When you are in your early twenties and just starting out in the world of work and relationships, life insurance is the last thing on your mind. It’s difficult to understand why you need the extra investment until you realise that life does change and that you won’t stay young or necessarily healthy forever. Ahead of you is a career, marriage, children - events that make financial planning and life insurance a necessity.
Young people tend to focus on what they want rather than what they need, but as a young person, it’s a great idea for you to consider the following benefits of taking out life insurance early:
The younger you are when you buy a policy, the less it may cost. The earlier you take out your policy, the less of a dent the payments will make in your disposable income. Time is on your side, so you can pay what you can afford, knowing that you are covered.
It’s a great way to get into the savings habit! An insurance premium forces you to consider your long-term future, ensuring that you get into the habit of putting a bit away to help you and your family, should the unforeseeable happen.
You have the opportunity to choose what you need Not all policies are the same, but being younger, you may have fewer limitations on what cover you can apply for, especially if you’re in good health or you have few bad habits, e.g. you are not a smoker.
Ultimately, life insurance is designed for your protection and peace of mind, and for that of your family; that’s why it’s vital that you purchase a product that suits your needs and your pocket from a company you trust.