Many of us postpone the decision to get life insurance. "I'm young", "I'm healthy", "I don't need it yet" — these are the most common excuses I hear. The truth, however, is that the best time to get insured is exactly when you are young and healthy.
What is life insurance?
Life insurance is a contract between you and an insurance company. You pay a monthly or annual premium, and in return the company commits to paying a specific amount to your beneficiaries if something happens to you.
What coverage options are there?
- Death Insurance: The most basic. In the event of death, your beneficiaries receive the insured capital.
- Life Insurance with Savings: Combines death coverage with capital accumulation.
- Mixed Insurance: Covers both death and survival.
When is the right time?
The ideal time for life insurance is early. The younger and healthier you are, the lower the premiums. There are also certain life events that make the need more immediate: marriage, having a child, buying property, starting a business.