Do you need to have an Insurance Policy if you are Young?

A lot of young people have a misconception that they don’t need any health Insurance policy since they are still young and are unlikely to be hospitalized and so the premium paid on a health insurance policy is a waste of money. This is completely wrong for many reasons. Here are some of them:

a) Even young people can be sick and require hospitalization as is evident from the unfortunate evidence of life style and epidemic diseases hitting younger people.
b) In any case hospitalization due to accidents can happen at any age.
c) If you wait for something to go wrong with your health before taking a health policy please remember that after something goes wrong (say an afflication with diabetes or blood pressure) you may have great difficulty getting a health policy at all or even if you get it, it will be more expensive or come with restrictive conditions such as partial payments or exclusions that would not be there if you had bought the policy when you were still hale and hearty. Building a long no claim history ensures faster payment of claims when the inevitable claims do happen in later life. Please remember only the most fortunate person will be able to say that the premium on his health policy has got wasted. Unfortunately for most of us the “return” on the health policy premiums is going to be pretty good as claims are almost inevitable over the life time.


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