Why do young adults need life insurance now more than ever?

At first glance, getting a life insurance policy at a young age may seem unnecessary. But don’t neglect life insurance, just because of your age.

The advantages of securing a life insurance policy while you're young are abundant. Let's explore some compelling reasons why life insurance should be on your radar as a young adult.



Understanding life insurance


Life insurance offers a tax-free lump sum that could be paid out if the policyholder (the person who purchased the policy) were to pass away during the specified term length (the period the policy protects them).

The payout from your life insurance policy could provide financial support for your loved ones in your absence. Alternatively, there are some policies that can pay-out while you're alive.

The ideal life insurance for young adults


There's a variety of life insurance options out there. Here are some leading policies that might be perfect for young adults:

  • Income protection acts as your regular income if you're incapacitated and unable to work due to illness or injury. This policy could cover up to 60% of your income and will pay-out each month*. This policy is especially useful for young adults with limited savings.

  • Critical illness insurance offers protection for a list of severe illnesses. It allows you to utilise the payout while you're alive. So, if you were to be diagnosed with a severe illness, your policy could provide a lump sum to financially support you or can be passed onto your loved ones.

  • Term life insurance is one of the most basic types of life insurance you can get. When you imagine a classic life insurance policy, this is probably it. It provides a lump sum in case of your passing, and if it's index-linked, your monthly premiums would typically increase roughly in line with the cost of living.


Life insurance for young parents


Parenthood, especially at a young age, comes with its unique set of pressures. These can range from being a great parent to providing financial stability and ensuring a joyful childhood for your children.

A life insurance policy doesn't just provide a financial safety cushion. It also eases some of the worries and burdens from your shoulders. One of the major concerns for every parent is the welfare of their children and family should anything happen to them. A life insurance policy can help mitigate these worries.

The earliest age for life insurance?


You typically need to be at least 18 years old.

Remember, getting your cover sorted at a younger age generally means cheaper life insurance premiums.

Why is life insurance more affordable when you're younger?


When applying for life insurance, several questions will focus on your health. Which is often why the younger you are, the healthier you're likely to be, resulting in cheaper monthly premiums when you take out cover younger.

Securing life insurance when you're young generally results in lower monthly premiums and possibly lower overall policy costs.



When should you get life insurance?


The right time to get life insurance is different for everyone. But there are a few triggers that may push you in the direction of seeking life insurance.

Policies like income protection insurance and critical illness cover can pay-out while you're alive, meaning you can put the money to good use. Top reasons to consider life insurance as a young adult include:

  • Self-employment
  • Renting a property
  • Limited savings
  • Tendency to worry
  • Having or planning to start
  • Holding a mortgage


Have you delayed it too long?


If you're still without a life insurance policy, don't fret.

Life insurance is available for individuals in their 30s, 40s, 50s, 60s, and beyond. Specialised coverage is also available for those over 50.

One thing to note about sorting your life insurance later in life is that you'll likely pay more for your policy compared to if you got your coverage in your 20s or 30s.

How much does life insurance cost?


This is one of the top asked questions about life insurance. 

In addition to your age, our life insurance experts will evaluate various factors to estimate your potential monthly life insurance premiums. Some of these factors include:

  • Smoker or non-smoker
  • Family medical history
  • Hobbies
  • Amount of cover you want
  • Occupation
  • Health history
  • Policy term length


If you're put off life insurance due to the cost, you're in luck. At Busy Bee Life Insurance, we've created a life insurance calculator that can give you an estimate of how much your cover could cost in just 30 seconds.


Our hassle-free service


At Caspian Insurance, we make life insurance simple. We work with the UK's leading life insurance providers to find the most suitable cover for you and your loved ones. Start your life insurance journey today with Busy Bee. 








*Your policy will pay you a monthly amount until you return to work, your policy ends or you have reached your pre-chosen maximum claim period.