Insurance: Just Starting Out

Insurance: Just Starting Out

The transition to adulthood is an exciting time that marks true independence. With this new freedom comes some real responsibility, including the need for protection against the financial risks that life can present.

As a young professional transitioning to adulthood, it’s important to manage the financial risks that come with independence. Once off your parent’s auto policy, you’ll need to secure coverage in your name, which can be costly for young drivers. Shopping around for the best rates and exploring discounts can help. Renting your own place opens up new risks, so protecting your belongings with renters insurance is a smart move, especially since it’s often affordable. Health coverage is available either through your employer, your parents’ plan until age 26, or through a plan you purchase on your own. Disability protection is essential, as a significant portion of young adults will experience a disability that impacts their ability to work. Although life insurance might not seem necessary now, it can help protect your loved ones from debt in case something happens to you. Lastly, while extended care might not be a concern now, it’s wise to discuss it with your parents as they plan for their future. Planning for these risks now can set you up for a stable financial future, and as life changes, you can adjust your coverage as needed.

Consider the following guidance as you determine your insurance strategy and decide how to protect your financial future http://bit.ly/2TeIeMP.

Published On: January 17, 2020|Categories: Resource Center|Tags: insurance|

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