Why Buy Insurance Young?
We often don’t talk much about insurance, particularly health and life insurance. The reason is simple, nobody likes to think that someday they will die. Though this might sound overtly discomforting, it is a fact and one that you can use to your financial advantage. You see, amidst the death, there lies an opportunity for new birth. Death is often the single most significant influencer of life change. Since death is a certainty why not use it to your financial advantage, we do this through Insurance.
In this article, we will introduce three type of insurance and present three reasons we think you ought to acquire them as soon as you are financially able. Insurance comes in different packages, each covering a different form of ailment of circumstance. Some of these include:
Critical Illness Coverage
– which covers such things as, Cancer, Heart Attacks, Stroke, Paralysis, Major Burns, Blindness, Deafness, Loss of Speech and Coma.
– which covers any accident wherein the insured person is a fare paying passenger on a public transportation, work related incidents, or other incidents where evidence is if the incident resulting in injury was accidental in nature.
General Health Insurance
– which covers medical procedures (such as X-Rays, CT Scans, Mammograms, etc, surgeries and medication.
– which pays a lump sum to the beneficiary of the life insured upon death, if death is the result of a circumstance covered under the insurance policy.
We propose that persons should buy insurance while they are young for the following reasons:
The younger you are when you get insurance, the lesser the premium will be. This is primarily because younger people are typically healthier and have a higher mortality rate.
Long Term Savings
One alternative view of Insurance that we at BestYouPRO International have adopted is that of a glorified long term savings plan. This means, it allows you to put money aside every month but more importantly, the money serves three purposes:
- Should you fall victim to an unfortunate circumstance, then you are covered to the tune of whatever basic sum was agreed upon in the insurance policy.
- If nothing happens to you over the term of the insurance policy, the insurance company will, in most cases refund you 100% of the premiums paid over the term of the policy as one lump sum payment.
- If you are to take out a mortgage, some institutions will consider the fact that you have an existing insurance policy thereby decreasing your monthly payment on the mortgage.
Generational Wealth Creation
In many cases, people die leaving their family with nothing but expenses, those relating to the funeral and debt. Having a life insurance policy at a young age, one that you keep throughout the term of your life, ensures that your family will have financial peace of mind upon your passing. Furthermore, if you decided throughout your lifetime to increase the coverage amount every five years, for example, you may leave your family with enough money to build the foundation of a solid financial legacy.
Peace of Mind
Perhaps the greatest benefit of buying insurance young is peace of mind. In the same way that you cannot insure a home or a car after it has been destroyed, you cannot buy insurance at the exact point that you need it. Buying a policy in your youth grants you the peace of mind of knowing that you and your family are covered if anything should happen to you.
The Bottom Line
Life and health insurance are just as, if not more, important than insurance for a home or a car, yet so many people neglect this aspect of their financials. Here, we present four reasons why you may want to consider buying insurance while you are young. If you are perhaps a bit older then you may want to make today the day of change since you might have lost the advantage of youth. For your convenience, we repeat the advantages here:
- Cheaper Premiums
- Long Term Savings
- Generational Wealth Creation
- Peace of Mind.
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