Are you too young to take out life cover?

07 September 2021

Are you putting life insurance in the ‘one day’ basket?

While you’re young, you might be busy starting your career, making life plans, and setting the foundation for your financial goals.

All the while, it’s important to remember that life can be unpredictable, even if you’re young, so it may be good to have some protection along the way. Here’s some food for thought.

It’s more about the life stage than the age

When you’re younger, it’s not unusual to feel like you may not need life insurance. But the thing about cover is that it’s more about the stage of life you’re in, rather than your age. It depends on your life plans (whether you’d like to protect certain goals or needs), your financial situation (like any debts), your health, and of course, your budget.

It can be a good time to get life cover

You may not have thought of this, but one of the key times to get life insurance can be when you’re young and healthy – not only can you get a wider scope of cover, but it’s also generally affordable.

Generally speaking, if you get cover early, you may not have pre-existing health conditions, which means you can secure a more comprehensive level of cover for the rest of your life (if you keep your policy, of course).

So, the sooner you get life cover, the less chance health conditions may be a factor in any future insurance applications. Plus, getting cover at a young age is usually affordable.

Protecting those you care about

What if you don’t have any dependents? When you’re younger, you may not have people who depend on you financially, or have a mortgage to think about yet. But there are still some key reasons to take out life cover – and while this may not be easy to think about, it’s key to protecting those you care about.

Think about your life plans, are you saving towards a home with your partner? If you, unfortunately, were no longer around, could you help them continue to save for a home?

On the other hand, perhaps you have a car loan or other personal debt – who would take care of the repayments if something were to happen to you?

Depending on your policy, life insurance can help your loved ones cover some of the financial costs or debts that may befall them, providing a financial safety net for them if anything ever happens to you.

Do you have some existing cover already?

Perhaps your parents had taken out ‘kids cover’ for you, which means you are most likely to be covered for any health conditions so far and could likely take over as an adult.

Get in touch – we’re here to help you have the appropriate cover in place, to help look after your loved ones if you are ever unable to.

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.