Do You Need To Buy Insurance When You Are Young?

Written by iMoney Editorial

When you are just starting out on your journey as an adult, getting insurance coverage may be the last thing on your mind.

Getting your career started, clearing your student loans or maybe, just planning your next travel adventure are more likely to appear on your list when you are young and single.

But life is unpredictable and this uncertainty affects even the young and single. When things don’t go the way they want, it can affect their finances and their path towards realising their dream.

Everyone needs to be adequately insured, regardless of which life stage they are in or what their needs are – including single individuals like fresh graduates and young working adults.

Why buy insurance when you are young

In fact, the younger you are when you get your insurance, the higher are your chances of securing a lower premium. With auto-renewal for most insurance policies nowadays, the earlier you get your medical and life insurance, when you are young and healthy, the better off you are.

When you are young and single, you will have less financial commitments so it’s the best time to use your money to invest in yourself, by getting adequate insurance coverage to protect your life, health and finances.

Older people and those who are not in the best of health pay steeper rates for insurance, and some are even rejected by the insurance companies due to previous health history.

Getting the right insurance coverage as a young adult will provide you with a safety net against challenges that could potentially wipe out your savings and derail your plans.

With proper insurance planning and coverage, you can kick start your dreams with peace of mind while victoriously achieving them.

This article was first published in 2015 and has been updated for freshness, accuracy and comprehensiveness.