In today’s society, a common misconception amongst young people (mainly between the ages of 20 to 30) is that they are invincible. It is precisely this attitude that causes most young people to use poor judgement when it comes to life insurance. Because most young people only have themselves to think of they fail to see just how important life insurance really is.
- I am young why do I need life insurance?
If you fall into the category of not having a spouse or children to care and provide for, should you die young ask yourself this, what about the other people in your life, your parents and grandparents or siblings. Although they may not be dependent on you being the beneficiaries of a life insurance policy, a life insurance life policy could go a long way in securing a comfortable retirement, or help with those pesky mortgage payments, even help secure a education fund. You see there is always someone to think about.Besides in the event of your untimely death, to who will the responsible fall for repaying your student loan or to pay for your funeral, which believe me could run into thousands of rands. It is very unfair to leave your already grieving loved ones with such a burden as well.
- As a young person when should I get life insurance?
Right now is the best time because you are young and in good health you will most likely pay a lower premium provided you are a non smoker and don’t drink heavily.
- What life insurance policy should I purchase?
As a young and single adult without any “dependants” that has only just started working at your first job, you will only require a basic term life insurance policy. They are practical, provide you with the coverage you require and are in expensive. Most people have to work on a very tight budget which is why purchasing expensive life insurance is at the very bottom of the budget list, where a less expensive life insurance policy is easier maintainable on a monthly basis. As your life progresses you will automatically upgrade your life insurance policy to provide for your family’s needs should you pass away.
No matter your age you need life insurance, do yourself and your loved ones a great kindness and purchase life insurance today.