Why Even Young, Single People Need Life Insurance

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Life insurance is something that is just for older people or those who have partners, children and a mortgage, right?

If you are young and single then the idea of taking out life insurance might have never crossed your mind. This isn’t surprising but you might find that it becomes more of a tempting option once you look into it.

The truth is that there are some powerful reasons for looking at getting covered while you are still young, free and single.

Take Advantage of Lower Prices

Life insurance can be almost laughably cheap when you are in your 20s. The price goes up every year but getting it at this stage in your life means that you can get good cover at a very reasonable price.

Of course, you might only go for a low amount of cover, which keeps the price even lower.

Just as important as your age when calculating a premium is your health. If you suffer any sort of serious illness or condition before you arrange cover then is going to make it far more difficult to get the cover you want at a decent price.

Obviously you will want this cover to run for decades without any claims being made on it. However, if you pay a low price for your life insurance then you can afford to look at it as being a small investment for a great deal of peace of mind rather than a waste of money.

Pay Off Your Debts

Just because you don’t have a mortgage this doesn’t mean that you don’t need to think about what would happen to your debts if you passed away.

You might also have a car loan or some other sort of debt that needs to be paid off. Don’t run the risk of having this cause problems for other people when you aren’t there to pay it.

Cover Funeral Costs

Older people often fret about making sure that they don’t leave their family to foot the bill of their funeral. Why should younger people not also take a few minutes to think about this?

Clearly, it is a pretty horrible subject to dwell on. However, by spending a little bit of time on it just now you can then forget all about it while you enjoy life.

The average cost of a funeral in the UK runs at between £3,000 and £4,000 or so. Again, this is a sum that can cause major problems for some families to pay but is a really small figure for a life insurance policy.

Get Prepared

The chances are that you will have a pressing reason to get life insurance cover at some point in the future. Whether this is due to getting married, buying a house or having a child, the thought of being unprotected could gnaw away at you.

Therefore, why not have a chat with a financial advisor and get protected now while it is cheap and easy to do? This could make you feel that you are slowly putting the pieces together for your future life.

Getting life insurance arranged isn’t the most exciting thing that you could do. However, even if you are still young and fresh-faced you should see this as being a useful way of getting peace of mind without spending much money on it.

At what age do you think people should arrange life cover?

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