Why We Need Insurance Policy at Early Age?
Benefits of buying insurance policy at an early age. Buying a top-up policy along with employer’s cover will get additional benefits at an early age. … This is because of the waiting periods which do not allow you to claim immediately after buying the policy. In group policies, there is typically no waiting period.
I‘m constantly amazed at the fact of how many young people I come across that don’t have any life insurance. While they all have there different reasons, the most common reason I hear is that it’s too early to think about life insurance. I couldn’t disagree more.
Most Important Question:
Are you supporting individuals whose livelihood depends on your income? If the answer is yes, it’s time to look at life insurance.
Now, you may be saying: shouldn’t I wait to get a policy? Why should I pay premiums when I have so many other checks to write? Well, the reluctance is understandable: the perception is that life insurance is for old people, and when you’re 30 or 35, chances are you’ve got a long, great life ahead of you. But in financial terms, here is why this can be advantageous.
Healthy is Good
Typically, Americans shop for a life insurance policy in the middle of their life spans – when they are in their forties or fifties. At that time, they may have already fallen into the grip of bad habits (smoking, obesity, heavy drinking) and diabetes, heart disease, cancer or HIV may have entered their health picture. All these conditions can jack up premiums or make it harder to get a policy.