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Young and healthy? Four good reasons to take out Insurance

Updated: Dec 18, 2018

Thinking about the unexpected isn’t always easy and – especially when you’re young, healthy and dependent-free – the ‘worst case scenario’ may not be on your radar yet. But there are plenty of reasons to consider Insurance at a young age.

If you belong to the Millennial generation or know someone who does, this quick read may help you put a couple of things into perspective.

No one is bulletproof

Sadly, recent research found that certain medical issues are no longer limited to the elderly, and these include strokes, diabetes and bowel cancer (+15 percent among under-55 Kiwis in the last 20 years, according to a University of Otago study).

Being young is usually about experiencing life as it flows, living for the here and now. Of course, this sense of endless opportunity and invincibility is certainly empowering. But keep in mind that, should the unexpected happen, personal Insurance could help you remove the financial stress that you and your loved ones may face.

Protecting your future will never be this cheap again

You are your most important asset, and protecting yourself from the ‘worst case scenario’ may only cost you a few dollars a week. In fact, one of the advantages of taking out Insurance when young and healthy is that premiums are at their lowest. Plus, if you choose level-premium Insurance, you might even be able to lock in that premium rate for life.

Will you be as healthy as you are today, five/ten/twenty years from now?

The lack of pre-existing conditions is another key reason to take out Insurance while you're young and healthy. The longer you wait, the greater the chance you may develop a health problem, which could make Insurance more expensive and more difficult to obtain at standard terms and conditions.

However, this doesn't mean that you won't be able to secure or afford cover later in life. Even if you do have a pre-existing condition, based on your circumstances, the Insurance provider may add a ‘stand-down' period for your condition or cover it by increasing your premiums or exclude it (either temporarily or permanently).

Whatever the outcome might be, fully disclosing any health conditions you may have (or have had in the past) is always important. While they may seem irrelevant or too far removed, by not telling your Insurance provider about them, you could unwittingly put yourself at risk of having a future claim declined.

Do you have any financial commitments?

You may have debt, such as a student loan or a mortgage. And if you suddenly stopped earning an income or worse, these commitments could easily turn into an additional burden for your family or partner. Insurance is designed to prevent that – on the off-chance that something happened to you, money would be one less thing to worry about.

Depending on your personal circumstances, there are different types of cover available. From Income Protection to Life Insurance, from Mortgage Protection, to Health Insurance and Trauma Cover, each offers different benefits, on different terms and conditions. If you’re keen to find which works best for you, please don’t hesitate to get in touch.

An Adviser Disclosure Statement is available free and on request.


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