Quora Answer: What are the Steps to Getting My First Life Insurance Policy as a Young Person?

The following is my answer to a Quora question: “What are the steps to getting my first life insurance policy, as a young person?”

The steps are straightforward.  You find a good financial advisor, undergo a financial health review, which considers your needs, your immediate future, your cash flow and your budget.  You are then recommended a policy.  In general, you are looking at two things immediately.  The first is a good hospitalisation plan, which will save you from medical bankruptcy.  The second is a cheap whole life plan, not term plan.  You are young, so a whole life will be worth it, and will acquire some value.  Should your job have some risks, then get an accident plan, which is very cheap.  Should you have the means and the inclination, get a savings plan of some sort.  There are a variety of them.