How many of you have received a call from an insurance company or an agent trying to sell you a policy? I am sure that every professional in their 20s or early 30s would have received such a call. But have you ever stopped and thought whether you have adequate insurance cover, especially if you are a young working professional with financial liabilities? In most cases, I would assume the answer is a big 'No'. Insurance in the early years of professional life may sound a waste of money when other lifestyle and personal expenses take priority.

Young professionals today, anywhere in their 20s or early 30s, are financially independent. Many manage their own finances and investments like paying off education loans, buying own cars and investing in property - mostly first homes. The last decade has also seen a major shift in the lifestyle of young professionals with more working hours, higher stress levels and an alarming rise of related lifestyle diseases like diabetes, obesity and cholesterol. In such a scenario, insuring oneself becomes as essential as other expenses.

Additionally, many of these young people provide financial support to their families, either partially or totally. In such a scenario, life insurance as well as health insurance is absolutely critical so that in case of any unfortunate event like an accident or a sudden demise, the family doesn't go through a financial trauma as well. Even if one is not contributing towards family income, a health cover or a rider is a must so that in time of need, the cost of treatment is covered and the family doesn't face a financial setback.

There are various insurance options young professionals can choose from, depending on their needs. From retirement, health to pure protection - there is an insurance cover for all of these. It is advisable to invest earlier than later in insurance products - for example, if you are investing for retirement, the earlier you begin investing, larger the corpus would be on maturity. Term insurance is pure insurance and is very cost-effective. A term plan, coupled with an additional health rider, can give you a 360-degree protection in any exigency. Many insurance companies have also launched online term insurance products that are cheaper and easier to buy. You can log on to any comparator site like policybazaar.com or apnainsurance.com and compare the rates of term plans offered by all the insurance companies.

Another reason why some of you do not buy insurance earlier in life is because your company (in most cases) covers you under a group life and health plan. The key thing to remember is that the group cover may not be sufficient in your case or aligned to your income. Secondly, when one is young and healthy, you are a better risk; hence, insurance companies can offer you a life cover at lower rates. If you apply for a personal life insurance later in life, your application may be rejected or you may end up paying higher premiums depending on your medical history.

Investing early in insurance will also help you save tax and instil in you the habit of saving and financial discipline that ensures peace of mind in the long run. So, if you are a young professional and have not insured yourself yet, the next time you come across any material on insurance or a call from an insurance company, hopefully you will give it a serious thought.