5 Reasons Why It’s Best To Get Insurance Before You Turn 35
The sound of the word ‘insurance’ alone is enough to make most young people cringe. It sounds like a tedious process with a lot of paperwork and money involved. Aside from that, young adults who have just graduated from college often have other things to worry about. They need to get a well-paying job, buy a car, buy a house, invest in the latest smartphone – and the list goes on.
Young people are often in good shape and are less prone to sickness, which is why it’s also easier for them to put the word ‘health insurance’ at the back of their mind. More often than not, they also have their parents supporting them and providing emergency funds, so it does not occur to them that they need to get a health insurance for themselves.
Some might perceive insurance as an unnecessary expenditure that just takes money away from you. Others feel that they don’t need insurance until a later stage in life. To top it all off, it’s not compulsory for Malaysians to get health insurance. In the United States, for example, it is compulsory for all citizens and legal residents to have at least a basic health insurance plan.
One day, when you’re being rushed to the hospital in an ambulance, the last thing you want to worry about is where and how to fork out hundreds of thousands in cold, hard, cash. Accidents and tragedies can strike at any moment in life, especially when you least expect it, which is why it’s important to get insured as early on as possible. Plus, research also shows that Malaysia is going through a double-digit healthcare inflation, which means medical bills will cost you a bomb.
Here are a few reasons why it’s best to get medical insurance as early as possible, ideally before the age of 35:
1. It’s way cheaper to start early
Insurance plans and packages vary according to your age. Essentially, the younger you are, the better the deal you get, which means a better premium at a cheaper price.
That means you will be saving a lot of money investing in an insurance plan at 24 as opposed to 34.
Since getting insurance earlier also means it’s cheaper, it’s better financial planning on your end, and you’re guaranteed to get value for your money.
2. Don’t let the waiting period affect when you can claim
This is another crucial reason why you should get your health or medical insurance as early as possible. No matter what, a waiting period applies to every entry age. A waiting period refers to the period of time stated in your policy which must pass before some or all of your health/medical coverage can begin. Which is why the earlier you sign up, the better, because then you will have passed the waiting period and can qualify for immediate benefits in case of any emergencies.
Some policies’ waiting period is 90 days – which isn’t so bad – others can go up to two years, and that’s not something you want to put yourself through.
Let’s just say that you’ve just been diagnosed with first stage cancer. You’re still trying to reel in from the shock and trauma. The doctor is bombarding you with all kinds of information and treatment options. You realise that your treatment is going to be expensive. That’s unfortunate enough, but much worse than that, you realise that you cannot claim your medical insurance to bear the hefty cost because you only recently signed up so you’re still under the waiting period.
3. You qualify for a more comprehensive coverage
When investing in insurance, we all want the best and cheapest plan for ourselves. You want to be insured and covered, and yet you don’t want it to take a huge chunk of cash taken out of your paycheck. You also want a flexible plan that changes according to your needs and other circumstances in life. You have your own list of criteria that you want your medical insurance to match.
The younger and healthier you are, the higher the number of options you have, and you get to be as picky as you want about your medical plans. The older you get, you become more susceptible to illnesses – so the fewer your options and you have to eventually settle for a plan that the insurance company can offer you. Insurance rates get higher as you get older and develop health conditions – so don’t wait!
4. Get early protection from lifestyle-related illnesses
Our lifestyles are constantly changing – it’s not the same as it was about 20 to 30 years ago. Most working professionals today resort to a more sedentary lifestyle, which has increased the likelihood of people suffering from hypertension, obesity, and more. The younger generation also lead lifestyles today where they consume plenty of junk food and fast food, as well as increased exposure to pollution. These can all lead to lung cancer, clogged arteries, heart attacks, and etc.
On the surface, it doesn’t seem like a big deal. Everyone eats junk food right? Everyone is exposed to carbon monoxide every now and then, right? True, but everyone’s bodies are built differently with different strengths to fight illnesses. When you’re young, you feel invincible and can quickly recover when you fall ill. As you get older, your body doesn’t have the same recovering speed. You never know when your immune system will crumble, so it’s best to get insured as early as you can.
5. Get rewarded via no claim bonus
Most insurances – including car insurance, if you noticed – offer no claims bonus for their customers. Basically, no claims bonus is a reward offered to you by the insurance company for not making any claim during a given period of time.
So if you’ve been paying XX amount of money and haven’t made any claims in say, five years, you will be entitled for no-claim cash rebate. Some companies also offer special rewards and benefits if you make no claims for a certain amount of time – so that’s why the earlier you start, the better!
Assuming you’re already convinced that getting health or medical insurance before you hit 35 is a wise choice to make, what’s the next step? Where do you go from here?
Choose the right insurance provider
Choosing the right insurance provider is vital. You want an insurance provider that listens and understands your needs.
Furthermore, you need to ensure that the plan gives you value for money, provides a comprehensive coverage, but at the same time is flexible and tailored according to your needs. You don’t just want a template plan that everyone else has.
Picking the right insurance provider can also save you a tonne of unnecessary stress and frustration when you’re in dire need of cash to foot medical bills. You want to process to be hassle-free and as seamless as possible.
Get a flexible, tailored plan for your individual needs
Prudential’s PRUmy medical plus can cater to all that and more. It is designed to give you long-term coverage while meeting all your protection needs. The best thing about PRUmy medical plus is that you have the flexibility to choose a medical plan that best suits you.
Whether you want a basic plan that rewards you for staying healthy, or you want a high medical coverage that protects you from the rising medical costs or any unexpected turn of events; PRUmy medical plus can provide you with the solution that you need.
In addition to basic coverage on death and disability on your plan, you also have the option to add critical illness and accidental coverage with PRUmy medical plus.
Do you want to live worry-free and protect yourself from surprise doctors’ visits and hefty medical bills from an early age? Do you prefer an insurance plan that is tailor-made for you?
If your answer is yes, then check out PRUmy medical plus at Prudential and get your own customised medical plan today!