Are You Too Young For a Life Insurance Policy?

By August 19, 2017 Life insurance 12 Comments

Getting life insurance doesn’t feel like a priority or even something to consider when you’re young. However, you could be protecting yourself, your loved ones and ultimately being smart with your finances if you were to be insured. If you are in your twenties or thirties and have anything from a house, a spouse, children or some savings, life insurance could protect all of these, and taking out a policy later in life could be too late. So get covered no matter your age, and here are a few reasons why you won’t regret it.

Your Health at it`s Best 

Generally speaking, young people tend to have better health than older people. They are less likely to get diseases caused by older age or weaker immune systems and their bodies are stronger when it comes to fighting off illnesses. Getting life insurance with a clean bill of heath is much cheaper and easier to do than if you have a history of illness. You can get a great policy with affordable premiums long before you are hit with any chronic illnesses that tend to appear in later life. So getting it while you are young and healthy can ultimately save you money over the years.

Age affects Premiums

Life insurance providers consider your application by assessing the likelihood of you needing to make a claim in the future. So if you are shown to be healthy and you are in your twenties and thirties, you will be less of a risk to a provider as you are less likely to make a claim. So the younger you are when you apply for a life insurance policy, the happier the provider will be as you are lowrisk and they can offer you lower premiums. The older you are, the more you will pay in premiums, so the sooner you can secure an affordable policy, the better.

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Expect the Unexpected

You never know what is around the corner and being protected in case of an illness certainly isn’t a bad idea. You could find that waiting to get life insurance could be a big mistake, as illnesses can come unexpectedly. The average age of someone taking out life insurance is 58 years old, but critical illness claims are generally being made by people around the age of 50. So if they were insured before that age, they would be covered for any illnesses they may get. Leaving it too late could be a disaster for your finances and your family.

Life Insurance Can Be Affordable

In your twenties and thirties you will have lots of priorities that don’t include insurance, and you could find that your pay cheque is stretching as far as it can go. But life insurance doesn’t have to cost you the earth – it can be very affordable, you may not even notice the money leaving your bank account. The younger you get started with life insurance, the cheaper it is, so start looking now for the cheapest premiums. You can find deals for as little as £6 a month, so you can be protected for life without the big cos.

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