The answer is simple: As soon as you can! Investing in life insurance is best done while you are still young and relatively healthy. This is because the older you are, the higher the risk, and the more expensive the insurance becomes.
Building a strong financial foundation in your 20s begins with having the right tools, and life insurance is one of those tools. As a young adult, chances are you are currently not married, and you currently do not have children. But that doesn’t mean you will always be that way! Chances are you will settle down sooner or later, and when you have a family that relies on you, then is when life insurance becomes appealing. But the downside of realising the value of life insurance later rather than sooner is that it has then become more expensive. As a general rule, life insurance for young adults is less expensive the younger you are.
What financial needs can a life insurance fill? For starters it can replace lost income for your loved ones if you leave behind a spouse or children who depend on your pay-check to cover day to day expenses. It can be used to pay off any debts you may leave behind. It can cover mortgages, be used to invest in a business. The possibilities are endless — at the end of the day, what you or your beneficiaries use the payout from your life insurance for is up to you… We’re just here to make sure you are protected.
Interested in purchasing our life insurance? Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence) or call us on 429 5000 or send an email to email@example.com.