For the average twenty-something, life insurance may not be on top of your priority list. It’s one of those things that probably doesn’t cross your radar when you’re enjoying life as a young adult. But, did you know that during your twenties or thirties is actually the perfect time to take out life insurance?
At Bequest, we think that when it comes to life insurance, there’s no time like the present to secure your family’s future and wellbeing. Our simple platform means that you can get a free life insurance quote in less than 15 minutes. There are a few different factors that determine the cost of life insurance policies, but in general, the younger and healthier you are when you take out the policy, the cheaper it will be. Way cheaper! 🙌
While it can become even more important as you go through those big life changes, such as getting married, becoming a parent or even owning a home, life insurance is something that everyone should have. It gives you and your loved ones a sense of security, in the knowledge that their financial needs would be met if you were no longer around.
Financial security for loved ones ☂️️
Every parent wants to support their kids, and not being around to see them grow up is something most of us don’t want to even consider. But just imagine if you could ensure that their schooling and university education was taken care of after you’re gone. Doesn’t that thought bring you some peace of mind?
If your partner or children’s livelihoods are dependent on your income and you don’t currently have a life insurance policy in place then you should definitely consider getting one. A life insurance pay out could take care of the shortfall in household income if you were to no longer be around.
Life insurance is not just for those working full-time. Think of who would need to be hired or what would need to be paid for you to be replaced - cook, nanny, chauffeur, cleaner etc.
This would relieve some of the potential stress related to bills being paid and managing finances on just one income instead of two.
Perhaps you have elderly parents who are also dependent on your income for their financial security, or you plan to take care of them in their old age. If so, a life insurance policy would help to ensure their needs are met if you were no longer around.
Funeral costs paid ⚰️️
With the average funeral costing around £4,000 in the UK, it’s no wonder that some families struggle with these unplanned expenses after the death of a loved one. Most of us don’t have thousands of pounds stashed away for a rainy day and certainly couldn’t afford to pay for a funeral completely out of the blue. Of course, the financial element of planning a funeral after the death of a loved one, is not something most of us want to be focused on.
To allow your family to grieve your passing without the added stress of finding money to pay for your funeral, proper life insurance cover can take away that worry, ensuring that your family can plan the funeral they know you deserve. Life insurance can also help to deal with paying off inheritance tax and other death duties, making life a whole lot simpler for those you leave behind.
Pay off debts 🏠
It’s a common misconception that debts die with a person. If any of that person’s debts are joint, say a mortgage with their spouse, then the debts are transferred to the other person. Monthly payments can soon become unmanageable on a single income. Life insurance can help pay off these types of debts and make the monthly outgoings much easier to manage.
If you are self-employed or have a business partnership, life insurance can be extremely helpful in the aftermath of your death, and ensure that employees or key stakeholders are paid in your absence. Without cover, it could mean that your company would have to be sold in order to pay for the basic necessities.
Remember, just because you take out a life insurance policy does not mean you are planning on passing away. It just means you are prepared if the unthinkable were to happen. Being prepared is 🔑
Sign up with Bequest Life!
Our online life insurance is perfect for those unsure about taking out life insurance. It’s simple, easy, quick and there’s no need for a medical check-up. Gone are the days of having to answer endless questionnaires about lifestyle and medical history. In fact, we ask around 20 questions and can get you signed up in no time at all. You can make changes to your policy and even cancel your policy on the go. Check out our article What is Life Insurance for more info.