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Why You Need Life Insurance In Your 20s And 30s?
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Well, when you are a young person with high spirits, fit body and healthy mind, buying a life insurance policy does not fall under the realm of your immediate concerns. It may sound like a needless investment especially when you want to prioritise investing in your career and other seemingly necessary aspects of your youth, however, reality is different from what you imagine and sometimes it can hit you hard.
Even when young, you may encounter unwelcomed events in your life like accidents, unemployment or loss of life. In fact, as per reports, the number of young deaths in the UK reached a 12 year high in 2015. Young people have died for very many different kinds of reasons like accidents, failure of introducing flu vaccine, cancer and drugs. During such events, a life insurance policy is the best way to support your family to deal with the financial needs of the hour.
If you are an earning member of the family then life insurance would facilitate a lump sum for your family or beneficiaries. It is most certainly a big monetary help for the household which needs financial support in your absence. Apart from these obvious reasons, you need some sort of financial security, which you can get through life insurance. There are a few more reasons which emphasize the utmost necessity of an insurance policy especially when you are aged between 20 and 30.
Why you need life insurance in your 20s and 30s?
For income support: If you are supporting your spouse, parents or family in general then life insurance is a must for you. In case, you lose your life or become unfit to work then money received from the claim would be a big financial support for the family. It helps the family to live the same quality of life which you wish for them. It is the best way to support your family when you no longer exist.
To support co-signed debts: If someone has co-signed a debt for you then they would be in a fix if you die or becoming unfit to work. For example, if someone has signed for your student loan or car loan or mortgage then in the event of your death, they have to solely pay the loan amount to the lender. An insurance policy comes to the rescue of the co-signers in case you die before the loan has zeroed out.
For burial and final expenses: Paying for the burial expense could take a toll on the family especially if you have been the only earning member. Having an insurance policy would help manage the burial expenses, hospital bills and other death related expenditure.
Uninsurable lifestyle: If you enjoy thrilling hobbies that put you in the risk zone of becoming uninsurable then it is better to buy insurance at the first place. In addition, it is always a better idea to get insurance before catching a long term disease or incurable illness. It is therefore advisable to buy a policy when you are young as opposed to buying it when you reach your 50s. Believe it or not but the insurers may hesitate to offer you a comprehensive policy if they find anything that makes you uninsurable, which means an existing medical condition, life threatening hobbies like skiing and becoming unfit to work due to a disastrous accident.
These are the main factors for choosing insurance as it facilitates you and your family in case of unwelcomed incidents of all kinds. Moreover, there is no harm in doing an early investment for the safety and security of your life as well as to facilitate your loved ones if you are no longer there. However, you must know which insurance policy to buy or else you would end up buying a policy that charges very high premiums and proves burdensome for you.
If you want to know which life insurance provider offers you affordable deals then check our website https://freepricecompare.com/life-insurance/ or you can talk to our friendly team of insurance experts on 02034757476. We compare all the insurance providers in the UK and suggest the best discount deals.
Brijesh B. is a personal finance mentor lives in the city of London. He is working at UK’s price comparison website FreePriceCompare.com. He suggests all British breadwinners to compare life insurance plans and keep the premium down for lifetime. When he isn’t writing, he is spending time to find advance technique of farming and its way of applying. He also plays his guitar gifted by his father.
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