Insurance To Consider As A Young Single Person01 Apr 2022
Young and single? Feeling healthy? Have no commitments to a spouse or any children? So why get insured? As an overall benefit of being young, it’s because premiums are cheaper and you could be saving money in the long-run. But there’s more to it!
Here are 4 types of insurance to consider as a young single person and why.
You may have lower health risks, but nobody is risk-free. Unexpected medical bills can occur at any age. Also, your family may have a medical history which would make getting insured even more important.
Being young and single, and still early in your career, you may not have saved enough to cover unexpected medical bills. Malaysia’s medical inflation was projected at 12% in 2022. In comparison the September 2022 inflation rate was about 4 times lower at 3.3%.
What about company medical insurance? It is not advisable to rely on just that. The company has the right to make decisions regarding the policy such as reducing coverage. This could underinsure employees who are just relying on company’s insurance. A company medical card usually has a lower limit compared to individual plans that may not be enough to cover major emergencies. Also, the medical coverage ends if the person no longer works for the company due to various reasons such as illness, disability or resignation.
Looking for a medical insurance plan that doesn’t break the bank and is convenient to sign up for? From as low as RM41.85 per month, have your hospitalisation and medical bills covered with i-Med. It also includes cashless and hassle-free admission. Get a quick quote here.
According to the Minister of Health Malaysia in 2017, the rate of chronic diseases among young Malaysians was alarming. Critical illness can occur at any age. If you experience critical illness while uninsured, it will eat away at your savings. Also, the cost of a new insurance policy after diagnosis will be significantly higher and there may be a possibility of rejection.
Whether it’s for your emergency fund, retirement or the occasional lavish spend. Every little bit of savings adds up in the long-term. The sooner you save, the better. The discipline to save can be an issue in every age group, especially young people who could be relatively new to financial management.
Want to stick to a savings plan? Get Cash Star and enjoy increasing guaranteed cashback every year. With a limited premium payment period of 5 years, receive a coverage term of 20 years. Learn more here.
There is a perception that single people don’t need insurance because people do not usually rely on their income. However, many factors are often not taken into consideration.
- You want to pay back the good deed of your parents should something unexpected occur.
- Want to be a responsible child.
- Don’t want to burden your parents with loans such as PTPTN and car loan.
- If your family has a history of significant health issues, it is better to get a life insurance policy now before a health issue puts life insurance out of your reach
- When it comes to insurance premiums, the younger you are, the cheaper it is.
Disability insurance is usually included in life insurance policies. According to the World Health Organisation (WHO) in 2021, about 15% of the world's population live with some form of disability. Being single might mean being self-dependent on income. Should a disability arise that makes work difficult, your source of income may become unavailable. That may be exacerbated if you do not have a spouse, or if you’re older, children you can rely on in terms of income.
Starting from only RM9.75 per month, i-Care has death benefit, total and permanent disability benefit and accidental death benefit. It has lower premiums than an investment-linked insurance to cover your basic sum assured. Get a quick quote here.
These are just some of the insurance to consider as a young single person. Since it is better to get insurance when younger, you should feel free to explore other types of insurance and consider locking down the cheaper premiums. You won’t be single forever. You may one day be married with kids!
Learn more about the above recommended insurance plans here.