Young People and Life Insurance
What They Need to Know
When we are young we don’t always think that there is a need for life cover. There can be a common misconception that the so-called “youth of today” are in good health, single and little or no debt to cover. The generation with no real reason to take out a life insurance policy.
It was George Bernard Shaw that once said that “Youth is wasted on the young” but taking out your life insurance whilst young can help you invest in your future and at a cheaper price! Before you make up your mind read our 5 reasons why you are never too young to apply.
5 Reasons Young People Should Get Life Insurance
- Applying for life cover now, while age is on your side, will allow you to avail of lower premiums.
- Some people find they have small debts from student/travel loans and other purchases to cover. Although not enough to warrant a life cover, these debts could fall onto other family member if something were to happen. Having a small amount of cover can leave your relatives in a more secure position if anything were to happen to you.
- You may not yet have direct dependents, such as a partner or children, but the point of life insurance is not always to protect yourself but to help protect your future family if something were to happen. Also while trying to refrain from coming across as a very morbid person; we will always need to account for funerals and other related costs so as not to leave this with our parents.
- The fact that young adults can be lucky enough to be in good health means that on most policy applications this can lead to a quicker turnaround with little or no medical requirements. This means no need for doctor’s reports or medical exams which can at times take up your precious time.
- The policy can be used in the future to secure your first mortgage. If the cover taken out is the same or more than the mortgage amount you could use this policy to satisfy your lender. You have your mortgage secured and a lower premium as you took the policy out when you were younger. Or if your mortgage is higher, it can be used to secure a part of the mortgage and you may only need a new policy for the balance.
Weighing up the benefits of taking out cover at any early age is entirely up to you. It is better to take out your life cover when you are young, no doubt about it! . Hopefully our 5 reasons went some way to convincing you it could be a good idea for you. You can go online to get a quote or call one of our Life Team on 01-4003400.