There are certain things that we just assume we’ll automatically have under control once we became an “adult”. Like knowing how to apply liquid eyeliner. Getting to dinner plans on time. Having your car washed and serviced regularly. Or buying life insurance. But somehow not matter how firmly footed in adulthood you may be, good-looking eyeliner still seems to take 3-4 tries, the car probably needed a clean last month already … and life insurance? We’ll get to it next year right ….
Adulthood can take you off-guard, gone are your (what now seems like) carefree teenage years, and before you lies a mountain of bills, taxes and countless papers to sign. At times, we find it so overwhelming that we pick and choose which “responsible adult things” we choose to focus on, with many falling by the wayside - life insurance for example, is not something on many young adult’s to-do list - But actually, now is the perfect time to take out life insurance – here’s why:
1. The younger you are, the cheaper it can be
Sometimes you need to make your future self a priority, and the older you get the more expensive it will be to take out life insurance, as the risks will be higher. As Eleanor Roosevelt said, “Today is the oldest you’ve ever been, and the youngest you’ll ever be again.” This is extremely true with regards to the life insurance premiums because the older you are the higher the liability can be for insurance companies, dependent on your health and lifestyle. This is also the perfect time to start committing to this investment in yourself as you begin to work and earn a salary. Most financial advisors would advise getting life insurance before age 30.
2. Make sure that you don’t saddle your loved ones in your debt
The most obvious reason may seem to be to get life insurance is if your income helps support you, your parents, children, and/or your partner. If You’re Single, it can help protect the people you care about. Most of us have some form of debt that they are paying off as we start our working career’s – student loans, car repayments, credit cards etc. – and if those loans are co-signed that debt will be passed onto your family.
Life insurance does not need to be a tedious task, there are companies such as Indie, that has designed products from the ground up and is a digital-first insurer, making everything convenient for the consumer.
As SA's first fully underwritten digital insurer, Indie has changed the Life insurance game. By designing products from the ground up for an internet generation, they've cut out the tedious admin and complex jargon, making everything more convenient for the consumer. Indie offers a customized plan with a range of products from death income protection, funeral cover, disability cover, critical illness cover and life insurance. And every policy comes with a wealth creating Investment at no extra cost. Find out more here.
3. You can find a policy that suits you and your needs
The insurance industry has changed a lot since the times of your parents and grandparents, and one size does not fit all, now you can find a policy that suits your lifestyle – and your pocket. As a woman your situation can also change, you might experience more additions to your family, or close a business, or go through a divorce, or a family member might need your active support in the future - so keep your insurance up-to-date and flexible for your changing needs.
Life insurance does not need to be a tedious task, there are companies such as Indie, that has designed products from the ground up and is a digital-first insurer, making everything convenient for the consumer. IndieFin has a range of products from death income protection, funeral cover, disability cover, critical illness cover and life insurance. Find out more here.