When you’re young and healthy, what happens when you die is probably the last thing on your mind, but securing a life insurance policy early on has its benefits. From saving money to protecting your family, here are some reasons why millennials should get life insurance.
Age is a massive factor that affects life insurance premiums and getting cover whilst your young and healthy should be significantly cheaper than waiting until later on in life. It is also wise to lock in cover before any health issues arise as you may become uninsurable if you’re diagnosed with a critical illness.
Covers Your Mortgage and Other Debts
If you die before your mortgage or loans are paid off then these debts may get passed on to your loved ones. A life insurance pay out can settle what you owe so this doesn’t happen.
Critical Illness Cover
It’s harder than ever for millennials to save money so the consequences of losing an income are high. With critical illness cover, you can get a payout if you’re diagnosed with one of the specified illnesses which can help keep you afloat even if you’re unable to continue working.
Protect Your Loved Ones
Whilst millennials are waiting longer to have kids, life insurance policies can last decades, so considering your future plans could be wise. It is also important to consider other people who may depend on you, such as your partner or parents. A payout may help them cover the costs of your funeral, or pay for your parents care in later life. Don’t underestimate your value to those around you.
Your Employers Cover May Not Be Right For You
Some employers now offer life cover or ‘death in service’ benefit as part of their benefits package, however this cover is often insufficient or not right for your needs. Trying to add cover to your employer’s policy is usually more expensive than buying a separate policy, plus the cover would be lost if you were to leave the company.