Health is wealth: But what does that mean for your life insurance?

Life insurance. The thought of which can make even the most organised people roll their eyes.

Unlike some types of insurance, like car and house insurance, life insurance isn’t a legal requirement. But this doesn’t mean you should disregard it or label it an ‘unnecessary purchase.’ 

Why does it exist?

Life insurance can be an affordable way to leave money behind for your loved ones when you pass away.

With your life insurance sorted, you can invest your energy into spending time with your loved ones without worrying about how they’ll get by after you’ve gone.

Age matters

Age is a funny thing. When we’re younger, we pretend we’re older, and when we’re older, we say we’re younger.

When it comes to life insurance, being younger will undoubtedly help you secure a cheaper premium. Not only will you pay less each month, but you’ll also have peace of mind for longer—a win-win.

But it’s not just about the cost. Sorting cover out earlier in life gives you the flexibility to adjust your policy as your life changes. Whether buying a house, getting married, or having children, life insurance can adapt to your evolving needs, ensuring your loved ones are protected through every stage of life.

Myths and misconceptions about life insurance

1. Life insurance is too expensive. One of the most common myths is that life insurance is a luxury, it’s expensive. Life insurance can be affordable, especially when you’re younger. To put it into perspective, the cost of a life insurance policy can be comparable to cutting out a takeaway a month or foregoing your favourite coffee. Peace of mind for the price of your daily latte?

2. I’m too young to need life insurance. Many young adults think life insurance is for the elderly or those with health issues. However, the opposite is true. Starting a policy when you're young and healthy locks in lower rates and ensures you're covered during life's unpredictable turns.

3. My job provides enough life insurance. While many employers offer life insurance as a benefit, it's often at a basic level. If you have dependents or plan to have a family, the cover provided by your employer may not meet all your needs. Personal life insurance policies offer a tailored solution that can fill in the gaps, so your family's needs are fully covered.

4. I don’t need life insurance because I'm single and childless.
This belief overlooks the fact that life insurance is about more than just supporting dependents after you're gone. It's also about covering your debts, like your mortgage, and ensuring future funeral costs won't burden your family.

5. Life insurance is too complicated. Life insurance can seem overwhelming. As a broker, we’re here to help. We go through the process from start to finish with you, setting you up with a policy that suits your circumstances, lifestyle and budget.

The benefits of being proactive

Securing life insurance earlier is more than just a financial decision - it’s an act of love. It shows you’re thinking about your family’s future and well-being after you’re gone. Here are some benefits of being proactive:

  • Peace of mind: Knowing your family will have financial support can relieve stress and anxiety about the future.

  • Affordability: Younger, healthier people get better monthly rates, making life insurance a more affordable option.

  • Being prepared for the unexpected: Life is unpredictable. Life insurance ensures that your loved ones are cared for, no matter what happens.

One last thought

Life insurance might seem like a distant thought, especially when you’re young and focused on living in the moment.

However, it’s one of the most responsible decisions you can make for yourself and your loved ones. Starting your life insurance journey when you’re younger doesn’t just save you money. It provides a safety net that grows with you, adapting to every new chapter of your life.

Please don’t wait until it feels necessary because it might be too late or far more expensive by then. Make the smart choice today for a worry-free tomorrow. Your future self and your family will thank you.