The Crucial Role of Insurance for the Young and Healthy!

As a young and healthy individual, you might be enjoying life's adventures and focusing on building your career and personal goals. While the idea of insurance might not be at the forefront of your mind and something you don’t like to discuss, it is important to recognise that this is precisely the time when securing insurance can offer you great advantages.

You would happily insure your pet, car, phone, house but what about yourself?

The notion of invincibility that often accompanies youth can be misleading, as unexpected events can disrupt even the most carefully laid out plans. In this article, we will explore the compelling reasons why obtaining insurance while you are young and healthy is a wise financial move.

1.????? Locking in Favourable Rates

When you're young and healthy, insurance providers view you as having a ‘lower risk profile’. This often translates to lower premiums for policies like life insurance. By securing these policies early, you can lock in these favourable rates, ensuring that you'll continue to benefit from lower premiums throughout your working life even as your age increases or if your health status changes. This strategic move can lead to significant cost savings over the years.

Look at the different rates for the same amount of insurance to the same age for a 20-, 40- and 60-year-old below;

*￡500K Level Life Cover to age 70 non-smoker / standard rates

• 20-year-old ￡14.66pm
• 40-year-old ￡47.87pm
• 60-year-old ￡145.83pm

*Premium quotes with Aviva and are correct as of October 2023

2. Safeguarding Your Future Insurability

Life is unpredictable, and health conditions can emerge suddenly. If you secure your insurance while you're in good health, you create a safety net as, even if you develop health issues down the road, your existing policies will remain intact providing you with the cover you need without worrying about potential exclusions or denials due to pre-existing conditions.

3. ? Peace of Mind for Loved Ones

Insurance is not just about protecting yourself; it's also about providing security and peace of mind for your loved ones. In the unfortunate event of your passing or a serious health issue, having adequate insurance cover ensures that your family's financial well-being is taken care of. It can help cover immediate expenses, outstanding debts, and ongoing financial responsibilities, allowing your family to navigate these challenges without added financial stress.

4.????? It's more than just a sum assured

Most policies now come with additional benefits such as second medical opinion services, 24-hour access GP appointments, access to health care lines and health checks for you and your family. Are you aware of the services your current cover provides free of charge and how you can maximise your policies and see the added value of benefits the cover provides rather than just seeing your policy as a sum assured?

5.????? Are you relying on your work benefits alone?

While many young individuals might have access to some form of employer-sponsored insurance, relying solely on these policies can leave you exposed to gaps in cover. By having personal insurance policies, you can ensure a more comprehensive safety net that addresses a wider range of potential risks, from accidents to illnesses to unforeseen life events.

The importance of insuring yourself while you are young and healthy cannot be overstated. By taking advantage of your good health and favourable rates, you can secure your cover for the future, provide security for your loved ones, and establish a solid foundation for a comprehensive financial plan.

How can we help?

Our team of experienced financial advisers are dedicated to helping you navigate the complex world of insurance and they can create a personalised plan that aligns with your goals and priorities and most importantly one that you feel comfortable with.

At Chase Financial Services Limited (Chase Wealth Solutions and Financial Options), we believe in a holistic approach to financial planning. When it comes to insurance, this means conducting a thorough assessment of your current and potential future financial situation. Our advisers will take the time to understand your unique circumstances which enables us to recommend the most suitable insurance solutions for your needs.

No two individuals are the same, and your insurance plan should reflect that. Our team excels in customised insurance strategies that not only provide essential cover but also consider your long-term objectives.

Your insurance requirements will change throughout your lifetime. At Chase Financial Services Limited we offer ongoing support to ensure your insurance plan remains relevant and effective and will happily review any existing plans that you may already have in place to ensure that they are still relevant at no extra cost!

Our advisers have expert knowledge of the insurance products available to IOM residents. We are committed to demystifying the process, answering your questions, making sure you are aware of the benefits that are included in your policies and empowering you with the knowledge you need to make informed decisions about your insurance cover.

As you consider the importance of insuring yourself while young and healthy, remember that at Chase Financial Services Limited we are committed to tailored solutions, comprehensive assessment, ongoing support, and expert guidance, and dedicated to helping you build a robust insurance plan that provides peace of mind and sets you on a path towards long-term financial success.

If you have found yourself questioning what insurance you have, if you have enough or if you have none at all, then contact us today to schedule a meeting on us to see how we can help!

Written by Dionne Wall

Chase Financial Services Limited trading as Chase Wealth Solutions and Financial Options is regulated by the Isle of Man Financial Services Authority

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