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Maybe you’ve some younger people mentioned this: “my friends are not insured too. So it should be OK lah!”. This means that their decisions are influenced by their social bubble, which is not always the right thing to do.

Based on behavioural study by Perbadanan Insurans Deposit Malaysia (PIDM) on young Malaysian aged 25-40, 23% don’t have health insurance and 42% don’t have life insurance. Here's why you need to stay protected while you're still young:

1. Generally lower insurance premiums

- The age at which you buy a policy determines your premium rates.

- The younger you are, usually means the lower premium, saving you more money in the long run.

2. You're more likely to qualify for more comprehensive coverage when you're young

- Why is this? It’s because when you’re younger, you’re likely, on average, to be healthier than someone who’s older.

- For someone without pre-existing illnesses, insurance applications are approved instantly.

3. Limited savings for emergencies

- Dealing with emergencies, such as an accident or a serious illness can be a big blow to your finances, especially when you have limited savings at a younger age.

- Insurance is a good way to protect your savings and avoid a financial crisis.

4. More time to build wealth

- Generally, time is on your side to help you grow your wealth through your income, as well as compounding interest, which builds upon itself over time.

- If you’re young and have dependents, they rely on your income and savings. This saved amount could fluctuate from time to time due to commitments of being a younger adult.

- Insurance can guarantee a fixed payout should the unforeseen happen

- So that you can focus on accumulating wealth.

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