Buying insurance policy

askxyz SG

Which age is good for buying an insurance policy?

noopi SG

3 months?

my colleague already bought education policy for his daughter who is only a few months old

askxyz SG

Hmm... e.g after graduation.. my father suggested to me to buy at a later age while most or I believe all insurance agent will suggest to buy as young as possible...

Don't know leh..

alfagal SG

any age....

diff pple have diff needs...

if u jus grad, plan for retirement and/or illness

if u are married, plan for kids, hsing, death

jus see which is ur priority...yes buy young cheaper...larger scope of cover as we are more healty..

noopi SG

Hmm... e.g after graduation.. my father suggested to me to buy at a later age while most or I believe all insurance agent will suggest to buy as young as possible...

Don't know leh..

when you can reasonably afford it lor

the younger you buy the lower the premium

but you must have enough money to buy a considerable amount of insurance (eg. insure for $50,000 for a start)

and you must be able to sustain it ie. able to pay for it every month as your expenditure of other things will increase as you grow older (eg you will have to buy house, get married, etc etc), but your salary will increase also...)

but, i'm not an expert on insurance
so............

alfagal SG

yup quite true..

on e average, put away maybe 200bucks bahz..

but also depends which plan u take up

askxyz SG

any age....

diff pple have diff needs...

if u jus grad, plan for retirement and/or illness

if u are married, plan for kids, hsing, death

jus see which is ur priority...yes buy young cheaper...larger scope of cover as we are more healty..

What you mean by larger scope of cover? You mean when you buy at a later age, they may not cover as much? Buy young, they may cover more is it?

askxyz SG

The Life insurance sounds good but I'm thinking of buying it at a later age. I know insurance agent usually recommends us to buy as young as possible. I'm have a stuggle now.. help.

alfagal SG

What you mean by larger scope of cover? You mean when you buy at a later age, they may not cover as much? Buy young, they may cover more is it?

when u are older u are more porne to illness, if u are buying health insurance, they might not cover existing conditions or charge ur higher premiums...also, as one gets older the premiums increases most of the time..

if u are out of budget, can always buy savings plan...at least got some coverage, and higher returns for ur money compared to saving it in a bank acct

onlooker123 SG

For medical policies like Medishield/Incomeshield, buy as early as possible, eg parents should buy for their babies.

For life insurance/critical illness policies, should get some coverage once you start working. If you have the spare $$$, can consider buying for your kids.