So you’re young, fit and healthy, do you need life insurance? Honestly… this is the perfect time to buy life insurance! Life insurance is cheapest when you’re young, and you will actually save yourself lots of money in the long run by taking it out now.
A lot of people in their 20s don’t think about buying life insurance until it’s too late to benefit from the cheap premiums available for young, healthy individuals. As you get older, your health problems will increase, and it is a good idea to be insured before you are diagnosed with anything. Even conditions that can be easily managed, like asthma, can cause your premiums to skyrocket. It may seem morbid to dwell on such things, but even a young person can die suddenly, and as the death is unexpected there is even more reason to have life insurance in place, so your family aren’t saddled with the price of a funeral.
One reason young people often get life insurance is because their parents have it. They can ask their parents for advice and maybe even get a bit of help with the premiums to start with! Parents may even encourage their grown up children to have cover, as they will most likely be named as beneficiaries and be the ones to pay any debts their children leave behind.
Debt is another major reason young people choose to get life insurance. Not all loans are payable after the holders death, but the ones that are need to be paid off before anything is given to the people named in the will. If you are young and have taken out a loan, you are unlikely to have paid much of it back, as the sad truth is that you are unlikely to be earning enough! Therefore young people have the potential to leave behind quite a sizeable debt. This is especially true of a mortgage. If a young couple at the start of their careers have bought a house together and one of them dies, the one left behind will most likely have to sell the house because they will not be able to afford to pay the mortgage on their own. Buying a house is stressful enough without doing it at such a difficult time.
So don’t fall into the trap of thinking life insurance is something you need when you’re old. Get it in your 20s and 30s, and secure low premiums for the entire term of your policy, which can be up to 40 years. Just give our qualified consultants a call on 0800 6800 205 to see exactly what is available for you.