If you are a young professional, then the last thing that’s probably on your mind is insurance. You might be more excited about how you can advance in your career, how you can tick-off those destinations from your bucket list and when you are going to be starting the family of your dreams. Why would you think of insurance when you are this healthy and young?
Well, it turns out that the best time to think about insurance is when you are‘healthy and young’. The reason is- when you buy insurance at an early age, you can lock in low premiums, as with age, premiums-get higher.
Moreover, for young professionals, insurance is one of the best and most cost-effective ways to provide your-loved ones with the kind of financial security they deserve.
Subsequent sections cover the four insurance policies that all young professionals must have:
Your good health allows you to work hard, earn more and enjoy life.But, whether you are young or old, single or married, the truth is that medical emergencies can strike anyone, anytime. Further, medical bills can be incredibly high these days, therefore, shielding yourself against such-hefty bills is likely to be a good idea.
If you were to meet an untoward underdevelopment a serious illness without being insured, you might find yourself in debt or unable to receive the desired treatment. Health insurance will help you overcome such situations by taking care of the hospitalizations. Even if a good idea to at least have a health plan that covers major medical ailments, just in case an untoward event befalls you are in good health, it is always you.
Term insurance is more significant if you are married and have children, but even singles can benefit from having this insurance. If you are married with a family, it can replace your lost income, help to pay any outstanding debts or pay for your children’s higher education in your absence. If you are single, term insurance could take care of your dependent parents and pay off any debts you leave behind.
This insurance is beneficial, especially if you are young because when bought at an early age, insurers like Future Generali offer a very low premium, more so if you are a non-smoker or a woman.
Another benefit is, as you keep progressing in your profession, your savings keep increasing, but your insurance outgo (premium) remains the same. So, young professionals should make it a point to insure themselves with the best term insurance plan at the earliest.
Personal Accident Insurance
While most individuals have an overall understanding of health insurance and term Insurance, they have little knowledge when it comes to Personal Accident Insurance.Health insurance acts as a cushion against the financial burden in the event of hospitalization term insurance covers the risk of death. Then what is a ‘Personal Accident Insurance’for?
The personal accident insurance offers compensation for any kind of accidental injury and permanent or temporary disability caused due to an accident. This insurance also compensates the nominees in case of accidental death by paying a substantial lump sum amount.
Though this insurance is vital for everyone; it is even more relevant for individuals living in urban areas who travel to the office every day, for months and years. In such lifestyle, chances of meeting an accident are higher, despite all possible precautions.Therefore, personal accident insurance becomes as important as a tremor health insurance.
Critical Illness Insurance
For many individuals, especially, those who are healthy and young, the idea of experiencing a critical illness like heart attack, cancer, or stroke can seem distant.But nearly everyone today knows someone who has experienced a critical illness. Over 14.5 lakh people in India are living with cancer,and it’s also worth noting that over 7 lakh new cases are being registered every year. Further, the alarming sign is that most cancer-related deaths occur between the age group of 30 to 69 years.
Thanks to medical advancements, more people are expected to survive critical illnesses, including cancer. That’s great, but your finances might be severely affected if a critical illness prevents you from working for an extended period. Additionally, it would also impact those closest to you, if they are ever required to give up the things they love due to financial constraints.
Critical illness insurance can help you prepare for what’s ahead and allow you and your family to maintain your current lifestyle during the recovery phase. In case of diagnosis, the lump surmountable as a lifesavers it saves a tremendous amount of money for you and your loved ones.
Shop for Insurance Carefully
These days insurance plans boast many different features and benefits and come in a variety of shapes and sizes. So, research and understand the coverage and the costs involved. Most importantly, ensure that the insurance plans you purchase are adequate for your need sand future goals.