6 April 2020
When it comes to financial responsibility, Myanmar millennials buck the global trend. Most young working millennials under the age of 30 in Myanmar practice sensible spending habits. They prefer to spend on essentials over luxuries. They have the propensity to save; and, perhaps owing to deeply held religious beliefs or filial duties, they often steer clear of bad debt.
With the introduction of more insurance options in Myanmar, many urban millennials are starting to ask questions such as -
“Should I get myself a life insurance?”
“Am I too young to be thinking of insurance?”
“At what age should I start buying one?”
“Which product is right for me?”
So, is it a good idea for people in their 20s to buy insurance? The answer is yes.
Age determines the type of plan that a person is eligible for. The top tip: Buy insurance while you’re young and healthy. It’s simply the smart thing to do to as a person’s age and health condition directly affect how much one has to pay for the product that they find most suitable for them. Those who lock in life plans at affordable rates while they are in their 20s or 30s will realise more benefits, more rewards, and more savings over time.
People in their 20s and early 30s are also best placed to buy insurance as a form of investment. In Myanmar, working millennials reaping the financial windfall from a newly opened economy are often advised to invest in property or in gold and precious gems. But life insurance too is a wise (if not wiser) investment to make. After all it is about securing one’s health, and nothing could be more important.
Peace of mind
Myanmar’s modernizing economy and society is a boon for millennials. Opportunities abound particularly for those living in the cities. Yet taking hold of these opportunities should not mean less fun in life – hey, it’s equally important to have work-life balance and peace of mind! With an insurance, millennials can achieve greater financial security as they seize the day no matter what job or life changes come their way.
In Myanmar, most people in their 20s and 30s start thinking about having their own family. Marriage changes everything including lifestyle, social, economic status so it is important to plan ahead and plan well. Meanwhile, those who choose to remain single, should start making their way to financial independence. And if they do continue to live with parents and siblings, they must consider how theirs and their families’ needs are changing and multiplying as they grow older and to prepare for these.
With over 130 years of track record, Manulife is a trustworthy partner that can help Myanmar millennials navigate the world of insurance. Their trained advisers can help shed light on how insurance works, the different types of coverage, and which insurance products are the best fit. Manulife has a long history in Myanmar, having started operations and selling its first insurance policy in the country in 1903. Since re-entering the market with a representative office in 2014, Manulife has been actively engaging local regulators and insurers, sharing best practices on innovative insurance products and developing a sustainable insurance industry in Myanmar.