There is a time for everything, especially if you are experiencing major changes in your life. But when is the right time to take out life cover?
The last thing you want to do is delay it before it is too late, which is why we have put together these tell-tale signs that it is time to have a policy that will protect you and the people you love.
You are young
The best time to take out life cover is when you are young and healthy. Your health influences your premiums and tends to be more affordable when you are young compared to when you are older. It is also an ideal time to get something that will grow with you and can be adapted to any life changes that you will undergo.
You have a job
Some people put off taking out a policy, but this can end up costing them and their loved ones for situations where they will need it the most. The reality is that life can be unpredictable. Therefore, preparing for life's curveballs when you are still financially stable can be beneficial when things get shaky.
You plan on buying a house
Whether you are planning on climbing the property ladder or already on the rungs, you may want to consider having life cover. Not only does this assure lenders that you have made plans to pay off your mortgage should you die, but it also eases the financial burden for your loved ones. A house is an investment that most people want to keep and pass down even when they are no longer alive. If this is your plan, then protecting this asset is crucial.
You have dependants
If you have dependants in the form of family members or children, then it is time. There are situations where people do not have this responsibility but are having plans to do so in the future, which means a financial plan needs to be in place.
You are married
Marriage is one of life's biggest decisions you will ever make. Therefore, anyone who is planning on saying 'I do' or has already tied the knot will know that protecting their spouse in every way is a top priority. Thinking ahead can play to your advantage by creating a financial safety net that will continue to benefit them long after you have gone. Ideally, you want to have two life cover policies to make sure that everyone is protected.
Starting to create a financial portfolio
Creating a financial legacy that leads to financial freedom means taking small steps that can leave an impact. The big picture can be overwhelming for most of us but starting small in the form of managing your finances better, investing, and getting life insurance are the small steps that are needed. It will be something that your future self will thank you for.
You want to create a lasting legacy
A legacy is not created through one spectacular act or moment that is supposed to define your life, but it is built through small actions that you decide to take that can have a far-reaching impact long after you have made the decision. We all get to a point in our lives where we want to leave something that will last and benefit others. This is where you can start.