Tuesday, April 5, 2016

Insurance: Why you should get in while you're young.

Among the concerns of life, insurance tends to only come onto our radar when we enter the middle stages of our life. In our middle age, our career is bedded down, perhaps a few health issues are beginning to crop up and getting married and having children redirects our priorities to people in our lives we should financially provide for. But is this too late? Whilst it seems natural in a sense to put off paying for insurance during our younger, formative years, there are actually many good reasons to look at getting insured early.

1. It's vital to get in early with Medical Insurance.

 From personal experience, I could have been in a world of trouble if I didn't have medical insurance by the age of 20. Just after my 21st birthday, I was diagnosed with Crohn's Disease, and since then my medical insurance has saved me close to $20,000 in medical costs that I may have had to pay out of my own pocket. Better yet, since I secured my medical insurance while I was healthy, I had no exemptions and paid normal cheaper rates. If there's one form of insurance you get while you're young, it should definitely be medical insurance. If you leave it too late, you may be unable to get pre-existing conditions covered, or you could pay much more than you need to for both medical treatment and premiums.

You never know what could happen with your health - secure medical insurance early in life.

2. Your health status determines how much you pay.

A great reason to think about life insurance and trauma insurance cover earlier in life is that your insurance policy will be determined by your current state of health. The premiums that you pay reflect your level of risk to the insurer, so if you are young and in good health, you will pay far less than you will if you're older and more infirm. If your health deteriorates too much, you may not be able to get insurance at all. It could be a good idea for you to protect your future dependants now, and not take the chance of your health deteriorating.

Having to pay insurance costs is unappealing when you're young - but it could save you more than you can imagine. Be sure to weigh the costs and benefits to your situation carefully.

3. You'll be covered for any conditions that develop - no exemptions.

If you have any existing serious medical conditions when you secure insurance, there's a good chance you'll either pay a hefty fee to have them covered or the insurer won't cover them at all. If you get in while you're young and in peak health, you can rest assured that anything that develops will be covered AND you won't be paying any extra for it. If I had only got medical insurance after being diagnosed with Crohn's, I could be paying double or triple what I'm paying for premiums or I may have been unable to get cover and had to foot the bill myself. That's not what you want. 

If your medical history is spotless - your policy exemptions will be too.


If you have the ability, Spratt Financial highly recommends the benefits of thinking about securing personal insurance as young as possible. You'll save money, you'll have peace of mind and you won't have to take a chance on your health staying good. If I had taken that chance, I would have gambled and lost. Spratt Financial Group can get you the insurance you need at lower prices than you'll find for yourself, and our services are completely free and no obligation. Drop us a line today for a free review of your insurance needs.








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