INSURANCE AND YOUTH

by Alex Musk

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 you might suspect.

The insurance that only 1 out of every 23 young people takes out 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 buy life insurance: one in 23. We’ll 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 under that age.

Likewise, young people are one of every ten 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 who ride on a two-wheeler. But if you stand on the side of a highway to watch trucks go by, you’ll have to count to fifty before you see a trucker under 35 behind the wheel. Young people constitute, yes, 10% of drivers of cars, the majority of the vehicle. But they do not usually drive vans (they drive 4%), tractors (3%), or industrial machinery (3%).

That said, is there insurance for young people? Of course, there is insurance for young people. That is insurance underwritten by them very frequently. We are talking about insurance such as travel assistance. Because young people like to move, and not a few of them have learned that, for little money, assistance insurance provides peace of mind wherever they are. Come in a suitcase or a backpack. However, there are insurances to discover, such as life insurance.

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

Life insurance is an unknown that can guarantee your future

Yes: life insurance. Young people soon learn to ensure what matters to them: their mobile, their vehicle, their getaways, their belongings… But they can also think about what really matters most to them, which is themselves. Life-savings insurance exists to allow the progressive accumulation of assets that we can use in the future. There are many futures, and in many of them, having resources is not a bad idea. In the first place, a young person can understand that, as far away in time as his retirement is, which he is, that is an advantage: letting savings work longer is equivalent to having more money in the end. Starting early, then, is starting better.

But it is that, in addition, as we say, there are many futures. There are times 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 systematically saving for that moment, from the moment it is known or suspected that it will be presented, is a very, very good idea. Life insurance is a very suitable way to address those needs.

Presence of young people in the different categories of SoClean insurance

They are 1 out of every 23 life insured.

They are 1 out of every four death insured.

They are 4 out of 10 health insured.

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