If you’re young, healthy and dependent-free, you might not think that life insurance is necessarily important. Thing is, the best time to take out life insurance is always sooner rather than later. In fact, the younger you are, the more you could stand to benefit.
Life Insurance Explained
When you take out a life insurance policy, you’re essentially creating a financial safety net for anyone who might be depending on you – as well as alleviating a financial burden for anyone taking care of you. In short, if you have life cover, it can pay out a sum of money to your nominated beneficiaries in the event of your passing due to illness or an accident. Your beneficiaries can use this pay out any way they wish, be it to take care of your unpaid debts, cover the cost of a funeral or ensure your children, spouse or even your parents are financially protected.
The Best Time Is Now
Taking out life insurance as soon as possible will always work in your favour as, the younger you are when you take out life cover, the lower your premiums are likely to be. This is because life insurance companies know that younger people are generally considered to be lower risk and less prone to age-related health problems than those that are older.
While you could wait until you’re older to consider taking out a life insurance policy, it’s important to remember that most life insurers aren’t likely to issue a policy to those over the age of 65. This doesn’t mean you’ll lose your life insurance the day you celebrate this milestone birthday – if you continue to pay your premiums, your coverage will continue until you pass away.
Don’t Wait, Do It Today
At the end of the day, your individual circumstances will dictate how much life cover you would need and how much will your premiums will be. But it does make financial sense to lock in lower premiums while you’re still young and in good health. Also, many people put off taking out life cover because they’re under the impression they can’t afford it. However, if you take life cover with MiWayLife, you could get R500 000 life cover from as little as R149 a month.
Nobody can predict the future, but it’s always good to know that, in the event of your passing, the people you care about can be taken care of.
