Entering the workforce for the first time can be stressful. You are responsible for supporting yourself and for setting your own goals.
What types of risks do you face?
Youth is a form of wealth. You may not worry too much about your health at this stage, but you should consider how to safeguard your long-term financial security when you assess your insurance needs. In the event of an unexpected serious illness or disability from an accident, will you be able to handle your medical and daily expenses in the future?
If your parents have retired or are about to retire, you may be the breadwinner of your family. Consider how to secure your parents’ financial needs if you have a critical illness or accidental death. In general, the younger you are when you take out a life insurance policy, the lower premium level will be. When you are young, long-term coverage will cost less, as your mortality ratio is relatively lower.
What are your life plans?
Being young, healthy and financially savvy are not excuses for not considering insurance much at this stage. If you have plans for your future, when figuring out the impact of these plans, you should make hay while the sun shines.
Relevant types of insurance
Protection Needs Assessment
If you want to understand the impact of different life events on your current and future insurance needs and envisage the stage at which you will face the largest mortality protection gap, you may use the assessment tool on this website to obtain an analytical report.
Protection Needs Assessment
