If you’re in your twenties or early thirties, in your first job or just graduated from university or college, you may think of insurance as an unnecessary expense. However, buying insurance at a young age has many advantages, some of which you’ll experience now and others later in life. Here are some types of insurance that are particularly beneficial to young people.
Auto Insurance
If you have a car, you’ll need auto insurance to drive it legally. However, insurance providers consider young people a higher risk and charge them higher premiums. You can save money on auto insurance by taking a driver’s education course and maintaining a clean driving record with no fines or accidents. Your insurance broker can also help you find the most affordable high-risk driver insurance available.
Life Insurance
You may think life insurance is something older people or professionals with families should get. However, investing in life insurance now can have many benefits. For example, people in their forties or fifties today who purchased life insurance policies early in life are paying much lower premiums than people of a similar age buying now. Because you’re young and healthy, you can lock in lower premiums that you can enjoy for decades to come.
Life insurance can have advantages even while you’re living. A product called participating life insurance provides financial benefits to the policyholder, including dividends that you can use to reduce premiums, buy additional coverage or use as cash for a house down payment or travel.
Tenant Insurance
Tenant insurance, sometimes called renter insurance, is essential coverage if you’re moving into your first apartment. Tenant insurance won’t prevent fires, floods and theft, but it can make replacing and repairing your belongings a lot easier if any of these events occur. It can also cover accommodation, meals and other expenses if a water leak or fire forces you from your apartment and you need another place to stay.
Remember, if buying a home is in your plans, you’ll need home insurance to get a mortgage from a financial institution. An insurance broker can help you find the best home insurance policy for your situation.
Affordable Life and Car Insurance in Halifax
If you’ve never bought insurance before, you may not know where to start. At Eisenhauer Insurance Inc., we can help you explore car, life and tenant insurance policies and help you find affordable plans that can protect you and your belongings. Contact us today to schedule a no-obligation consultation with one of our experienced insurance brokers in Halifax or Dartmouth.