Introduction

Insurance Policy; As young adults enter the workforce and start to live independently, they face new challenges and responsibilities. One of those responsibilities is managing their health and financial risks, which can be mitigated through the right insurance policy. In this essay, we will explore different types of insurance policies that would benefit youth aged 18 and above.

Health insurance

Firstly, health insurance is a necessary policy to consider. It covers medical expenses, including doctor visits, hospitalization, and prescriptions. Health insurance is essential for young adults because they are more likely to engage in risky behaviors and experience health issues. According to a survey by the Centers for Disease Control and Prevention, young adults aged 18-24 are more likely to be uninsured than any other age group. Therefore, having health insurance will provide them with access to affordable healthcare and protect them from the high costs of unexpected medical bills.

Life insurance

Secondly, life insurance is another policy worth considering. Although young adults may not have dependents or significant assets, they still have debts and financial obligations that could burden their loved ones if they were to pass away unexpectedly. A life insurance policy provides a death benefit to the beneficiary, which can be used to pay off debts, cover funeral expenses, and provide financial support to loved ones. Furthermore, purchasing life insurance at a young age is typically more affordable and ensures that they have coverage later in life when they may have dependents.

Disability Insurance

Thirdly, disability insurance is a policy that many young adults overlook but is worth considering. Disability insurance provides income replacement if an individual is unable to work due to an illness or injury. Young adults are more likely to experience disabilities than they think, with one in four 20-year-olds becoming disabled before retirement age. Disability insurance can protect them from the financial consequences of being unable to work, such as paying rent or meeting other financial obligations.

Renters insurance

Lastly, renters insurance is a policy that young adults should consider. It covers personal property in rented apartments, condos, or homes. Although renters insurance is not mandatory, it provides protection against theft, damage, and liability. Young adults may not have significant assets, but they have valuable possessions, such as electronics, furniture, and clothing, that can be costly to replace. Renters insurance provides peace of mind and financial protection against unexpected events.

Youth and Insurance Policy

Most Youth around the world like enjoying the here and now aspect of life. If they work then most of them would like to use everything they earn from their work. Whereas, the real thing should be that young people should learn to join insurance programs to safe guard their belongings. If it happens that youth fail to comply then a policy should come in.

An insurance policy has the purpose of protecting individuals and their properties. Those who join insurance programs have the opportunity of having a sure future when all situations remain constant. Moreover, the insurance programs tend to protect their lives and property and so giving them peace of mind and so could very much and very well concentrate in their work.

Conclusion

In conclusion, young adults aged 18 and above should consider different types of insurance policies to protect themselves from financial risks. Health insurance, life insurance, disability insurance, and renters insurance are policies that can provide protection and peace of mind. Although insurance may seem like an added expense, it is worth the investment to avoid the high costs of unexpected events. As young adults start to navigate their independence, having the right insurance policy can provide a safety net and allow them to focus on their aspirations and goals.

Reference:

Centers for Disease Control and Prevention. (2018). Uninsured rates by age. Retrieved from https://www.cdc.gov/nchs/fastats/uninsured.htm