For many young Fijians, the idea of life insurance is often postponed until later in life, typically after significant milestones such as marriage, having children, or taking on major financial responsibilities. However, Ulamila Rayaya, a Leasing Administrator at BSP Life, serves as an inspiring example of proactive financial planning.
Rayaya’s early commitment to life insurance stems from her strong sense of responsibility and a long-term vision. Driven by her career-oriented mindset and a desire for growth, she believes that financial planning should encompass not only preparations for emergencies but also a foundation for enduring security.
“I value security and I see life insurance as a smart financial decision,” Rayaya stated. She took out her life insurance policy shortly after starting her professional journey, motivated not by anxiety but rather by a forward-thinking approach.
“I wanted to plan long-term goals and protect myself and my family instead of relying on others during unexpected life events,” Rayaya explained. She encourages other young individuals to reconsider the common misconception that life insurance should be delayed. In fact, she emphasizes the significant advantages of starting early, noting, “Life insurance is most powerful when you start young because it’s more affordable. You benefit from lower premiums, better coverage options, and long-term financial security.”
For Rayaya, life insurance transcends being merely a safety net; she perceives it as a structured route to long-term savings that can foster responsible financial habits. “Savings that are untouched until the payout period can be used to secure your future goals,” she said, outlining her aspirations, which include buying her first home and eventually starting her own business. “My life insurance policy plays a vital role in this plan because it provides a safety net and helps me develop disciplined financial habits, which is essential for long-term stability and security.”
A significant hurdle she identifies is altering the prevailing misconceptions about life insurance among younger generations. “One of the biggest myths is that life insurance is very expensive and only for the rich. That’s not true. It’s meant for everyone who wants to plan for the future and protect themselves financially,” she reassures. Rayaya stresses that insurance products are designed to be accessible for various income levels, encouraging young individuals to view life insurance as one of the wisest decisions they can make.
Rayaya acknowledges that the influence of social media and lifestyle trends can sometimes hinder young people’s financial decision-making. “Most young people are influenced by social media, leading to excessive spending and chasing trendy experiences, which delays their consideration of financial protection,” she remarked. Nevertheless, she maintains that awareness and education can shift attitudes towards financial planning.
Her straightforward message to young people contemplating life insurance is clear: “Start as early as possible. It’s cheaper when you’re young and healthy. You’ll develop good financial habits and secure your financial goals.” As more young Fijians embrace proactive financial planning, there is hope for a future where they build a stable and secure foundation for themselves and their families.
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