I am 23yo, and just newly entered the workforce. Is it okay if I put off buying CI insurance till I am 30/35? I currently do have a ISP. Any advice?

It depends on the risk that you are willing to undertake in exchange for the dollar that you save. Above all, insurance policies are purchased with health and paid with money.

Meanwhile, here are some thoughts that you may consider: 5 Reasons why You need Life Insurance - Critical Illness

For me, I'm uninsurable for the longest time and I can only wish otherwise. In an ironic manner, a healthy person usually feels vice versa.

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Hey

This is a very personal choice but here's my take. Evaluate, even if a guesstimation, the likelihood of CI. You are young, and age is one of many factors. Look at your family members and see if there are illnesses that could be hereditary.

Evaluate also what you could do with the premiums. Would/could you have invested in them to gain a return that might help with self-insuring?

If you so decide to get it, you can always start with a very low amount (hard to imagine any insurer saying no to you if you want to increase the size). Options that could bundle with CI coverage are term insurance (no end value) or whole life (have value at end, but more premiums to be paid).

Hi Anon,

I think most of us have spoken and that even though you are young and have a lower probability of getting CI. It is definitely a good idea to have a some form of CI coverage now. If you are concerned about the affordability, you can consider getting a term insurance with CI coverage first, before looking at getting a whole life with CI coverage.

Premiums are subjected to age and health, so insurance is one of those things that though you are paying with cash. You are actually paying with your health and youth, so this might be something you want to consider.

Hi anon,

As someone who has a friend who died from a recurrent brain cancer at age 33 (he was in his 20s when it was first diagnosed), I will say this: don't delay.

You have one very important thing on your side right now, which is health.

No amount of money in the world will get you a policy to cover you if the insurer deems you uninsurable.

Insurance is about the protection. Yes, the risk is low that something happens to you when you are 23yo, but low risk is not the same as no risk.

The insurer has expected numbers in terms of how many people, say, out of 100 people all aged 23, contract a critical illness. Maybe that's like, 1 out of 100. And they have priced it into the premiums. The insurer will just collect premiums from the 100 policy holders, and pay out to the one person who happen to contract a CI. If you happen to be that 1 in 100, but you didn't have cover, the financial burden would be all on you.

So I really wouldn't recommend waiting too long.