Am I too young for life insurance?

The honest answer is no. Many of life’s adventures occur in our young adult life. Whether you’re buying your first house, getting married or having children, there’s often a reason to consider life insurance.

Ask yourself this, if you’ve bought a house with your partner, could they afford to pay the mortgage and cover the bills if you were no longer here? It’s likely that you’d want to know they’re supported if anything unfortunate happened to you, or that you will get the help you need if anything happened to them. That’s why buying life insurance is often encouraged for couples buying property together.

And if you’ve got children, or are planning to in the future, you ought to start thinking about the possible impact your loss could have on them. Could their other parent afford to run the house in your absence? Would you children be able to live the same lifestyle if you were no longer there to support?

Why is my quote more or less than the average?

In order to provide the average prices above, we’ve taken the average premium quoted for a person of each age through our site – they will have a mixture of personal needs/requirements that will impact the average. The life insurance quotes provided for each age could vary depending on things like:

  • Whether the cover is for you or you and a loved one
  • Whether you smoke
  • Where you live
  • The amount and length of cover your require
  • Whether you’ve included critical illness in your quote

Life insurance is a very personal thing and so your quote will always be equally personal.

How complicated is life insurance?

Life insurance might seem complicated at first, mainly because you’ve probably not had much experience in dealing with it. And whilst you need to make sure you find the right policy for you, the options available are relatively straight forward. There are two main types of life insurance; Term Insurance and Whole of Life Insurance.

Term Life Insurance pays out a lump sum if you pass away within an agreed period of time. These policies will ask you to choose a set period of cover. There are a couple of types of term insurance- you can read all about them here.

Whole of Life Insurance is often more expensive but will cover you until you pass away not just a set period of time Again there are a few options available so your choice will ultimately depend on yours and your family’s needs.

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