Why Get Insurance If You're Young and Single

Being young, single, and having a steady job are probably some of the best things that could happen to your life. After all, you are finally independent and could enjoy some of life's little luxuries, like having your own place, maybe a car, or even travel around the world. However, have you asked yourself what you would do if you were suddenly unable to live the life you want because of a serious illness or accident? How would you provide for yourself?

Your Savings Might Not Be Enough

Let's say that you have saved enough money for emergency expenses. Aside from that, you made several investments for your long term plans. Even these, however, may not be enough to protect you should you become permanently disabled. Of course, don't want to think of it ever happening to you, but consider the following:

  • Are your savings enough to help you keep your lifestyle and pay for your mortgages and bills for at least a year if you're unable to work?
  • Would you be able to liquidate your investments immediately in case of emergency?
  • Would you be willing to take a risk with your future?

If you answered no to at least one of the questions, you should consider getting insured. That way, you will be ready for whatever the future throws at you, be it sickness or injury that would keep from living a happy and productive life.

Preparing for Your Future

You can choose from several types of insurance policies that will help you prepare for the future. These include the following:

  • Income Protection Insurance - in the event you become temporarily disabled and couldn't work, this type of insurance can help pay for your bills, mortgages, medical bills, and other financial obligations, until you recover and are able to work again.
  • TPD Insurance - the acronym stands for Total and Permanent Disablement. This can cover all your financial needs if you are completely disabled and could no longer work for the rest of your life.
  • Life Insurance - should you be diagnosed with a terminal illness or die, your estate may be used to cover debts and other financial obligations you leave behind.

Whichever policy you choose, you will finally have peace of mind since your future is finally secure. For more information on choosing the right policy for you, we recommend that you seek the help of the qualified advisors at Rate Detective. They will provide you with a comparison of the top 9 insurance companies in Australia, and they will assess your lifestyle and financial status to help you find a policy that perfectly fits into your life.

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Published on October 10-th, 2012 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.