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Why buy life insurance in your 20s? Old Mutual iWYZE

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Why buy life insurance in your 20s? Old Mutual iWYZE

Some compelling reasons to buy life insurance in your 20s.

PR Newswire

JOHANNESBURG, South Africa, Aug. 7, 2018 /PRNewswire-PRWeb/ -- Life insurance or life cover is important for securing your financial future, whilst also protecting your loved ones. Having life cover in place means your family doesn't have to worry about your outstanding debts should you die, become disabled or unable to work.

But even though getting life insurance quotes online has made the process easy, life cover isn't a big priority for most young adults. This article, compiled with the help of Old Mutual iWYZE, explains why it should be.

It's usually cheaper in your 20s…

The goal of life insurance is to protect your financial future, and to protect your income as a breadwinner should something unexpected happen.

If you're a 20-something, you're more likely to be single and childless, but that doesn't mean you'll stay that way. You may decide to settle down in your 30s or later and at that point, the appeal of life insurance may become clearer.

The downside, however, is that by waiting to buy, you may be facing higher life cover premiums. As a general rule, life insurance is less expensive the younger you are when you initially buy it. It's such an affordable purchase in your twenties... less than half of what it would be in your thirties and forties.

Why is life insurance cheaper when you're younger?

  •     You have a longer life expectancy at a younger age, which means a lower premium.
  •     You are more likely to be healthier at a younger age. The older you get, the higher the risk of developing conditions that will affect your premium.
  •     You will be covered for your health conditions at the time the cover was taken.
  •     Any condition diagnosed after the policy was taken will still be covered.
  •     Hereditary conditions generally occur only at an older age.
  •     Nowadays, millennials focus more on taking care of themselves physically, like going to gym and maintaining a healthy lifestyle. This is taken into account when applying for a life insurance quote.
  •     Life insurance benefits which offer some sort of cover whilst you are still alive make the product more attractive in your 20s.

Your debts need to be settled…

Aside from replacing lost income, life insurance can also be used to pay off any debts owed by your estate. Settling your outstanding debts is important in any stage of your life since sadly, your debt won't just disappear should you pass away. In your 20s, your largest debt may be student loans, but regardless of the type of debt you need to pay off, having adequate life cover will ensure that your family is not left in a financial lurch when they have to tie up your loose ends.

It can make a sad time less stressful…

Should you pass away, life insurance can also reduce the stress of paying for funeral or burial costs, or any other final expenses. Even a small life insurance policy could be a good investment if you don't want to saddle your loved ones with these costs.

When you're young and have the world at your feet, you don't always want to think about serious realities like disability, disease or death. But your twenties might just be the perfect time to start planning for your future.

Don't leave tomorrow to chance – even if you're only in your twenties and have your whole life ahead of you. Speak to Old Mutual iWYZE today about getting affordable life cover in place to help take the uncertainty out of the future. Make the wise insurance choice and get Old Mutual life cover today. Old Mutual iWYZE also offers reliable car insurance you can trust. Get a commit-free car insurance quote today.

Old Mutual Life Assurance Company is an authorised FSP (FSP 703). Risk profile dependent. Terms and conditions apply.

 

SOURCE Old Mutual Life Assurance Company

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