When Should I Get Life Insurance?

Wondering when you should purchase life insurance? Here is a short guide to help you make that decision.

In most cases, life insurance is best purchased early. The older you get, the more expensive and difficult to buy it becomes. Let's read a little more about some great reasons to get some protection and purchase a life insurance policy. 👏

Why do you want to buy life insurance?

Life insurance is a really great way to make sure that your loved ones are financially protected. When you have insurance, and you then the unthinkable happens, you will know that they are protected and cared for when you aren't able to be there for them.

It's not just about speaking to a life insurance company and making a quick choice. Insurance is a very personal purchase and life cover should represent you, your financial goals for your loved ones, how much cover you want and how long you want to be protected for.

Financial protection for your loved ones

Your loved ones will know that you care about their wellbeing when you have a policy in place. They can then use this payout to keep up to date with their regular expenses and monthly bills. They shouldn't have to worry about moving house or not being able to pay the bills at a time like this. 👪

Lump sum to pay off debts

A life insurance policy can be given in a lump sum amount when the policy holder passes away. Life cover can be used to help pay off debts such as mortgage payments or credit cards. These are the debts that could hurt your family and loved ones the most as they are quite large and heavy debts to have without help or additional income. 💷

Fund university or studies for your children

If you have children or others dependent on you financially, you may want to help them pay for university or other studies when and if you're around. However, what happens when that's not possible? Many parents will put some money aside as savings, but a policy can help with this as well.

Pay for your funeral costs

Funerals can cost a lot these days. If you don't want to leave your family with the burden and financial stress of paying for your funeral, this is a great reason for you to "need life insurance".

Sustainability and funerals

Speaking of funerals, there are some really fun ways to be more green and help the environment as you are being laid to rest. ♻️

An eco-friendly funeral is a way that you can be buried and celebrated without having a negative impact on the environment. Also called a ‘green funeral’, it’s great for those who want to share their life with the earth.

Life events that make a life insurance policy make sense

There are so many life events that cause us to think of purchasing a policy. Below are just a few of the good ones! Keep reading to see if one of the reasons might resonate with you.

Use life cover to give financial security to your new spouse or partner

When you move in with a partner, or you get married, it's only natural to want some financial security for this new step in your life. You may have a joint mortgage and don't want to leave them to take care of the debt all by themselves if you were to pass away; or you don't want to leave your new spouse to fend for themselves if the worst were to happen.

Single vs. joint policies

At Bequest, we offer term life insurance, and it can be taken out as a single or joint policy.

Single policies have one individual choosing the lump payout and the term length of their policy for their individual needs.

A joint life insurance policy has two individuals on one policy with one payout. Anyone married or in a civil partnership, or even business partners can get joint policies.

We think that by purchasing a single policy for you and your partner makes sense. You are paying almost the identical amount each month, but you are able to keep your policy if your partner passes away and your loved ones gets double the payout should you both pass.

The right life insurance policy covers financial commitments like a mortgage

Most mortgage brokers have relationships with life insurance providers and get commission when they sell you life insurance. So, this is one of the main reasons people get life cover. Maybe they hadn't even thought of it before, or thought they were too young. Purchasing a house showed them that life cover is important an any age! 🏠

While this life event is an incredible reason to get life insurance, make sure you find the best policy for you. You may need life insurance, but make sure you compare offers and get the best coverage for you.

Plan for one lump sum to replace your annual salary if you die

Your annual salary is a good lump of change. It's not nice to think about, but what if your family didn't have this coming in anymore? Buying life insurance can be exactly what they need to focus on grieving and not how to pay the upcoming bills.

Stay-at-home parents need insurance too

Insurance companies have been known to push life insurance on those who are working full-time or those making a significant amount of money. But did you know that stay-at-home parents need life insurance too?

What would happen if you were to pass away? Who would take care of the children? Whether you're a single dad, stay-at-home mum or a working mum, who would clean, chauffeur or cook? It's not just about the financial aspect that you bring to the home, but as fathers and mothers, who would pay for this if you weren't there? We know it's not fun to think about, but these are the conversations we want you to have.

Getting pregnant or having children can make you think

If you are pregnant, you most likely have thought about what you need to do to keep your child safe. Life insurance policies can be right up there with the best ways to do this! 🤰

At Bequest, you can make changes to your policy. So if you are adopting a child or you're pregnant, you can increase your payout, and that in turn changes your monthly payments to cover everyone you need to.

Savvy people buy life insurance policies before they have health problems

Did you know that generally, the earlier you buy life insurance, the cheaper it will be? People who care about their money and being financially savvy, know that this is a great reason to get on the life insurance ladder early.

### Example of the savings As a general rule of thumb, the younger you are, the less your life insurance premiums are going to cost. If you got a policy with us at Bequest today, you could save thousands of dollars over your lifetime.

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. 🎉

Compare life insurance for over 50s while you're young

If you haven't purchased cover before or are looking for a new policy, over 50's cover could be a good option. While it might be more expensive, because of your age, there is guaranteed acceptance which could help!

What is the best age for buying life insurance?

Really, as mentioned above, the earlier the better price wise. Consider buying young and buying long - let's take a closer look.

How does age affect life insurance? 🤔

Age is the number one factor that contributes to a policy price. Our article "How Age Affects Life Insurance" gives a lot more detail.

Other factors that can affect the cost are gender (for some insurance companies), health status, smoking habits, family history and occupation.

Why you should consider buying life insurance at a young age

Being in the millennial age bracket is a great reason to get life insurance. An insurance provider won't always think of this demographic, but really, purchasing life insurance at a young age can help you get the best price and save you lots of money in the long run.

Also, you never know when life may throw you a curve ball. Being prepared and knowing your current or future loved ones will be protected is an incredible reason to get life insurance.

Is there a minimum age for life insurance?

At Bequest, and in general, the minimum age is 18 years old to purchase a policy.

Speak to a life insurance provider for more advice

If you're looking to get started, make sure you get a policy that is flexible and one you can trust. Always seek advice when taking out financial products, especially if you don't know too much about the product. 💻

Bequest wants to help!

We are a life insurance company, and always available to have a conversation or share some more details with you. Please email us at alexa@bequest.com or check out our Life Insurance FAQs for more info. 👈

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Safeguard your loved one's future and get your cover today! 🤺 Apply for Bequest Life

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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