Getting Life Insurance for Young Adults

There is a common misconception that life insurance cover is only for the elderly or those who are ill. However, one of the best times to buy life insurance is when you are younger and in good health. Buying life insurance for young adults when you least need it is an important consideration.

At Caspian Insurance, our trusted UK advisors can offer ample guidance on the right financial protection for you, no matter your age or state of health.

There are a number of benefits to taking out life insurance as a young adult. In our latest blog, we will take a look at why you might want to consider taking out life insurance for young adults.

Taking out life insurance as a young adult

During young adulthood, you might not think about taking out life insurance because you are young and likely in great health. You may also not have thought about how your loved ones would pay for any future bills or even manage funeral costs.

You may not have any dependents yet, or even a mortgage, which can make it difficult to justify taking out life insurance. However, if you are a younger adult, you might achieve cheaper monthly premiums from your chosen insurance provider.

The younger and healthier you are means you pose less of a risk to the insurance provider. So, if you have not started thinking about life insurance for young adults, here are some of the benefits.

Benefits of life insurance for young adults

The most popular types of life insurance for young adults is term-based. This includes level term life insurance and mortgage life insurance, also known as decreasing term insurance.

Life insurance policies generally last around 25 years, and the cost is calculated when you apply. By taking out a policy when you are a young adult, you could benefit from low-cost monthly premiums that will not go up throughout the policy. You may also have the chance to renew the policy if you have not claimed on it.

If you are a young adult with dependents, such as children or a spouse, it may be easy to overlook the impact of your passing away because it seems so far away. However, with the average cost of funerals rising and bills to consider, could your family cope financially if you were to pass away prematurely?

Even if you do not have dependents, taking out life insurance for young adults can ensure any of your loved ones are able to cope with any costs left behind.

If you were to pass away, any remaining balance on your debts would need to be paid back. This can include things like credit cards, overdrafts and car finance. This cost could become the responsibility of your family or loved ones.

Taking out life insurance with your mortgage

It is often recommended to take out life insurance when you buy a mortgage. While many mortgage companies will offer to sell a policy to you, you are under no obligation to buy it and can instead go elsewhere. This is important if you are hoping to find the right deal on your life insurance.

Many young adults may be at the age of buying a house for the first time. Having life insurance means that your loved ones will be able to keep up with any mortgage payments.

To find the right quote for your life insurance policy, get in touch with us today.