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Millennial? Here’s Why You Should Have Insurance.

For some people, the word “millennial” conjures up an image of a disconnected and disinterested teen generation unwilling to conform to old ideas and social expectations. Insurance for millennials is hardly something they’d think would be important. But now, millennials are responsible adults mostly already in their thirties, with the raft of responsibilities and concerns that it entails. In the past, popular culture has created a perception of millennials as being lazy, spoiled, unreliable and narcissistic. But how true is that, really? And how does the millennial perception of the world influence choices when it comes to making decisions like insurance coverage? Whether you’re a millennial or not, this article could present you with some truly interesting insights.

What do Millennials Really Want?

Millennials are a generation whose approach to doing things has often been summed up as a mind-set centred around instant gratification. On a certain level, this is understandable. Millennials were born into a fast-changing world featuring dotcom millionaires and levels of socioeconomic inequality rarely seen before. Inevitably, this gave rise to a “why not me?” viewpoint, and a sincere questioning of the traditional belief that unrewarded hard work and austerity were actually virtues. Unfortunately, it also created some less than realistic expectations – and a sense of hostility or resentment when some of those expectations failed to materialise. As we know, life is not always fair, and unexpected setbacks can happen to anybody. Of course, this is where a topic like insurance for millennials enters the conversation. So, what do millennials really want? At the heart of it, they want nothing more than fairness and transparency in times that are all too often exploitative and deceptive. We live in a new age of political and corporate disinformation, and nobody is more sensitive to that than millennials.

Honest, Simple Business

Millennials are the first truly digital generation. And the digital landscape is where they socialise, shop – and make their most important decisions. Take a look at social media groups related to insurance or financial management, and you’ll find many of them tend to reflect user experiences that are not very flattering to the financial services industry. In fact, online consensus plays a powerful role in the way millennials make purchasing decisions. Here are some of the most common complaints found in groups like these:
  • An insurance provider (or other financial institution) introduces periodic changes, that although perfectly legitimate, weren’t clearly outlined from the start – creating the impression of deceptive business practice.
  • A claim is denied due to an exclusion that seemingly wasn’t properly explained or communicated to the client upfront.
  • The perceived negative value of paying premiums for years, only to encounter persistent obstacles or refusals when the time comes make a claim.
  • The mountain of administration involved in either taking out insurance or in lodging a claim.
So, in a nutshell, millennials want three things from a financial services provider: clear communication, consistency, and simplicity.

Millennials and the Digital Brain

Millennials are sometimes characterised as having an instinctive resistance to long-term planning. That’s because for many people, their formative experiences were focused on seeking opportunities that were both tangible and pleasurable. In the current era of social media, where the brain is rewarded with rushes of dopamine on a minute-by-minute basis, the prospect of deferring gratification is downright unattractive – especially when you’re not even sure there will be a benefit at the end. It’s not just a millennial thing, either. A vast number of people in South Africa regard insurance not as a necessity, but an option on which they’re willing to gamble. Whether it’s life cover, short term insurance, or health insurance, South Africans are generally underinsured or not insured at all. In fact, only 1 out of 10 South Africans has any form of life insurance. The solution? Helping consumers better understand their options, and choosing the right financial services provider.

Insurance for Millennials? Now is the Best Time to Start.

Many people live comfortably without any form of insurance – until something happens. Then, it becomes all too clear that the cost of insurance is negligible compared to the cost of not having insurance. We understand that you may have very specific expectations and requirements. We also understand the changing social landscape and the need to tailor financial services to each individual. Perhaps you don’t own a home but prefer to rent. In that case, short term insurance covering your home’s contents is really important. You may or may not own a vehicle. And regardless of your lifestyle, it makes sense to have a level of medical coverage that provides for adequate treatment should the unexpected occur. But more than anything else, life financial planning should be a truly important cornerstone of your longer-term life strategy. Because, in a very real sense, taking practical steps toward a better financial future is actually a highly rewarding experience.

You’re in Good Hands – Every Step of the Way

Your current lifestyle probably looks very different to the way it was just ten years ago. At the Pogir Group, we offer specialised financial planning specific to your unique needs and wishes – nothing more, nothing less. And as circumstances evolve – with events like marriage, children, personal advancement, or simply better opportunities to make more money and take advantage of new opportunities – we’re equipped to help you expertly navigate your personal financial trajectory. Our highly qualified financial advisors not only bring decades of experience to the table, but are skilled at helping our clients identify and plan for their specific needs. Like you, we value directness and simplicity, and our approach has always been to build longstanding relationships based on trust and open communication. We understand insurance for millennials – and for everyone else, too.

The Pogir Group: Smart, With Heart

Yes, it’s a slogan – but what does that mean for you? Quite simply, it means we continually seek out better ways to serve our clients, providing the very best financial services with minimum fuss and no clutter. That’s smart. At the same time, we value integrity and fairness, and take a deeply personal approach to understanding and supporting the goals and aspirations of our clients. And that personal touch makes all the difference. Our services include short-term insurance, personal and corporate healthcare solutions, employee benefit programs, life financial planning, and expertly managing the wealth of our valued clients. Financial services – and more. Contact us today to arrange a no-obligation consultation. Pogir. Smart, with heart.