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How to buy insurance???

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ORIGINAL POST
Posted by Zpider 18 yrs ago
Hi all,


I am in need of some solid advice in regards to purchasing insurance. I've just started work here in HK and I am 25 years old. I've been told that it is good to start young but I have no idea what/where to start. Any advice/opinion imparted to me will be greatly appreciated!~


Thank you!!!!


Zpider

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COMMENTS
AYM 18 yrs ago
I believe you're talking about life insurance, right? Yes, buying it young is an excellent idea for a few reasons:

1. when you are still healthy AND insurable

2. premium is much cheaper at 20-ish (starting 30's or so, the premium will increase a lot more per year of increasing age compared with at 20-ish)

3. anticipate the future need of life insurance when you get married in future and you'll need to have insurance to protect your family/loved ones


You should buy permanent insurance instead of term insurance. If you don't know whom to talk to, go to your bank (assuming that you've already opened a bank a/c here) and they'll be HAPPY to serve you. Good luck!

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crj 18 yrs ago
We only bought life insurance once we were married and had a baby. It is meant to support your dependents if you die.


Term life is a small annual payment, for 20-30 years, and then it ends.


Whole life is a much larger annual payment, but it lasts for life and you can take loans against it.


Whole life might sound great, but you get like a 3% return.


I would suggest Term life once you have dependents and invest your savings wisely will give you better return than whole life.


Also, you can get a 'convertable' policy so you can change later to increased coverage or from term to whole if you decide.


Be wary of anyone who pushes you towards whole life, you need to get a balanced view as to what will work best for you.

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crj 18 yrs ago
BTW - if I could talk to my younger self, the one thing I would have done differently was BUY AN APARTMENT - a small studio or 1 bed, and live in it... and over the years trade up or rent that out and buy larger, etc...


Good luck, and enjoy your new life in HK!


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