing in certain insurance products that can protect your family. Life insurance, specifically, can restore lost income for those who are dependent on your paycheck to survive. With this type of insurance, your family and/or loved ones will not have to endure these financial problems after you are gone.

Insurance allows you to eliminate debt

  • As of this past year, around 44 million students exited college and entered this new phase of their lives carrying the burden of student loans putting the United States $1.48 trillion in debt.** Wouldn’t it be nice to pay off these loans as quickly as possible so you don’t have to deal with this issue for the majority of your young adult life? Life insurance can be used to alleviate the stress of student debt. If you were to die before your loans are paid off, life insurance can help provide financial protection should something happen to you.

Although the law allows you to stay on your parent’s insurance until the age of 26, it does not hurt to consider all of your possibilities. This is a new and exciting stage of your life, but just make sure that you are as protected as possible so that you can enjoy this new chapter. Give us a call today to connect with a Penny Insurance agent to discuss your coverage options.