Should you buy insurance early to lock-in cheaper premiums?

No such thing as too young. Only opportunity cost should you have a better way to gain more.

my rule of thumb is to lock-in premiums before age 30 and pay till 65.

After 30, the premium cost spiral up quite fast.

Also, get sufficient insurance with higher coverage. Any reduction can be done easily. Top up is more difficult due to premiums going higher and insurability.

Hi Alfred,

I think in terms of insurance, age affects the premiums for most of the products, other the personal accident plans.

Insurance is something one gets more for wealth protection or rather protect your ability to get wealth, and to be honest... there isn't really an age where you are considered "too young", and in regards to being an unnecessary premium cost, that depends on whether you consider insurance a necessity or a liability.

1 guideline in regards to how much 1 should spend for insurance would be 10-15% of your income. Of course these are all guidelines, the best would still be to meet up with an agent so that your needs can be understood better and you will be recommended with the correct products that can meet both your needs and your budget.