Why Do I Need Insurance? For Generation “Y” AKA Generation “Why”

A recent study of more than eight thousand people between the ages of twenty and twenty-nine found that while they are willing to buy insurance, most participants were completely overwhelmed with the concept of buying insurance and had no idea where to look. There was also some confusion about whether or not insurance was even necessary. While some knew that they were required by law to have car insurance, this was the only type of insurance than many Gen Y members had.

Why are the younger generations so confused and, on some fronts, so resistant to the idea of buying insurance? Some say that most of the insurance advertisements they see are obviously targeted at older generations. Insurance is being marketed for married people with families or for aging people who are making their retirement plans. Very few insurance companies are marketing their products to this younger generation.

A large portion of people, however, reported that they did not insurance because they were not sure that they needed it. For some people in between the ages of nineteen and thirty-four, they may not need. Many insurance plans allow them to stay on their parent’s coverage until they are twenty-four or twenty-five. The rest of that population, however, may not realize that they are playing a dangerous game by not having insurance. Not having health insurance, for example, is fine until you break your arm slipping on a patch of ice on the sidewalk and suddenly have to pay for an expensive emergency room visit and medical treatment without insurance.