If you’re in your 20’s or 30’s, securing suitable life insurance probably isn’t something that’s near the top of your to-do list. After all, you’re still young and there’s plenty of time to worry about stuff like that further down the line, right?
There is… maybe… but the reality is there are a number of advantages to taking out life insurance while you’re still young. The bottom line is if you have responsibilities, it’s never too early to think about life insurance.
Here are just some of the benefits of purchasing a life insurance policy while you’re still young:
1. Younger = Cheaper
First and foremost, buying life insurance while you’re still young usually saves you a significant amount of money. That’s because one of the main factors insurers use when calculating premiums is the policyholder’s age.
There’s less chance of you dying in your 20’s or 30’s compared to your 50’s or 60’s, so taking out life insurance while you’re still young will (usually) help you secure much lower premiums.
2. Healthier = Cheaper Too
As well as age, insurers also use a person’s health to determine the cost of their premiums. Again, generally, the healthier you are, the cheaper your premiums will be.
While you’re still young, you are much more likely to not have developed any chronic health conditions, like high cholesterol and high blood pressure. Taking out life insurance before (if) any of these conditions develop will help you secure much lower premiums.
3. Planning for the future is always a good idea
Just because you’re single and don’t have any children right now doesn’t mean you’ll stay that way. Chances are you’ll get married, buy a house and start a family at some point in the future. Chances are you’ll also reconsider life insurance as your responsibilities increase (like they do when you’re married, own a house and have children).
But looking for life insurance at that time in your life will inevitably see you being quoted much higher premiums than if you do it now while you’re still young. Plus, you’ll probably have a lot more monthly outgoings as you get older too, which can make the inflated premiums seem even heavier.
4. Choosing the right life insurance cover
Now you know why it’s beneficial to purchase life insurance while you’re still young, what are your options?
Our sales director, Tom McGuinness, wrote a blog post about just that. In his post, Choosing The Right Life Insurance Cover, Tom covers what life insurance is, the different types and how much cover you need.
Don’t leave it until it’s too late. Put some safeguards in place now and secure suitable life insurance at the right price.
Stephen joined Premier Choice in 2006 as a Group Risk consultant and became Head of Group Risk in June 2013. In December 2017, Stephen also took over responsibility for the Protection division within Premier Choice and works to grow this in the same way he has the Group Risk division. Protection is a specialist area and fits well with his experience and expertise in the group risk market.