The millennial generation is in that age range where they are now being forced to do very adult things. They may be taking out student loans, buying or renting a place to live, having kids, and of course, buying insurance. For sure these are big life events and they require that young people have a financial security net. And let’s face it, that’s what insurance is.

As important as insurance is, it’s shocking to learn that based on a recent survey by Princeton Survey Research Associates International, millennials are the most underinsured generation.

Let’s face it, there are a lot of reasons why people from any generation don’t buy insurance. For one, people view it as a huge investment, even though it may not be an expensive one. More often than not, it costs less than you’d anticipate. This notion was illustrated by the National Association of Insurance Commissioners who suggest that millennials overestimated the cost of renter’s insurance by more than five times it’s actual cost.

Plus, insurance terminology can be super complicated, and the overall concept can be tough to understand. Not only that but nobody wants to envision being in a car accident or experiencing a break-in or any other type of unexpected negative life events. However, these things do occur and you want to be prepared.

Below are five suggestions for when you do buy insurance:

1. Search Intelligently – The goal is to land on suitable insurance. Granted, price is a factor but first you want to land on the type of coverage you need first. From there you can work the coverage into a price range you feel good about. Don’t just choose insurance with the lowest price, you’ll regret it when you have an incident.
2. Search for Discounts – Once you’ve figured out your coverage needs, locate ways to save. Inquire with the agent about possible discounts. Lots of these can be tied up in the concept of bundling.
3. Don’t leave any holes – A typical policy will just cover the basics. Add extra coverage to insure all of your specific needs are taken care of.
4. Consider life insurance – When you’re young is the best time to buy because you’re young and healthy. This makes the coverage cheaper.
5. Discuss with an independent agent – This is vital to choosing the right coverage. This person works with multiple companies so you can guarantee you’re getting the best coverage for the best price. Independent agents tend to be more thorough and help you find the best policy while talking you through all of it.

Just because you’re a millennial doesn’t mean you don’t need insurance. Like anyone, it’s absolutely vital to have this peace of mind in all areas of your life. The above tips will definitely simplify the process and make it seem less daunting.