Wednesday, May 9, 2012

Buying insurance: Start early, don’t procrastinate

YOUNG adults should consider buying insurance early in the light of the recent discussion on pre-existing conditions. Serious illnesses can strike at any time, leading to hefty medical bills and the likelihood of not being able to work for a significant period.
 
What's more, buying insurance as a young adult is generally affordable, with monthly premiums costing as little as what one would spend on a night out with friends.
 
Some can even be paid using Medisave, thereby saving a person from forking out cash. Medical conditions and risk factors typically increase with age, resulting in decreased insurability.
 
Many Singaporeans do not know how secondary health care is provided and paid for, and perceive insurance agents as people who are out to fleece their clients by selling expensive policies they do not need.
 
Many young people often overlook the long-term implications of being uninsurable when they grow older.
 
Conversely, purchasing hospitalisation insurance when one is young gives peace of mind for the long term, as many policies guarantee renewal even if illness strikes subsequently.
 
While the old may already be uninsurable, young adults have no excuse not to insure themselves and their future.
 
 

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