Part 7/9:
A key piece of advice from insurance professionals is to start young. The earlier you secure coverage:
The lower your premiums, since health risks tend to be less with age.
The longer your premiums have to compound, enhancing long-term savings.
For affordability, consider term insurance plans—less expensive but without cash value—especially for protection needs. Also, explore group insurance options, such as employer-provided plans, which often come at a lower cost.
Be a Discerning Consumer
Before purchasing, always read the fine print and carefully compare policies. Look for features like:
- Waiver of premium: Ensures premiums are waived if you become critically ill, preventing your savings from being depleted.