What's the Right Age to Get Insurance?
Securing one’s future is something that often takes a back seat. For most young people, as soon as they are able to finish a college degree, and find a job, they spend on things they need for now.
As a young person with a bit of security and no debt yet, setting aside a portion of your paycheck for something future-oriented isn’t at the top of your priority list.
You would rather use your money to buy the things you want, or travel and explore different places within and out of the country. Planning for retirement, setting aside for health care or even getting a life insurance is, oftentimes, not part of the list.
At Manulife, we want to encourage young people to take a step back and see the bigger picture –that they can do more when they have a sound financial plan that will help them become financially independent in the future.
That’s why we’ve come up with 4 reasons why you’re never too young to buy an insurance plan:
1. You have more time.
When you start out young, you can spread out the paymentsof your insurance in smaller amounts. And, since you won’t need a huge amount of money soon, you can hold off from withdrawing anything you might have earned from your insurance, like dividends or bonuses.
2. You can adjust.
Should anything happen that will affect you or your financial priorities, you have time to review yourpolicy and make necessary changes like adding or reassigning a beneficiary, or make a loan from your insuranceto settle other financial needs, or add new benefits, especially those that are healthcare-related. Being able to do these changes are among the luxuries of starting early.
3. You can aim for higher goals.
Because you started early, you can set higher goals and, in the long run, achieve more. The more you put in your life insurance, the more you’ll get in the future. So, while you still have the financial freedom, aiming for a higher goal is an option – and one that you certainly won’t regret.
4. You can secure others too.
As you grow older and have your own family, your priorities will definitely change, You can shift your focus in securing the future of the people around you by investing in plans that help meet your other needs like raising funds for your child’s education, or preparing for large purchases like buying your own family home. It’s hard to grasp now, but when there’s more to look after than yourself, you will appreciate the security you’ve worked so hard to achieve.
There’s no better time to start thinking about getting an insurance than now, while you are still young. It’s best to seek expert advice so you can be guided how to achieve your financial goals.