Why it pays to get life insurance while young
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Why it pays to get life insurance while young

Why it pays to get life insurance while young

man searching on tablet for life insurance while young

If you think you’re too young for life insurance, then think again.  In most cases, the younger you are when you purchase a life insurance policy, the more affordable it will be.  So even if you don’t quite need it yet, it could be a smart financial decision to get it anyway. 

Why will I pay less for life insurance while young? 

There are numerous factors that will determin the cost of a life insurance premium, all built around risk.  Age is one of the most critical factors, making a strong case to purchase cover as early as possible. 

Here’s why:

Life insurance pays out when the holder of the policy dies.   Obviously the risk of dying increases the older you get, so as you age, premiums will rise. 

The younger you are at the time of application, the lower the premium is likely to be – assuming you are in good health with no other risk factors. 

What other factors do I need to consider?

Whilst age is one of the major factors in determining how much you pay for your policy, there’s one more thing that’s even more important.  The current state of your health.

Statistically, the younger you are, the healthier you are likely to be.  This is because most diseases and other serious conditions develop in later life although there are of course exceptions.

Your insurance provider will take into consideration your medical history, whether or not you smoke or drink alcohol as well as looking at health risk factors within your family such as heart disease or diabetes. 

Taking out cover whilst young and in good health will help you to get an affordable policy, before you develop any chronic health conditions in the future. 

Some companies will even give you discounts on your life insurance based on maintaining a healthy lifestyle such as exercising, keeping a healthy diet etc.  

What’s the ideal age to buy life insurance?

It’s never too early to think about buying life cover.  As long as you are over 18, you can buy a life insurance policy to cover yourself.  Generally speaking, you’ll tend to get the best rates up to the age of 30.  That’s because statistics show that 30 onwards is the time when conditions such as high blood pressure and cholesterol start to show.  Which in turn can lead to more serious diseases in later life. 

If you can get your life insurance policy before any of these conditions develop, you’ll pay substantially less in premiums.

What if I don’t need life insurance yet?

Most people tend to start thinking about life cover once they are married, own their own home or start a family.  If you are in your early twenties, you might not have even started thinking about any of this yet so why on earth would you consider life insurance while young?

Being young and healthy are strong reasons to purchase life insurance, even if you don’t fully have the need to do so.  It will not only keep the premiums low, but it will also enable you to get a lot more coverage for your money.  A few years down the line, when you have a mortgage to pay and dependents to provide for, this may be much less affordable and you may end up with less cover than you need. 

There may be many more financial priorities as a young adult, such as saving to buy a home or purchasing your first car but it’s certainly worth giving some attention to your future finances too. 

Looking to find a great deal on life insurance? Speak to our experts at So Smart Protect who can help to find a suitable policy to suit your needs.


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