Whether it\u2019s a student loan, vehicle financing or retail credit accounts, it\u2019s likely you\u2019ve incurred some form of debt in your early 20\u2019s. It\u2019s easy to understand why life or disability insurance may feature at the bottom of your list of priority expenses. However, there are rather compelling reasons to buy risk cover while you\u2019re young, in your prime and insurable.<\/p>\n
There is a common misconception that you don\u2019t need insurance because you\u2019re young and healthy. However, have you considered that getting insurance will be cheaper and easier while you\u2019re young and healthy?<\/p>\n
Insurance premiums are influenced by factors such as your age, gender, the condition of your health and your occupation. If you\u2019re in good health your premiums will be considerably cheaper at the age of 25 than when you\u2019re 35.<\/p>\n
You are also able to add extra benefits to your policy such as guaranteed insurability later in life when you may want to increase your cover as well as premium waiver cover whereby your premiums will be paid by the insurer if you are no longer able to earn an income due to disability, dread disease or retrenchment.<\/p>\n
According to Statistics SA, South Africans in their 20\u2019s have a higher risk of becoming disabled or being killed as a result of a car crash than any other age group. If your parents, or a relative, signed surety for you then they will be exposed to your debt burden should you pass away.<\/p>\n
The first risk cover you should buy in your twenties is disability cover because not only are you at a higher risk of becoming disabled, but you also have the most to lose in terms of potential earnings.<\/p>\n
As Benjamin Franklin said, \u201cBy failing to prepare, you are preparing to fail.\u201d<\/p>\n
Having financial protection already in place will protect you and your family from financial turmoil should you fall victim to a life-changing event such as death or disability.<\/p>\n
Need cover? Let\u2019s get in touch.<\/p>\n","protected":false},"excerpt":{"rendered":"
Whether it\u2019s a student loan, vehicle financing or retail credit accounts, it\u2019s likely you\u2019ve incurred some form of debt in your early 20\u2019s. It\u2019s easy to understand why life or disability insurance may feature at the bottom of your list of priority expenses. However, there are rather compelling reasons to buy risk cover while you\u2019re young, in your prime and insurable. There is a common misconception that you don\u2019t need insurance because you\u2019re young and healthy. […]<\/p>\n","protected":false},"author":1,"featured_media":1620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\n