Many
young adults unknowingly are jeopardizing their present and future
financial well-being by not paying close enough
attention to the broad range of property and
liability risks they face, according to a new white paper from Chubb
Personal
Insurance. In addition, many young adults who
still live in the family home also are exposing their parents to these
risks.
The white paper, “A Generation at Risk? Young Professionals in the 21st Century,” explains the various exposures faced by more than 50 million Americans who are in their mid-twenties to mid-thirties. It also encourages financial advisers to help these young adults ̶ including some 15 million who earn more than $100,000 per year ̶ protect their assets from theft, damage and litigation.
“Wealth advisers and financial planners have an enormous opportunity to focus on young adults, who make up approximately one-sixth of all Americans,” said Stacey Silipo, director of strategic partnerships at Chubb Personal Insurance and author of the paper. “In fact, advisers who work with independent insurance agents and brokers are in a unique position to conduct comprehensive risk analyses and help young professionals formulate holistic asset protection plans.”
According to the white paper, many young professionals:
* take part in the sharing economy regardless of potential risks;
*do not purchase renters’ insurance if they rent their home;
*are unconcerned about the possibility of identity theft and the potential dangers of using social media;
*fail to obtain sufficient excess liability insurance despite the variety of liability risks they face; and
*don’t procure travel insurance.
“Whether young professionals live on their own or with their parents, they would be well-served by seeking counsel from wealth advisers, financial planners and risk management professionals,” said Silipo. “And advisers who reach out to them through parents and friends and provide customized solutions will earn their trust and business.”
Insure-Digest
The white paper, “A Generation at Risk? Young Professionals in the 21st Century,” explains the various exposures faced by more than 50 million Americans who are in their mid-twenties to mid-thirties. It also encourages financial advisers to help these young adults ̶ including some 15 million who earn more than $100,000 per year ̶ protect their assets from theft, damage and litigation.
“Wealth advisers and financial planners have an enormous opportunity to focus on young adults, who make up approximately one-sixth of all Americans,” said Stacey Silipo, director of strategic partnerships at Chubb Personal Insurance and author of the paper. “In fact, advisers who work with independent insurance agents and brokers are in a unique position to conduct comprehensive risk analyses and help young professionals formulate holistic asset protection plans.”
According to the white paper, many young professionals:
* take part in the sharing economy regardless of potential risks;
*do not purchase renters’ insurance if they rent their home;
*are unconcerned about the possibility of identity theft and the potential dangers of using social media;
*fail to obtain sufficient excess liability insurance despite the variety of liability risks they face; and
*don’t procure travel insurance.
“Whether young professionals live on their own or with their parents, they would be well-served by seeking counsel from wealth advisers, financial planners and risk management professionals,” said Silipo. “And advisers who reach out to them through parents and friends and provide customized solutions will earn their trust and business.”
Insure-Digest
