I am Young, Fit & Single. Do I Need Insurance?

Did you know, according to a recent study on Malaysian youths between the ages of 18-45 years old, only a mere 41.8% said they had plans to get married? As we see more and more adults choose to remain single or marry but have no plans for children, what are the general thoughts on insurance? 

Percentage of Individuals Who Plan to Get Married.
Source: Tun Tan Cheng Lock Center for Social & Policy Studies, UTAR

We asked some friends and family and learnt that the majority of people seemed to only get serious about their protection plans after settling down and starting a family. So, are insurance and takaful plans necessary for a single adult? 

You gain basic financial protection

First and foremost, insurance plans are designed to protect your finances as an individual. If you’re married, read about family related protection plans here. As a single adult, there are many ways you could benefit from an insurance or takaful plan, starting with basic financial protection. 

At this very moment, you’re the youngest you will ever be! Sure, you may be fit and healthy but accidents and unsuspecting diagnosis can happen anytime. In the unexpected case of a medical emergency, you don’t want to be scrambling to foot hefty hospital bills or rack up debt with friends and family. Let your medical insurance or takaful take care of your bills so you can take care of yourself. 

You protect your business and partners

Whether you’re a budding entrepreneur, a striving startup owner or running a business with a partner, an insurance plan will ensure your finances are in check. If you don’t have dependents, your business and partners become your dependents as their success depends on your financial stability. So, spend and invest wisely!

Should there be an unforeseen illness, a disability or death, having a payout would be crucial in ensuring the continuation of your business. To ensure you pick the right plan, it’s recommended that you speak to your business partners and investors to determine the long-term financial goal. From there, you would be able to figure out the collective insurance or takaful plan required. 

You protect your dependents and future dependents. 

No kids doesn’t mean no kin, your kin isn’t limited to spouse and children. Financial dependents could also mean siblings, parents, grandparents and more- as long as you assist them with their living expenses, they are your dependents. Should anything happen tomorrow, a life insurance or takaful plan will ensure they are taken care of financially. 

Hmm. Maybe you’ll want kids in the future?  

So maybe you don’t have a partner today, but you might in 10 years and the right plan will take care of their wellbeing in the event of your demise. Securing a plan today will ensure you get the best value in the long-run; we know, it sounds like an insurance sales pitch, but it’s true! The earlier you apply for a life insurance or takaful plan, the more affordable it will be.

You can be prepared if there’s a critical illness in your family

While there are many factors that contribute to some critical illnesses, it’s no secret that genetics is one of them. From certain types of cancer and heart disease to diabetes and arthritis; If there’s something that you know happens to run in your family’s genetics, get yourself the protection you need as soon as possible. In this case, both medical and life plans would be of essence.  

So, is a protection plan necessary for young, healthy single adults? Enjoy the single life and see you on the sign-up page

Sources: The Star | Medicine Net

The information contained in this blog is provided for informational purposes only. It should not be construed as advice on any matter. Etiqa accepts no responsibility for loss which may arise from reliance on information contained in this article.