At What Age Should You Get Life Insurance?
Life insurance is commonly associated, perhaps ironically, with death – this means that many young adults don’t give it much thought. Besides, why would a fit, healthy young man or woman need to consider what would happen if they were to pass away?
Because you never know when your life is going to take an unexpected turn for the worse, that’s why, and there are plenty of benefits of getting cover at a young age. Life insurance is designed to protect your loved ones when you’re no longer here to do so yourself.
Deciding when to get life insurance can be tricky and there is no definitive answer to the question: ‘what is the best age to get life insurance?’.
Whether or not you need to consider taking out a life insurance policy depends on your individual circumstances, and it’s something that only you can figure out. Here are a few common reasons that people buy life insurance at an early age:
- Having children early – people in the UK are having their first child later and later, but for those who decide on having children early, life insurance is a great way to ensure that they are never forced to go without.
- Providing care – even if you don’t have children, that doesn’t mean that you aren’t financially responsible for somebody else. Young people often provide care for parents or siblings, both of whom would be vulnerable if they passed away.
- Moving out – like with having children, people are waiting longer to buy their first homes – but again, if you move out at an early age, life insurance would help to pay off the remaining mortgage on your property if you passed away.
- Funeral costs – even if you have nobody reliant on you financially, a funeral could cost your loved ones thousands of pounds. Life insurance can help to cover those costs.
- Save money – waiting until you’re older to buy life insurance will mean that you pay more for your cover. The minimum age for life insurance is 18, and the closer you are to that age, the cheaper your cover should be.
Should I get life insurance in my 20s?
Again, this question can only be answered with knowledge of your personal circumstances – if you’d like free expert advice on taking out life cover, fill in our quick quote form, receive an indicative quote and one of our friendly advisers can help you out.
Typically, the average twenty-something year old will find that taking out life cover at an early age can be extra-ordinarily cheap – Quick Quote could even help you find life insurance for as little as £5 a month.
As a young adult you are statistically much less likely to die anytime soon (obviously), meaning that you pose a significantly decreased risk to life insurance providers who regularly pay out hundreds of thousands of pounds to policyholders.
How much is life insurance for a 22 year old?
A common age for people to start to finish an undergraduate degree at university and venture into the world of work, 22 is an age that many start pondering whether or not they need a life insurance policy. A healthy 22-year old could comfortably get their life insurance for around £5 a month.
Life insurance for young adults – is life insurance worth it?
Without wanting to sound like a broken record, this is completely down to you and your individual circumstances – but if you’re healthy and considerably young, our advisers suggest that you should look into buying a term life insurance policy.
With term life insurance, you’re able to set how long you want to take out cover for. Most people aim to end their policy once they’ve retired, which is usually around 40 years from the date that the insurance is taken out.
For an average of just £7.50 a month over 40 years (£3,600 in total), you could receive a £200,000 payout – don’t need that much? You’ll save even more money on your monthly payments.
Just like you, your insurance company wants you to live out the entirety of your policy – there’s no catch.
Finding the best life insurance
Life insurance is a serious matter and you’ll want to make sure that you’re getting adequate cover. You should be sceptical of any quotes that fall significantly below £5 a month and ensure that there are no exclusions in your policy that could leave your loved ones with thousands of pounds worth of debt should you pass away.
At Quick Quote, we only work with reputable insurance providers and will only offer you cover if we are 100% certain that it is not only legitimate, but completely right for you.
To get a free, non-obligatory life insurance quote today, simply complete the quick quote from and in less than 2 minutes you will have your indicative quote and have taken the first step towards protecting what matters most – to you.