BUY LIFE INSURANCE AT 30 INSTEAD OF 40 AND SAVE £27,500
Because of this year, people have begun to realise how short and precious life is. It is never too early to be prepared. The millennial population know life is unpredictable and no one is ever too young to be prepared. It’s important to think about making these important life decisions before you may need to or even before it’s too late.
Here, Kaitlyn from Bequest talks through how purchasing life insurance now, can save you money in the long run:
Life is unpredictable and we know that things don’t always go as planned. Bequest want to make sure that you are prepared for the unexpected – and this means at the early stages, too. So, purchasing life insurance earlier not only protects you and your loved ones, but you can actually save money by buying it earlier. For example: Taking out a 40-year term, level pay-out for £500,000 at 30 years old, saves you £27,500 compared to buying the same insurance at 40 years old. That’s £43/month compared to £99/month.
Not only do you save money by purchasing earlier, but you are also able to change and update your life insurance as your life changes. You can update your policy if you get married, buy a house or have a child! If you were to get sick and couldn’t work, or if you were to pass away, who would pay for childcare for your children, your school debt or your funeral? It’s not always fun thinking about these things, but that’s where we are changing the conversation. It’s never too early to be prepared.
Modern Life insurance policies no longer need to be just about what happens when you die. Life insurance may strike a chord that you associate with death, but it can be just as useful to you and your loved ones while you’re still alive. There is absolutely nothing strange about preparing for the end, especially when you start to take on new responsibilities in your life. Homes, partners, children. All of these factors make your life what it is, but it is also natural to worry about how it affects those closest to you.
