Insurance Recommendations for Gen Z and Millennials

Financial Protection for Younger Generations

Insurance expert Julian Noor, with nearly 40 years of experience in the insurance industry, has identified three critical insurance types that Gen Z and millennials should consider. These recommendations are based on the unique needs and lifestyle characteristics of younger generations.

1. Personal Accident Insurance

Personal accident insurance is considered essential due to the high mobility of Gen Z and millennials. According to Julian, accidents can happen anywhere, not just on major roads where PT Jasa Raharja coverage applies. This insurance provides financial protection against unexpected accidents, making it a crucial safety net for young, active individuals. The premium for this insurance is relatively affordable, calculated per mil (per thousand) of the insured amount.

2. Health Insurance

Health insurance is another critical recommendation, particularly for those in informal employment or not covered by their employer's health insurance. Julian categorizes individuals into three groups: those with employer-provided health insurance, those covered by BPJS Kesehatan through family membership, and informal workers without any coverage. He emphasizes that the third group should particularly consider either purchasing private health insurance or registering with BPJS Kesehatan. Indonesia's regulations mandate universal health coverage, making health insurance a vital component of financial planning.

3. Vehicle Insurance

Vehicle insurance is highly recommended as many Gen Z and millennials own vehicles. This insurance not only protects against accidents but also covers theft and damage. Julian notes that while some vehicle purchases through financing already include insurance, it's essential for individuals to understand their coverage and consider additional protection if needed.

Conclusion

Julian Noor's recommendations highlight the importance of having the right insurance coverage to protect against life's uncertainties. By prioritizing personal accident, health, and vehicle insurance, Gen Z and millennials can ensure better financial security and peace of mind as they navigate their increasingly complex financial lives.