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What's the Right Age to Get Insurance?

What's the Right Age to Get Insurance? - Life insurance - Health 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. Many would rather use their money to buy luxury goods or for foreign travel.

But planning for retirement, setting aside for health care or even getting a life insurance is, oftentimes, should be part of that list.

At Manulife, we always want to encourage people to take a step back and see the bigger picture. That means making a sound financial plan that will help you 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

You have more time - Life insurance - Health insurance

When you start out young, you can spread out the payments of 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

You can adjust - Life insurance - Health insurance

Should anything happen that will affect you or your financial priorities, you have time to review your policy and make necessary changes. This could include reassigning a beneficiary or adding new benefits, especially those that are healthcare-related.  Being able to make these changes are among the luxuries of starting early.

3. You can aim for higher goals

You can aim for higher goals - Life insurance - Health insurance

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

You can secure others too - Life insurance - Health insurance

As you grow older and have your own family, your priorities will definitely change. You can shift your focus to secure the future of the people around you by investing in plans that help meet your other needs. These include saving 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 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.

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