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Why is it important to consider life insurance when you are young?

When we are young, we rarely think about unforeseen situations. Life insurance will help protect a person and their loved ones from such circumstances.
Why is it important to consider life insurance when you are young?

The size of insurance premiums depends on the age and health of the insured, which means that it is cheaper to buy an insurance policy when you are young and healthy.

The main risk for the insurer is the insured’s death. When considering an insurance application, a questionnaire or health declaration is filled out, according to which the underwriters decide to accept insurance at standard rates, or create an offer on special conditions (with a smaller coverage amount, with an increasing coefficient, or even refuse to accept insurance for a specific risk). The questionnaire helps insurers determine the probability of occurrence of risks chosen by you. The final cost of the policy will depend on the answers in the questionnaire.

Your expenses will inevitably increase as you get older and move up the career ladder. Your budget will vary depending on where you live and your family situation.

Insurance coverage and risk mix must also grow or change to meet increased needs. If you purchase an insurance policy when you are young, its cost will be significantly less than if you did it at a mature age. The main purpose of life insurance is to secure your income and those who depend on it. It is important to make sure that every stage of life is covered. Long-term life insurance covers a great number of risks and provides a larger amount of insurance benefits.

Source:  https://economictimes.indiatimes.com/wealth/insure/very-few-people-think-of-life-insurance-as-pure-protection-casparus-kromhout-shriram-life-insurance/articleshow/107960074.cms?from=mdr

Photos are from open sources.

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