The One Thing You Can Do RN That Your Future Self Will Thank You For

When you’re young, investing in life insurance may not feature high on your list of priorities. You’re in good health, just starting out in life and the only person relying on you is you. So it's easy to simply live in the moment and push some of the less exciting responsibilities and tasks associated with adulting further down the road.

Well, whilst that approach might work for some things, life insurance isn’t one of them. It just doesn’t add up. The ideal time to get life insurance sorted is when you’re young, healthy and carefree. It’s the one thing you should take care of before you actually need it.

From financial rewards to peace of mind, here’s why your future self will thank you for putting this in place right now.

Who knows what demands you’ll have on your finances in the coming years - this is one expense you can futureproof.

1. It Makes Financial Sense.

By investing in life insurance now, you can enjoy the financial benefits that come with being young and healthy by having a lower premium. The rates go up as you get older, so it makes sense to get your policy in place as soon as you can.

And here’s the thing - yes, the premiums will rise incrementally over time, but the younger you start, the lower the inital rate so you will pay less over the lifetime of the policy. By locking in an affordable starting rate now, based on your current circumstances, you will save in the long term. Who knows what demands you’ll have on your finances in the coming years - this is one way to lighten the load.

2. It Gives You Peace of Mind.

As much as we would all like to think we will age well, health issues inevitably creep in as we get older. If your health deteriorates it gets more difficult - and more expensive - to get life insurance cover. It’s definitely still a worthwhile, maybe even necessary, investment as you get older, but the state of your health determines how much you pay.

It’s also much less complicated to put cover in place before any significant health issues arise. The approval process will be smoother and quicker, meaning you can set it up and move on, giving you and your loved ones peace of mind.

3. It Can Offer Financial Security.

You can tailor your life insurance policy to meet your specific needs. For example, you can include critical illness cover to ensure that key expenses such as your mortgage are covered if serious unforeseen health conditions arise.

Your critical illness cover will be activated if the conditions of diagnosis in your policy are met, taking away the worry of how to support you and your family financially and giving you breathing space to concentrate on your treatment and recovery plan.

4. It Can Provide Financial Protection.

Life insurance can offer an element of future financial protection to ensure your loved ones are taken care of - whatever your relationship and family status - if something happens and you are no longer around. It can provide a financial buffer for funeral costs, go towards paying off any debts you leave behind or cover unexpected expenses that arise.

These are not things we like to dwell on, but neither is the thought that we leave behind a financial burden for our loved ones. And the good thing is that once you’ve made the decision and the policy is in place, it’s done. No more dwelling, just living!

If you would like to discuss the different life insurance options available to you, speak to the experts at Cherry Godfrey who can help you find the products most suitable for you and your circumstances.