subject: Must-have insurance policies for young professionals [print this page] Must-have insurance policies for young professionals
Insurance is an important consideration at all stages of your life and career, so you shouldn't feel there's no need to be insured just because you're young. In fact, young people can enjoy the lowest rates on many types of insurance policy due to their perceived lower risk by insurers - making protecting your assets and financial future even cheaper.
While some types of insurance judge younger people to be at a higher risk of making claims, most notably car insurance which typically demands the highest premiums for young male drivers, insurance that concerns health and wellbeing will usually offer much more favourable rates for policyholders who are young, fit and healthy.
Health insurance should be a priority of all young professionals, whether this is covered by your employer or something you will have to seek out independently, as you need to know your finances will be secure if you are unable to work for an extended period, due to illness or injury. Many types of health insurance will cover you against all the costs of everyday health concerns, such as dental and ophthalmic work, and you can even find policies that extend to alternative treatments, such as acupuncture and homoeopathy.
Life cover is another type of insurance that many young people fail to take out, perhaps due to the belief that this is something to be handled later in life. However, by making payments towards your life insurance fund at an early age, you could receive substantial discounts compared to policyholders who open accounts in their 40s and 50s. It's never too early to start planning for your future, especially as you never know what's around the corner, and life insurance is the best way to ensure the financial security of your family if you're no longer around.
If you're taking your first steps on the property ladder, home insurance should be considered an essential part of the process, to protect your home against all types of damage. There are two distinct types of home insurance - namely buildings insurance and contents insurance - and both are essential to give you peace of mind when heading off to work and knowing that your valuables will be protected against theft and damage. Your home is likely to be one of the biggest investments you ever make, and if you're uninsured you could run the risk of bankruptcy if you are unable to recoup your losses.
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