But for most of these young millennials, their prized possessions including vehicles or iPhones, have some kind of insurance policy in place should they get stolen or damaged. Some lucky members of the twenties club may also already own their own homes or be looking to soon, meaning insurance comes as part and parcel of the purchase.
So why is it that they’re putting so much value on cars and houses, but not on themselves?
I think we would all agree that our lives are worth much more intrinsically than an inanimate object such as a phone or some jewellery, so why is health insurance such a foreign concept to millennials?
If you’re young, I suppose there isn’t much thought given to your health and what would happen if you became too sick to work because, for most of this demographic, this isn’t likely to happen. You’re young, you’re healthy, you’re fine – right?
It may seem counter-intuitive, but health insurance is both easier and more affordable in the long run if you apply early. When you’re at the peak of your health, the insurance premiums are lower as you’re deemed less of a risk. If you leave it too late, you might have developed pre-existing conditions or could run into problems with an age ceiling, making your premiums higher and the process of getting insurance that much trickier.
If cost is a deciding factor, applying early really is the most affordable way. For example, health insurance for a 28-year-old is in the ballpark of $2.50 a day* – that’s cheaper than your daily cup of café coffee. When you put it in such perspective, safeguarding your future and your health seems like a no-brainer.
If you apply when you’re young, you can also be eligible for level premiums. These premiums don’t increase with age and, although they may be more expensive initially, you’ll thank your lucky stars later as the payments will be much more affordable than if you were to purchase life insurance later down the track.
Your twenties are likely to be the ‘freedom’ years where you don’t necessarily have the extra responsibilities of a mortgage or children, but it’s a vital stage of life to start thinking about your future.
When you do buy a house or choose to reproduce, if something were to happen to your health that stopped you from working or significantly impacted your quality of life, wouldn’t you like to rest assured that you had it covered?
And things like mortgages and credit card debts don’t just disappear if you can no longer work, or, God forbid, you die. These obligations will likely be passed on to your spouse or next of kin, and they may not have the ability to keep up with payments. This is where health and life insurance really are the proverbial life-savers.
So, if you’re in your twenties and think that health or life insurance isn’t something you need right now, have another think, because now really is the perfect time to get it sorted.
And if you know someone in their twenties who could do with this advice, pass it on! Because, as we say, it’s better to have insurance and not need it, than to need it and not have it.
*Data is based on a policy for a 28-year-old, non-smoking female and is subject to change.
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