Thinking about buying life health insurance? You should get it sooner rather than later because inflation will make it worthless over time. And it’s a good idea to get insurance when you’re young and have a low cost of insurance.

You won’t qualify for most life insurance discounts if you’re younger than 21 or older than 30. Most insurers won’t even consider writing a policy for someone under 30. But there are good reasons why you should get insurance when you’re young. Here’s why you should get insurance when you’re young.

The importance of health insurance

Health insurance is an agreement between you (the policyholder) and an insurance company. You promise to pay the company money in the event of medical expenses, like if you get sick and your health insurance doesn’t cover it. The company promises to pay you money if you get sick and need medical services. Health insurance is important for several reasons. One reason is that it can help you manage your health-related expenses. You can use your insurance to get treatments and medications that may not be covered by your plan’s terms and conditions per the policy document, or a list of covered services.

Health insurance also helps protect you and your family from financial ruin if you get sick. That’s because when you get health insurance, the company is responsible for paying for your medical expenses, not you and your doctor responsibly for choosing which services to use.

The Benefits of Buying Health Insurance When Young

There are lots of reasons why you should get health insurance when young. The most important one is that you can get a good policy for a good price at a younger age.  Because when you’re young, you’re healthier and fitter, living in less expensive housing, and making less money. These factors all contribute to a lower premium. With the general good health and lower health premiums, there will also be less claims in the process. Iif there are no claims in the past year, you can get the benefit of a no-claim bonus at the time of policy renewal.

When you buy insurance at a young age, the cashflow management gets easier and streamlined. Financial planning sets in early. You know exactly how much funds to allocate to your health insurance given the life-stage, whether for self and family, in some cases. It also projects how much coverage you can get and help you know more about how much to ballpark should there arise any emergency or you’re faced with a health condition during the policy duration. With some research and due diligence comparing policies and plans of different health insurance providers, you can save on premiums by finding a real good deal with a cheaper insurance company.

The health of people is generally better when they’re younger, so the risk of insurance companies rejecting a lot of applicants is lower. Health insurance companies can’t turn away healthy people, so they have a lot more competition for your business. This means you can often find a cheaper policy that has a lower premium.

Buying insurance at a young age also means you can honour and  serve the waiting period clause with the said policy provider comfortably and be duly covered for any critical illness or for any pre-existing illness that may arise in the future.

Once the waiting period clause is met, you can port your insurance policy if you are not happy and satisfied with the services or clauses of the policy at that given point of time be it claims settlement or with service redressal at any cashless hospitalisation instance. The IRDAI allows policyholders to port to another insurance provider with full benefits if the waiting period has been served. A policyholder must read the fine print of the portability feature of insurance plans and ensure he/she is not losing out on policy benefits at the time of migration from one insurance provider to another. The need for portability arises when there is