Isn’t life insurance only for the old? Why would you need it in your 30s? Truth is, the earlier you take out life insurance the better.
If you’re nearing 30 and considering taking out life cover, here’s why you shouldn’t delay.
Life insurance premiums are cheaper while you’re young
Your premiums will be cheaper now than in five years, and cheaper in five years than in ten years, and so on. Because life insurance is based on your level of risk to the insurer, young people get better rates. Your yearly increases are small enough that it’s still more cost-effective to take a policy out early while you’re still young and healthy before your premiums start increasing as you age.
You have dependents or debt
At 18, you might not have any debt nor any dependents. At 30 though, you may own a car or be thinking about buying your first house. Perhaps you have credit card debt. Any of these debts mean that life insurance would be a smart move so that your family don’t have to pay off your debt should anything happen to you.
Start your online MiLifeCover Quote
If you have children or younger siblings in your care (or who will potentially be in your care in the future) then this is another reason to take out life cover. If you should unexpectedly pass away, the life cover will ensure that your family are taken care of financially. The same goes for elderly parents who may require care or financial assistance if you were to pass away.
You’re newly married or are thinking of starting a family
With big life changes comes big responsibility! At 30, you’re at the stage of your life where you want to start thinking more seriously about the future. By taking out life cover, you can protect that future. Typically people take out life insurance when a big event makes them consider their financial needs and the future of their loved ones. This might be marriage, buying a house or having a child; all of which are good reasons to consider a comprehensive life policy. If you’re newly married, for instance, your new spouse might depend on your income and need protection against a loss of income in the event of your death. Or you might be the one who requires protection against the loss of your spouse’s income! Perhaps you may want to get life cover for the parent who stays at home and looks after the kids – after all, if they passed away and you had to hire a childminder full time, you’d suffer financial consequences as a result.
The short answer? Yes, you need life insurance – even at 30! Get a quick quote with MiWayLife here.