We’re invincible when we’re young … or at least we feel as though we are. End-of-life isn’t something that the younger population tend to think about; they leave that to the oldies!
Our demise isn’t a warm fuzzy topic to talk about and when we’re young, we think we have decades before we’ll have to worry about death and what we leave behind. But whilst we know it’s going to happen, we don’t know when it is going to happen, and the reality is it could be tomorrow, in five years or fifty years. And so no matter how young we are, life insurance should always be considered.
Life insurance will provide protection for family and dependents in every instance, but there are additional benefits with policies that are taken out earlier in life.
Whilst it’s not set in stone, the earlier you take out a life insurance policy, the lower the premiums. This is because a major factor in any life insurance policy application is health and age. Insurance providers will take into account how likely they will be to pay out on that policy and adjust premiums accordingly. A young and healthy individual is less likely to claim against a policy than an older individual who is, in reality, more likely to have health issues. This reduced expectation of pay-out makes premiums lower for younger customers.
Health status also affects premiums because any diagnosed medical condition must be disclosed on the application form at the outset. Younger people are far less likely to have a diagnosed medical condition that would affect applications and premiums, and so this helps keep premiums low.
A life insurance policy is often taken out by those who have dependants, usually being a spouse or children. However, whilst young adults are less likely to have dependants, they may still have financial commitments. An insurance policy can cover any outstanding debts, from student loans, to credit cards and car payments and in the event of death, would pay these debts off rather than leave a financial mess for other family members to deal with.
And of course, with death comes a funeral. This is where your life insurance policy can also come into play. In covering these unexpected costs, the life insurance policy relieves family members of the burden and stress of this unexpected expense. Think of it as the last gift to them!
Life insurance policies aren’t a ‘one-size fits all’; they can vary between length, what they cover and the value of the policy. Our independent financial advisers will take the time to understand your current situation and review all of the policy options available to you in order to source the best policy for you.
Only one thing in life is certain, and that’s death. So don’t leave things to chance!
Contact us via this link or call us today on 01639 262222.