Ahh youth.. Its time of life in which you have so many options and the world is your oyster. For most young people, they feel invincible. Besides, life insurance is only for older folks right?
You like your odds: only a handful of adults will have their lives shattered in an instant. However, are you willing to bet that it wont be you? What could happen to you if are diagnosed with a serious illness or disability? How will you be able to pay for your medical costs, your transport or even your daily expenses? Here are 5 ways to protect yourself via life insurance:
1) Lower Premiums
As mentioned earlier, being young is the ideal time to get health insurance; you are seen as low risk and thus, become more likely to pay a lower premium. Fixing the premium early means it wont change as you get older. As time goes on, your income will rise as you advance in your career, meaning that the premium is a much smaller expense than before. Fixing a lower premium now ensures your payments will be cheaper in the long run-meaning more money for you!
2) Cover debts
If you are like many of the youth in Sri Lanka, chances are you may have some form of debt: this may be in the form of an educational loan, a vehicle loan or credit card debt. Should something happen to you, the debts are not written off. Surely, the last thing you want to do is to leave your family with a large financial burden? Didn’t think so. Life insurance provides you with a lump sum in the event of death/critical illness. This will cover your expenses, and leave a little extra for your family if you are lucky!
3) Protection for life
If there is one good reason to buy life insurance when you’re in the peak of your health its this: you may not always be that way.
Although you are healthy today, you can get severely injured/fall dangerously ill tomorrow. If your circumstance change, then your eligibility for life insurance changes accordingly. When you are young, there is a better likelihood of acquiring cover without the need for medical tests (unlike when you are older), which is less of a hassle for you. In addition, it provides you peace of mind knowing that you are protected for life.
4) Income protection
If you’re young, there is a good chance that you’re quite bold. You could be a thrill seeker who wants to try out skydiving or other daring activities. On the other hand, you may prefer to hang out with your friends, but you are still susceptible to get injured or sick. Ask yourself right now, “What would happen to my income if I was too sick/injured to work?” You’d have a ton of medical bills and various other expenses to pay. Life insurance comes to the rescue by providing you with a lump sum, or cover a part of your income while you are injured.
5) Flexibility and Support
A lot of individuals feel that when you are ‘locked in’ a life insurance policy, you will be with the same policy for life. This is simply untrue. When you go through milestones such as marriage, your first child or buying a house, your cover can be increased. In fact, depending on the policy, you may be able to withdraw a percentage of your sum assured in order to support yourself financially.
The main point is: being a little more prepared will allow you to enjoy your youth since you know you are covered if something were to happen. Besides, being an adult means that its time for you to shoulder responsibility; purchasing life insurance shows that you are being responsible about your own life.
If you feel like making a smarter choice for your future: book an appointment on our 24/7 hotline 0114-384-384 and ask about My Life, a flexible life insurance plan made for smart youngsters like yourself.
Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.