Myth Buster: Why is it important to have a term insurance when you are single?
So you are a ‘happily unmarried’ person who denies the idea of buying a term insurance by citing reasons like I have no wife or kids, or financial liabilities. But being unmarried doesn’t mean being alone. Therefore, irrespective of your marital status, you should buy a term insurance because of the following reasons:
1. There are term plans that cover your health too:
Usually, youngsters think as they are young, the chances of them falling ill are low. But do you know, in India, 30%-35% of heart attacks happen to people under the age of 45? In a race to stay ahead in the competition, the generation Y has put its health on the back seat.
According to a survey conducted by Indus Health in Bengaluru, 25%-30% youngsters in the city are under the threat of oral cancer. The odd working hours, poor dietary habits, coupled with drinking and smoking, have worsened the situation. Not only cases of critical ailments, but the prices of medicines have also increased in the country. The government has withdrawn the exemption on custom duty on certain drugs, which make life-saving imported drugs for cancer, cardiac failures and HIV costly.
Remember, diseases know no age, creed, race or color and they can strike anyone. So, what would happen if you are also diagnosed with a critical ailment? Do you think either you or your parents would be able to bear hefty medical expenses? Or worse, if you lose your job due to disease; do you think your family would be able to handle all medical and other expenses alone?
So, instead of getting scared of these questions, you should buy a term insurance plan that offers critical illness benefit. In case you are diagnosed with a critical ailment, the insurer will pay critical illness benefits to meet medical or other expenses.
2. You will have to pay more later: Most of the youngsters who have just started their career would be extremely conscious about how much money they spend and what value they get out of it. With limited money in hand, they deny buying the term insurance as they think there are other items which are more ‘important’ than the insurance policy. But they should understand that by delaying the purchase of term insurance policy, they will actually spend extra money in the future. As the premium of a term insurance majorly depends on the age of the person, it is good to buy it when you are young and healthy.
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