by Uneeb Khan

Today, which is International Youth Day, we ask ourselves, as is logical in this blog, to what extent young people are related to insurance. And, the truth is, they do. Sometimes more than one might suspect.

The insurance that only hires 1 in 23 young people … and that everyone should have

Young people (or, to be more precise, people up to 35 years of age; somewhere you have to put the border …) are a fairly small part of those who purchase life insurance: one in 23. We will be back about this. They are few, yes; But it may surprise you to know that one in four people insured for deaths in Spain is under 35 years old; or that four out of 10 people who have private health insurance are also below that age.

Likewise, young people are one in 10 people who sign at the bottom of a car insurance contract . The percentage, here, varies greatly depending on the type of vehicle. For example, young people represent 17% of drivers riding a two-wheeler. But if you stop by the side of a road to watch trucks go by, you will have to count to fifty before you see a trucker under the age of 35 at the wheel. Young people constitute, yes, 10% of the drivers of passenger cars, the majority vehicle. But they do not usually drive vans (4% drive), tractors (3%) or industrial machinery (3%).

That said, is there youth insurance? Of course, what there is are youth insurance. That is to say, insurance subscribed by them very frequently. We talk about insurance such as travel assistance. Because young people like to move, and not a few of them have learned that, for little money, an assistance insurance provides peace of mind wherever they are. Go with a suitcase or backpack. However, there are insurances to discover; like, for example, life insurance.

At this time, young people have a greater perception of risks and vulnerability, so they seek protection and security, possibly as a consequence of the pandemic they have experienced.

Life insurance, a stranger who can guarantee your future

Yes: life insurance. Young people quickly learn to insure what matters to them: their mobile, their vehicle, their getaways, their belongings… But they can also think about what, in reality, matters most to them, which is themselves. A life-savings insurance exists to allow the progressive accumulation of a patrimony that we can use in the future. There are many futures, and in not a few of them having resources is not a bad idea. First of all, a young person can understand that, no matter how long their retirement is, which it is, that is an advantage: letting savings work longer equates to having more money in the end. Starting early, then, is a better start.

But it is also that, as we tell you, there are many futures. There are moments in life when a special financial effort is needed: the financing of a master’s degree, or an educational stay, for example. And it is not at all illogical to consider that saving systematically for that moment, from the moment it is known or suspected that it will occur, is a very, very good idea. Life insurance is a very good way to address those needs.

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