While many people may think that critical illness cover is something to consider later in life, purchasing this type of insurance when you are young and healthy can have significant benefits. In this article, we’ll explore why buying critical illness cover at a young age may be a smart decision, and what you should consider when making this important purchase.
Why purchase critical illness cover when you are young and healthy?
Lower premiums
One of the main advantages of buying critical illness cover while you’re young and healthy is that you will generally pay lower premiums than if you wait until you’re older. This is because insurers consider younger people to be at lower risk of developing a critical illness in the near future, so they are more likely to offer lower rates.[1]
No pre-existing conditions
Another benefit of purchasing critical illness cover when you’re young and healthy is that you are less likely to have pre-existing medical conditions that could limit your coverage or increase your premiums. If you wait until you’re older and have developed health problems, you may find it more difficult to get coverage or may have to pay higher premiums to compensate for the added risk.
Peace of mind
By purchasing critical illness cover when you’re young and healthy, you can enjoy greater peace of mind knowing that if you were to develop a serious illness later in life, having this type of insurance could provide financial support to help cover medical bills, lost income, and other expenses.
Limited financial impact
Finally, buying critical illness cover when you’re young and healthy can have a limited financial impact on your budget. You can purchase a policy with a lower coverage amount or a longer waiting period, which can help keep your premiums affordable while still providing valuable protection.
Overall, purchasing critical illness cover when you’re young and healthy can be a smart decision that provides both short- and long-term benefits. By doing so, you can enjoy lower premiums, greater peace of mind, and a stronger financial safety net in the event of a serious illness.
