Throughout life, you will have a great number of magical adventures. You might spend six months travelling around the world, run the London marathon or become a chess grandmaster. You will also likely pick up some people to have adventures with on the way, such as a partner and kids, and you might want to be protected in case your journey together is cut short. The question is, at what age should you be taking out life insurance? At The Insurance Emporium, we love to help protect people’s adventures, so we looked at various decades of life to figure this out.
Your twenties are some of the most dynamic years of your existence. There’s so much pressure to work out what you’re doing with your life, including what your career should be and whether you should settle down with someone. You also might find your love life is pretty quiet and then, as if by magic, you end up married with kids. If you don’t have a partner or kids, then it’s reasonable to put life insurance on the back burner. However, if you plan to start a family in the future, it might work in your favour to start looking at life insurance now. If you’re young, fit and healthy then you could be rewarded with lower premiums than if you put off getting life insurance until later.
Settling into your thirties
After the whirlwind that is your twenties, life starts to settle down once you are in your thirties. If your career is progressing well, you may find that your finances are a bit more stable than they were in the last decade of your life. You may be married, or have a long-term partner, and you might have kids. While you might not be out socialising quite so much, your home life may be busy. If this is the case, and you’re providing at least a chunk of the household income, then you could benefit from getting life insurance now. As long as you are healthy, your premiums could still be much cheaper if you take life insurance out in your early thirties than if you leave it until later. Plus, if something unfortunate happens to you, the insurance could cover things like mortgage repayments and your children’s education costs.
Life begins in your forties
You may feel young inside but you’ll also be much wiser in your forties. Your kids might be entering their teen years or even be young adults looking to move out…fingers crossed! You might own a house, which means you’ll likely have a mortgage. One of the big lessons you’ll have learned so far is that life is expensive. So, with a mortgage on the go and potentially some dependents to look after, there could be a fairly big financial hole if the unexpected happens to you. Your forties are one time when it might be worth considering taking out life insurance. Yet, premiums might be more costly if you start paying now than if you had started earlier. With age being a factor that could affect life insurance, you might potentially find that it becomes more expensive the longer you put it off.
Enjoying your fifties
By this point in your life, you might start to find that you have a bit more free time than you have had in previous decades. Your kids will be older and more independent. Hopefully, they will have even moved out! It’s a good time to downsize your house and start having the adventures you’ve been putting off while you were raising your kids. Your fifties may seem like a magical time when you’ve got everything together but things could be a bit complex if something untoward happens to you. If your partner relies on you to cover at least some of your mortgage or your kids are still needing a bit of financial support, then they might face some difficulty. Life insurance could help with this.
Life after 60
For part of your sixties, you’ll hopefully be on the home straight of your career. After that, you’ll be free to enjoy your retirement years. You could be spending your days with your partner and receiving visits from your children…possibly even some grandchildren. However, you know that your adventures will not last forever. So, you really need to make sure that your family are suitably provided for when you’re no longer around. If you haven’t got life insurance already, then it could certainly help with things like future funeral expenses. As you are older, and your health is unlikely to be as good as it once was, your premiums will likely be much more costly than they were in your younger years. Nevertheless, it may give you peace of mind to know that your insurance could help your loved ones continue their adventure.
You are never too young to take out life insurance because life can be a very unpredictable experience. At The Insurance Emporium*, we offer a Whole of life policy that will pay out a lump sum as long as you keep your premiums up to date. If you are thinking of getting life insurance, visit The Insurance Emporium for a quote!
*The Insurance Emporium life insurance is arranged by Insurance Broker ActiveQuote Ltd. ActiveQuote Ltd. is an aggregator, not an insurer. They generate quotes from a panel of insurers.
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