As the young are job mobile, a personal policy is better, even if the employer provides health insurance benefits. Also, a personal health policy works when they frequently work in small outfits that don’t offer health cover
This is the age where most people complete their education and start on their first job. The may get married in their mid or late 20s. Let us analyse the typical insurance needs of such a group of people.
The first thing to determine is whether or not anyone is dependent on your income. If there is absolutely no one in your life that you are responsible for, except yourself, then you may skip purchasing any life insurance. However, if you support anyone in either a small or large measure, please take an appropriate amount of term insurance.
A term insurance is a simple insurance policy that pays a nominee (your dependent) a lump sum amount of money (called sum assured) on your death. If you are a healthy person, term insurance should not cost you much. It is available online and easy to buy. You may have to undergo medical tests. Smokers will have to disclose their habit and may have to end up paying a higher premium for the term insurance.
An adequate amount of insurance is typically 7-10 times your annual salary. Do look up calculators online before deciding.