When we’re young, we often think that we’re invincible. The chances are, if you’re between the ages of 23 and 30 and you’re reading this, you probably think just that. Whilst you might have youth on your side, it’s often not enough to keep you out of harm’s way. From dread disease cover to car or disability insurance, here are the policies that every working young adult should have.
Dread Disease Cover
This one might come as a shock but The World Health Organisation has warned that cancer cases are expected to surge a further 57% globally over the next 20 years. What’s more worrying is that more and more healthy young people seem to be getting it as well. A study conducted by Old Mutual showed that 60% of critical illness claims were made by people under the age of 45.
A dread disease policy covers more than just cancer. It also covers strokes, heart attacks and some chronic illnesses as well. This means that you’ll be paid out a lump sum if you’re ever diagnosed. As a young adult that probably hasn’t amassed enough wealth to pay for millions of rands in medical bills, it’s a policy that you can really help you if you ever need it.
If you own a motor vehicle, you need a decent car insurance policy. With repairs costing more than you might expect, you could land in debt if you have to pay for the repercussions of an accident. Whether it’s your fault or someone else’s, car insurance safeguards an important asset that you can’t be without.
Life is unpredictable, to say the least. This means that you never know when an incident could leave you temporarily or permanently disabled. As a result, you need disability cover that makes provisions for this. With either monthly pay outs or a lump sum, you can maintain your standard of living and continue to provide for yourself and your dependents.
This is another important policy that many young adults often choose to sacrifice in order to save some money each month. This means that they only really discover just how important it is once they need medical treatment that they cannot afford to pay for. If you don’t have medical aid, you’re going to be sent to a state hospital, which could mean the difference between life and death.
How many of these policies do you have?
If you’ve got big dreams for your future you need policies in place to help you pursue them. For more on which policies would suit your needs and lifestyle, please contact us today on: 031 242 6800.