What's A Decent Age To Start Getting Insurance For Yourself?

Well, bad things can suddenly happen to anyone regardless of age, so it's good to always lock in a good coverage as early as possible. Why wait until you start working? If it's due to affordability, you can get a term policy that will cost you less than $50 a month.

Hello Jovan,

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Yes indeed insurance coverage is important, but your insurance needs depend on your lifestyle and circumstances.

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I'll provide a summarised explanation

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𝙈𝙚𝙙𝙞𝙘𝙖𝙡 𝙄𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙞𝙨 𝙖 𝙢𝙪𝙨𝙩

The most basic need that anyone should have at any point in time is medical coverage. You wouldn't want to be in debt just because of being hospitalised for something unexpected.

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𝙏𝙝𝙚 𝙧𝙚𝙨𝙩? 𝘿𝙚𝙥𝙚𝙣𝙙𝙨

• Term Plan / Whole Life Plan

is suitable for someone who has dependents, such as Kids/parents/siblings that depend on current or future salary? if yes having an Insurance Term Plan / Whole Life plan will help provide them $$ cash in the event of death or critical illness (touch wood)

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• Investments Linked Insurance Plan

Is suitable if you want to invest and grow your money but don't know how? You have no interest in learning and wouldn't mind getting someone to help you invest for a fee.

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• Endowment Plan / Savings Plan

Is suitable if you want to save up for retirement or for certain expenditures and have the funds grow with some form of interest.

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Usually, financial advisors will look at your profile and provide a plan for you. In addition to these product categories, there are riders (features) that can enhance your protection. It'll also be good to do some read up or consult others here in the forum to make sure that you're not oversold on products you don't need.

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*I help individuals in wealth accumulation, wealth protection, and retirement planning, contact me at https://linktr.ee/LouisLuiyuze if you need help with your finances.