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Why get life insurance when you’re young and healthy?

02nd February 2018

It comes as no surprise that the thought of getting life insurance rarely crosses the minds of most people under the age of 50. Whether it’s due to lack of planning or just lack of awareness, younger generations simply do not seem to consider life insurance a necessary commitment.

But why? The benefits of life insurance are plain to see for those who have mortgages, children, partners or financial responsibilities of any kind. Even those who are fit and healthy (whether in their twenties or their forties) can find value in covering for their financial dependents in the event of their death. It may initially seem morbid to think about, but caring for those you leave behind is a matter that affects everyone and not just people in older generations.

Younger people who do take some time to look into life insurance often find that it becomes a more viable option than they previously thought. As such, in what follows we will consider the benefits of taking out life insurance even when you are young and healthy.

 

Low insurance costs

The price of life insurance is relative to the age and health status of a person being insured, among other factors such as lifestyle and length of policy. Since younger people are considered low-risk by insurers, it costs them less to take out life insurance compared to older people. Indeed, monthly payments can work out as less than £10 for younger people in good health – that’s the price of about three coffees!

Since you would barely notice the money leaving your bank account, you might want to experience the benefits of life insurance while its cheap and easy. By doing so you are preparing yourself for circumstances that most dare not to think about at such a young age. Further to preparing for those major life changes such as getting married and having children, you would also already be covered should you come across any sudden health problems.

 

Financial dependents

Whether it’s getting your children through school or paying off a mortgage with your partner, many large financial responsibilities start during young adult life. Such circumstances present major incentives for taking out life insurance, even if you do expect to be around for a few decades more. It’s important to ensure that your financial dependents (children, partner, family) would have some support if you were no longer there to provide it. This will not only reassure you but also those who would benefit from the insurance – it’s a gesture that goes a long way.

At the very least, you should begin asking questions about what would happen to your dependents (if any) in the event of your loss. Are there outstanding mortgages that your partner would be unable to pay off themselves? Or perhaps children that your partner would struggle to take care of without assistance? While such thinking may seem far-fetched for younger people living the prime of their lives, there’s certainly no harm in being prepared and protecting your loved ones.

 

Preparing for the future

Even if you are a healthy young person without any financial dependents or debts to pay off, chances are you will need to buy life insurance at some point in your life. People typically get insured when they get married or have children, so why not set yourself up for when this happens to you in the future?

You will take comfort in being one step ahead of the curve, avoiding the stress of buying life insurance at a later date when you have more commitments. There is arguably no price on peace of mind, but it’s still best to get on top of your insurance while costs are low and the process is less hectic. While the circumstances may be unpleasant to think about at this time, life insurance will help you to look on the bright side of life in the future.

 

IMC provide expert advice covering all areas of the financial market, from mortgages and wills to insurance and estate planning. We will provide solutions that are tailored to your individual needs and circumstances, so feel free to get in touch for a professional and personalised service.

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