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Insurance-101 for Young Professionals


…a term most millennials are familiar with. Most have embarked on many ‘adulting’ things…such as paying student loans, paying rent/mortgage for a place to live in, starting a family, etc. All these major milestones in millennials’ lives, significantly increase their financial risks and responsibility in life. Hence, it becomes crucial to have a financial security net in place. And Insurance is exactly that - it is a financial risk management tool.

Being both millennials and financial advisers ourselves, we’ve learnt a thing or two on insurance. In this blog, we share those with you:

Tip 1: Realise that no one is bulletproof.

There have been countless studies that indicate that certain medical issues are no longer limited to the senior citizens. These include strokes, diabetes and common types of cancer.

Being young is usually about experiencing life as it flows and living in the moment. This sense of freedom and invincibility feels good. But as we age, we begin to feel and see otherwise, for example, the slight pain in the knees and joints; a little harder to wake up or stand up sometimes. Every now and then we entertain the thought, should the unexpected happen, what then? But of course, we choose to brush it a side and tell ourselves “That’s just my fear talking. I’ll be fine”. But, reality is not that. No one is bulletproof.

The older we get we begin to see just how vulnerable we all are as humans. Especially our financial vulnerability! This is where you put in place a financial risk management tool - and that is exactly what Insurance is. Personal Insurance could help you remove the financial stress that you and your loved ones may face.

Tip 2: Chat to an Insurance Adviser to identify financial risks properly.

An INDEPENDENT Insurance Adviser (like Maaru & Jith, here at Vive) works with multiple different insurers, which is different from ‘captive’ advisers who can only sell insurance from the Insurer they work for. Working with an independent adviser, like us, can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from our knowledge; we can talk you through your options and actually explain what each policy includes.

We also ensure all of your assets are covered, and help you find discounts or other ways to save. We become your claims advocate and be a valuable resource as your life changes and your insurance needs change throughout life.

Tip 3: Shop smart. Don’t choose convenience over quality.

A good independent insurance policy for you and your family is the perfect balance between quality of cover, price & claim-friendliness. As a client, you cannot be expected to understand all three aspects and make an informed choice. This is where an insurance adviser comes into the picture. The amount of value an Insurance Adviser can add to you is insane!

Tip 4: Fill-in the gaps and create a policy that suits your needs.

Most average one-stop-shop policies will cover the basics, and in most cases, you may need to add/remove extra coverage to meet your unique needs. With the help of an Insurance Adviser, you can

Tip 5: No one is too young or too old.

Regardless of how young or old you are, Life Insurance is a key part of your financial plan. And for millennials, getting Life Cover could be a wise move, since it’s cheaper to buy a policy while you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs.

A life insurance policy can also support children’s education or childcare expenses. Additionally, every millennial should consider long-term disability covers such as Income Protection, Trauma Cover etc, which helps you stay afloat financially, in the case of any accident and/or illness, and you are not able to work.


The contents of this article are for information-only and may express the opinion of the writer. This article is not be taken as personalised financial advice, as everyone’s situation is different. Please always seek advice from a financial adviser before making any decisions with your personal and/or business finances.


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