Most people don’t give much thought to insurance until they reach their twenties. As a twenty-something, you are getting your first taste of adulthood and all the responsibilities that come along with it—financial or otherwise. One of the financial responsibilities you have to begin to give some attention to is insurance. Here are a few of the insurance policies you should look into in your twenties.
Let’s start with the most obvious one—health insurance. A majority of people remain on their parents’ health insurance plans until well into their twenties. But when you reach the age of 26, you’re going to need coverage from another source.
Simply put, no one should ever be without health insurance. No matter how healthy you are, you never know when you might end up in need of medical attention. Even brief visits to your physician or a dermatologist can be expensive. Imagine what can happen if you were to be hospitalized.
Even as a twenty-something, an excellent health insurance policy is something you should look for in any potential employer.
Some costs you’ll face as a result of illness or injury won’t be covered by health insurance. One example of this is lost wages. Lost income as a result of inability to work can make the cost associated with illness or injury even higher.
This is where disability insurance comes in. You should have disability insurance so long as you rely on your paycheck to make ends meet. If an illness or injury renders you unable to work, disability insurance can cover a portion of your lost income.
Among all of the insurance policies we recommend to people in their twenties, life insurance is probably the most surprising. But the truth is that there is no better time to purchase life insurance than while you are young.
As long as you’re young and healthy, your life insurance premium should be pretty low. You can lock in with a lower rate than you would if you waited until you were married and had children.
This is not to mention the costs that your parents would face in the event that you did pass away—from funeral costs, to student debt. A life insurance policy can help to ease this burden.
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