Under 30? Here are 5 Reasons Why You Need Life Insurance

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?

Nope.  

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!

Just like a Lannister, you need to pay your debts. Image Credit: Dailymail UK

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.

wheelie
Just ensure that you have life insurance if you wanna try this. Image Credit: Gettyimages

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.

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

The Ultimate Travellers Checklist: For Hot Climates

UPDATE: The post you’re looking for has moved, you can read it here. Otherwise, if you plan to go somewhere colder instead, have a look at our checklist for cold weather

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How travelling makes you a better person

Updated: The blog post you are looking for has moved. You can find its new home here

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Hands Free is not Risk Free

Question: Do you use a mobile phone or hands free headset while driving?

Be honest.

Stunning news

A new study sponsored by the American Automobile Association (AAA) found that drivers who use voice activated and hands free features to send texts, make phone calls, change radio stations or post on social media had a slower reaction time and higher level of distraction than those drivers who did not. This is a massive blow as it confirms what most people think: hands free is not risk free.

The mind can’t multitask

Although voice activated systems and hands free devices were designed to allow drivers to keep their hands on the steering wheel and eyes on the road, our brains cant multitask. According to the study, the area of the brain which processes moving images falls by 30% when talking on the phone. This means that drivers are more focused on the phone and a lot less on their surroundings, which can lead to more accidents.

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Image Credit: The Telegraph UK

Meanwhile… in Sri Lanka

Lets be honest: we’re at fault too. Whether it is to make a quick phone call home, texting the better half during rush hour, calling the kids so you can pick them up from tuition, ringing ahead to book a takeaway or even taking a picture of some hilarious Tuk Tuk Wisdom to upload onto Facebook. Its illegal and can cost you a major fine, or worse. The point is,  just because you have ways to multitask while driving, it doesn’t mean you should.

What do you think?

Do you feel that mobile phones/hands free headsets are a big reason for road accidents? Let us know in the comments!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.


Source: AAA Foundation for Traffic Safety: Measuring Cognitive Distraction-Part II

Get a Motor Insurance Quote via SMS in 3 Steps

Motor Insurance.

This is usually the first thought by any vehicle owner. If you are a parent, this would be the first thing you would mention to your son/daughter who decides to get a car: ‘Make sure you have motor insurance!’. That being said, some of us have no idea about the cost of motor insurance. If this is you, and  you want a more convenient method to get a quote, we have one! You can get a quote from HNB General Insurance via SMS in 3 steps:

 Step 1: Text MQR to 072 020 0200 (Standard SMS Charges Apply)

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Step 2: Select from the options provided

As you can see, its a lot of information.

First Photo-pick your Vehicle type, usage and value

It doesn’t stop there. Here is the second part of the message:

photo 2Step 3: Text us for your premium

Thankfully, the SMS prompts give you an example on how you should respond. Lets say you have a car (1-vehicle type), which you intend to use for yourself (A-private usage), plan to purchase MotorGuard (M-product) and have your car valued at Rs. 2,000,000/-, send your text in the following manner (see below), and the premium will follow.

ONE more

And there you have it! An obligation free motor insurance quote directly to your mobile in 3 simple steps.

Found this useful? Subscribe to our blog for more helpful tips and tricks!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.