Millennials
are often asked the initial “when” question. When did you start traveling to
Europe? When do you have a car? When are you boss? Until when are you married?
Hmm… Actually, there is one important question to ask millennials, but it is
rarely said, namely “When do you have insurance?”

"I'm in

good health, why should I have insurance?"

It's likesaying, insurance and millennials only know, but don't know. Millennials -orthose born in the 1980s to the mid-1990s- often argue that insurance formillennials is not an urgent need. "I'm in good health, why should I haveinsurance?" There are also those who reasoned, “I already work and getinsurance from the office. Why should I have insurance for millennials again?”

These twostatements are not without reason. Because, in fact, the number of insurancepolicies in Indonesia is still very small compared to its millennialpopulation. The simple calculation, according to a Bappenas survey, is that ofIndonesia's total population of 265 million people in 2018, a quarter aremillennials. Meanwhile, data from the Indonesian Life Insurance Associationstates that the number of insurance participants is only around 16 million.That number is still cumulative from various age groups, not only millennialsbut also parents and children included in it. Can you imagine, the millennialgeneration's awareness is still low to have insurance.

So, at whatage should you start having insurance and why should people have insurance?What kind of insurance fits the needs and pockets of today's millennials?

 

Whilestill young

In this eraof technology, everyone wants to get something fast. In principle, the sooner,the better aka the faster, the better. This also applies in the world ofinsurance. The younger a person has insurance, the relatively cheaper thepremiums to be paid. How come? Here's the reason.

One of thereasons why someone should have insurance while young is because the premiumcost is relatively cheaper. When someone takes an insurance policy, one of thecalculations that is applied is a medical history. Millennials in their 20s or30s tend to have a better health history than those in the older age group.Thus, they are more protected from the risk of critical illness or death thathas the potential to cost a lot of care.

The secondreason -which sometimes escapes the minds of millennials- is that they don'thave many dependents. So while still young, income can be allocated for moreimportant expenditure items such as having insurance.

But the factis, the idle money of young people is still more spent on daily needs ratherthan saving or investing. This is revealed in the 2019 Indonesia MillenialReport which states that 51.1% of millennial income is spent on their monthlyneeds. Meanwhile, only 10.7% of it is used for savings.

 

So, whenshould you buy life insurance?

Because theprinciple is the sooner the better, then the answer is as soon as possible. Thelonger a person delays getting insurance, the more expensive the premiums thatmust be paid in the future.

After all, aperson's financial condition will change with age. By the time we reach the ageof 35 or so, we may already be married and have children. Plus, you have tofinance home loans and personal vehicles. With more dependents, our financesbecome very limited.

On the otherhand, the need for insurance is getting more urgent as the retirement age isgetting closer. That's the reason why you have to have life insurance, onceagain, buying insurance when you are young while you can still be TikTok is theright choice as well as a wise one.

 

What kindof insurance for millennials is right now?

Actually,this depends on how much protection millennials want to get from the insurance.This is because this is related to the amount of premiums that millennials willhave to pay later.

However,what's interesting is that many millennials today want to use their youth tobecome entrepreneurs and learn to invest. If at this time they have not daredto start mutual funds, they can still buy products that combine insurance andinvestment which of course can provide them with money.

One of therecommended products is MiSmart Insurance Solution (MiSSION) which was recentlylaunched by Manulife Indonesia. This product is suitable for millennials whoare starting to have insurance for the first time because it combinesprotection, and investment as well as the option to add health insurance forthe convenience of millennial life.

As insurancefor millennials, MiSSION provides affordable premiums with the insurancebenefits needed to realize the millennial life mission. Just imagine, just bypaying premiums starting from IDR 4 million per year, millennials can getinvestment benefits from the premiums they pay. Plus, MiSSION provides a totalloyalty benefit of 750%, as well as lifelong protection with optimal AssuredMoney.

Again, thereare many considerations in buying insurance for millennials. One of them isage. The sooner you buy insurance, the more benefits you get. Remember, we maynot be able to predict the future, but we can start preparing for everythingthat happens in the future.

So, don't beconfused when you have to answer the question "When are you gettingmarried?" The important thing is, whenever that special day comes, youngIndonesians are ready to be physically and mentally ready because they havebeen equipped with MiSSION, insurance for millennials. Agree?