What types of insurance do young people need?

If you are young you might think of insurance as the type of thing you only need concern yourself with later on in life. But this could be a mistake. Insurance could save you a lot of money when you don’t have much money to spare.

These are the types of insurance you should think about even when you are young and carefree!

Health insurance or medical aid

When you are young you might feel invincible, but you still need to be prepared for those unexpected curveballs that could have you paying off hospital bills for the next few years. Having medical aid or health insurance is therefore incredibly important. What’s more, what many people don’t realise is that if you don’t start paying for medical aid before the age of 35 you will pay a late joiner fee for the rest of your life. So it’s better to start early.

Cell phone insurance

Buying insurance increases your cell phone costs, but without it you are going to be at risk. Our cell phones have become our lifelines and it’s best to ensure that, should they be stolen or broken, they can be fixed or replaced without incurring another expense.

Life insurance

It might seem strange to take out life insurance in your 20s or 30s, but if you are at the stage in your life where you are getting married or starting a family then this is the perfect time to think about making sure your loved ones are going to be provided for in the future. Life insurance premiums are also lower when you are younger.

Car insurance

Car insurance is vital no matter what stage of life you are in. You could make the argument that it is even more important when young, because younger, inexperienced drivers are more likely to get into fender benders and are less likely to have additional savings to cushion unexpected car-related costs. Of course, if your car is financed, car insurance is important because without it, if your car is written off, you’ll still be paying off a car you cannot use.

You might be wondering if you can even afford insurance when you are just starting out in life. While you always have to be careful with how you spend your money, remember that it’s a good idea to prioritise various types of insurance. Planning ahead will ensure you are able to reap the rewards that come with being sufficiently covered and protected.

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