Why you should get insurance before turning 50


July 24, 2015


What is insurance really? Legally, it is defined as a contract whereby for a specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards. In layman’s terms, it is an investment that protects you.

Nowadays, people avoid insurance like the plague, with the misguided notion that it is unnecessary. The reality is, we take risks every day and being insured simply means having a contingency plan. Failing to be insured means that, you are one illness, or one tragedy away from drowning in an ocean of debt.

So why is insurance necessary at a young age?

1. Premiums are cheaper, but benefits are higher

Insurance companies often offer high benefits to a young demographic since it is less likely that someone in their 30’s would be more sick than someone in their 50’s. This is almost always the case when it comes to life insurance.

Health insurance might be a little pricey but the cost of not having yourself properly insured will potentially cost you more. It may seem like an unnecessary expense, but the young mindset should think of it as a growing investment.

2. Work coverage is not enough

You would be lucky if your company offers insurance coverage, as part of your employment. Unfortunately, the coverage is often not enough to alleviate the expenses you may have incurred in the hospital.

It’s painful to have to put your hard earned salary towards hospital bills that you never expected to receive.

3. It’s difficult to be in debt while you’re young

While you’re young, it’s easy to get lost as you’re starting out in the corporate world. You’re figuring out how to slowly balance your expenses, and then you suddenly find yourself paying hospital debt from a sudden illness.

At an early age, you have to understand how important insurance coverage is for someone as young as you; that’s why insurance acts like a cushion against costly bills.

Insurance policies are diverse, they boast of so many benefits and features and they all come at a different price. So while you’re young, shop with caution, be sure to thoroughly read the policies to be certain that you understand the coverage, and the breakdown of the cost. Do not buy insurance for the sake of just having them, it’s all about buying them at the right time, at the right price.


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