Thinking about life for your loved ones after you have passed away, might not be top of your priority list in your younger years. But thinking about it earlier can be a sensible decision.
We asked our Protection & Healthcare Consultant Stacey, “Why do I need Life Insurance in my twenties?”
What is Life Insurance?
Life Insurance gives you peace of mind and pays out a lump sum to your loved ones, should you pass away. It also covers you for terminal illness.
Why would I need Life Insurance?
If you have loved ones who depend on your income, Life Insurance can replace that income, providing them with financial security should you die unexpectedly.
I’m only in my twenties… do I still need Life Insurance?
You might think that you’re too young to need to think about life cover just yet, but unfortunately there is no knowing exactly what age you will pass away, and there are many other factors to consider.
For example, if you own a home with your partner, then you need to consider how they would pay the mortgage alone. Likewise, if you have children, how would they afford to raise them without your income?
Even without these things, you might be planning for your future. Taking out insurance when you are younger is often cheaper. As you get older, the chances of developing a health condition increase, which in turn increases the price of life insurance. By buying a policy in your younger years, you get more affordable cover for a long time to come.
It might seem like an unnecessary investment, particularly if you are trying to cut costs to save money. But you must also consider the potential long-term saving by thinking about your future now.
I don’t know whether or not I should take out a Life Insurance policy?
If you’re still unsure as to whether you would benefit from a Life Insurance policy, then our Protection & Healthcare Consultant Stacey has many years’ experience in arranging cover, and can talk through your circumstances to explore your options.
Contact us today.
