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3 Types of Insurance Every Young Australian Professional Should Have

As a young professional who is slowly establishing his or her career, there are several things you need to consider in order to protect your assets and to secure your finances. One of the most common mistakes young professionals in Australia make is to splurge all their money on material things that do not have long-term value, making them financially challenged in the long run.

It is important that you invest your money on things that will give you financial freedom and confidence for decades to come. While buying the latest smart phone is cool or the newest car is a delight, nothing beats investing on insurance. Many young professionals veer away from insurance because they cannot immediately feel the benefits from it – a common mistake that often leads to financial struggle after some years.

If you are aiming to have a sounder and more stable future finance-wise, then you might want to consider investing on important types of insurance. Insurance will serve as your safety net when you get to face unexpected and expensive financial struggles. Listed below are some of the most important types of insurance you should consider getting.

 

Life Insurance

Most young professionals in Australia today fail to realize the benefits of this type of insurance because they are under the impression that they don’t need it just yet because they are still healthy. However, the reality is, you can never be too sure. It is not saying that young professionals should think about passing away early, it is that investing on life insurance at an earlier age will give more benefits in the long run. Investing on cash value insurance or permanent insurance is a good investment because they can access the assets they accumulated. Furthermore, it allows them to pay for premiums at a much cheaper rate compared to those who are applying for it at their later age.

 

Health Insurance

You can never be too confident when it comes to your health. You may be perfectly fit and healthy today, but you can be sick as a dog the next week. Having a health insurance is very important nowadays because of the projected expenses for hospitalization, medication, and rehabilitation are getting more and more expensive almost every year. You should realize that you may be one illness away from being bankrupt. However, if you have health insurance, you can be confident that you don’t have to face struggles in case you become affected with serious illness.

 

Auto Insurance

If you have a vehicle, it is a necessity that you have extensive auto insurance. It is a no-brainer to have a good insurance coverage if you have a car. You may have insurance for your current car, but is it extensive? The important thing about having extensive auto insurance coverage is that you can always be confident that you will not experience financial difficulty in case your car breaks down, becomes involves in an accident, or become totaled. Don’t make the mistake of having bad insurance coverage for your vehicle because your car is your investment – a fruit of your hard-earned money.

There are many types of insurance currently being offered by Australian insurers today, but you would want to prioritize the three mentioned above. As a young professional, you should not be blinded by the “I don’t need insurance, I am perfectly fine, I have a good job and I am financially capable” mentality because once you do, it could be the beginning of your financial downfall. You can never be too sure about your financial health because you may be good today, but the next you may end up living paycheck to paycheck.

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