Benefits of Being Insured at a Young Age
Posted At January 2nd, 2019
It is always fun to start early in all good and beneficial things. Make this into a mindset within our young hearts, so we can do positive things right away, including obtaining a life insurance. Obviously having a life insurance at a young age offers you many benefits.
Life Insurance in Your 20s
The right time for you to get insured at a young age is when you start working and have your own income. Here are some benefits of having life insurance in your 20s.
- Your relatively prime physical and health condition at young age.
- Lower premium due to the young age factor.
- You do not need medical check up.
- Longer insurance term.
- You have less financial responsibilities without a family of your own, thus enabling you to allocate your income for life insurance premium.
- You can save or invest sooner on your life insurance policy in order to get a bigger return from that saving or investment in the future
The following table shows the advantages of getting a life insurance sooner.
There are absolute actual benefits for you who get yourself insured at a young age; lower annual premium and total amount of premium paid during the insurance term, and larger amount of the sum insured.
Health Insurance in Your 20s
Just like the case of life insurance, having health insurance at a young age is better for you. Here are some benefits of having a health insurance in your 20s.
- Your relatively prime physical and health condition and less chance of having any medical history.
- Lower premium due to the younger age factor and relatively good health.
- Medical check is not really required for the age category of 20s.
- The waiting period for certain conditions can be skipped.
- You can enjoy the no claim bonus feature because you probably would not need to file any claim in the near future.
- The insurance coverage can be extended later on to cover your spouse and children.
The Sooner the Better
When you are young, insurance is probably nowhere in your life priority list. However, if you keep delaying the decision to get insured, the benefits mentioned above will simultaneously decrease.
Getting insured at a young age surely provides a better insurance coverage and benefits.
So, the sooner the better. Start getting yourself insured.
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