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Why Is Early Stage Critical Illness Insurance Affordable In Your 20s?

Why Is Early Stage Critical Illness Insurance Affordable In Your 20s?

It may seem unnecessary to take measures to protect yourself against critical illness when you’re in your 20s. Your age, health, and lack of risk for severe or debilitating medical conditions are what make you so young.

When you’re single, childless, have just joined the workforce, and have other priorities to pay off, such as personal loans, travel, a home, a wedding, higher education, and investments, why consider a critical illness policy?

A good time to get insured is when you are young and healthy. Despite what might seem contrary to common sense, the age and health of the consumer are often factors that determine the need for critical illness insurance well before the need arises. Here are a few reasons from critical illness insurance Singapore:

Premiums That Are Lower

Health, age, and smoking status are a few of the factors that affect the cost of insurance. You generally pay lower premiums if you are young, healthy, and classified as low-risk for severe illnesses and other conditions. Healthy lifestyles usually result in lower insurance rates.

As a result, the cost of critical illness insurance might be higher if you purchase it when you are older because you may have more significant health risks.

No Exclusions, Complete Coverage

It’s best to purchase when you are healthy and young so that you can take advantage of the full benefits when you need them in the future. Conditions that are discovered later will automatically be covered. By contrast, buying insurance when you are older and have health issues may not cover the pre-existing conditions, which takes the purpose of insurance away.

Waiting Period Avoidance

There is typically a waiting period attached to critical illness policies, which means that you must wait a certain period before making a claim (typically 30-90 days) from the date your policy began. By purchasing a critical illness policy now – when you may not need it right away – you will have already served the waiting period and be eligible to claim your critical illness later.

Planning Your Finances Better

If you have adequate medical insurance, you will be covered for emergencies and be able to focus your savings efforts on long-term investments.

Rejections Are Rare

A young person with no (or few) health risks has little chance of getting rejected for insurance. Additionally, you will be able to compare more options, so you can find the one that meets your needs perfectly.

In addition, if your company already provides critical illness insurance as part of its benefits package, keep in mind that such a policy is only valid for the time an employee is employed. At this point, Critical illnesses do not always strike people in their forties or fifties. With modern living’s sedentary lifestyles and stressful work lives, critical illnesses can happen to anyone at any time.

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People in their twenties and thirties are more likely to suffer chronic illnesses due to strokes and heart attacks. A person’s lifetime chances of developing cancer are 1 in 4. Cancers of the colorectal, stomach, gastric, skin, and rare forms are increasing among young adults

Women aged 15 to 39 are most likely to develop breast cancer (they make up 10% of all patients with breast cancer). Healthier lifestyles may reduce your risk, but they do not eliminate it.

Staying on top of your diet and exercising can keep many undesirable illnesses at bay. It may be a possibility that one will develop a life-threatening disease with age or due to genetics. A typical example is inherited diseases such as stroke, heart diseases, cancer, high blood pressure, and diabetes.

There’s also a lot of luck involved: we all know that cancers sometimes strike otherwise healthy people. World Health Organization (WHO) reports that only 30-50% of cancer cases can be prevented.

In addition to endangering your physical health, a severe illness can also threaten your financial stability. Almost five years are typically required to recover from a critical illness, according to the Life Insurance Association of Singapore (LIA). Search best illness insurance Singapore.

If you have more queries in mind. Don’t hesitate to ask and also it is essential that you fully understand the coverage and the terms and condition before getting a plan.