Should I Get Life Insurance as a Young Adult?

Research indicates that 10 million young adults are without life insurance, and 51% have no coverage at all. Whether you have never thought about it or can’t afford it, getting life insurance is easier than you may realise and can significantly support you when you need it.

One aspect that sometimes gets overlooked in the excitement of securing a mortgage is the importance of life insurance. While it might seem like an unnecessary expense, especially if you’re young and healthy, life insurance is a crucial safety net that can protect your financial future and provide peace of mind.

Life insurance ensures that your mortgage is covered in the unfortunate event of your death. Imagine leaving your loved ones with the burden of paying off the mortgage without your income. Life insurance can help cover this debt, ensuring that your family can stay in the home you’ve worked so hard to buy. This is particularly important for young adults who might not have significant savings or investments yet.

Additionally, premiums are generally lower when you’re younger and healthier, making it a cost-effective way to secure your financial future.

Knowing that your loved ones are protected financially can alleviate stress and allow you to focus on building your career and enjoying your life. It’s a way of taking responsibility and showing your commitment to those who depend on you. Alongside life insurance, other types of insurance such as income protection and critical illness cover offer a complete financial safety net for different situations.

Income protection pays part of your salary if you can’t work due to illness or injury, helping you maintain your lifestyle. Critical illness cover provides a lump sum if you’re diagnosed with a serious illness, helping with medical costs and other expenses. Together, these insurances cover both immediate and long-term financial needs, offering strong protection against unexpected life events.

Integrating life insurance into your overall financial plan ensures that it complements your mortgage and other financial obligations, helping to secure your future and the future of those you care about.

For more information, contact your adviser today to discuss the best option for you.

If you’d like to discuss the options available to you, contact your adviser today.