Under the age of 40 death and disease doesn’t feature heavily in the thinking of most people. However having youth on your side means it’s the ideal time to take out protection products such as life insurance and critical illness cover as this is when cover is at its cheapest. When you’re young it’s easy to dismiss protection as being something for older people. The fact is however is that even younger people can contract diseases such as cancer, multiple sclerosis or suffer an accident that means they can’t work for prolonged periods. Stress has also become a major contributor to workplace absence. Current research shows that cancer incidents and stress-related episodes are becoming prevalent amongst younger people now than ever before. In the major developed countries Cancer Research figures show an average of 32,367 cancer cases in people aged between 25 and 49 are being diagnosed each year. According to ICM research for insurer Unum, 11% of employees are taking at least six months off work due to illness or injury.
In light of this data why would you risk compromising your lifestyle and income? Why wouldn’t you want to protect you and your family?
The three main kinds of protection you can take out are Life Insurance which provides you with a payout if you die; Critical Illness, which pays a lump sum if you are diagnosed with a life-changing condition such as multiple sclerosis or cancer; Total & Permanent Disability Insurance which covers you when you are unable to work in your role because of sickness or injury.
The ideal scenario is that you take out as much cover as you will ever require but budgets, lifestyle and the day to day expenditure requirements means this is not always possible. Best Protection Insurance practice suggests it’s always best to look at your personal circumstances and consider what would happen to you and your immediate family if you were unable to work due to illness or an accident? How long would it be before the family started to struggle financially with no income coming into a household? What if your financially dependent family were unable to provide for themselves in the case of the death of a main breadwinner? What if they were forced to assume your debts, such as a mortgage or loans, credit or store cards, HP finance? The list can be endless. Have you ever given any thought as to how these debts would be repaid? In the worst case scenario would your family be able to afford the expense of a proper funeral?
EARLY PROTECTION IS KEY
You often see or hear the phrase “peace of mind” but until you actually look at your personal circumstances and take some action to protect you and loved ones, you’ll never truly understand “peace of mind”. There is a sense of relief and fulfilment that only protection can bring. Depending on your circumstances Life Insurance offers you an abundance of choices.
Without financial dependents, income protection and critical illness cover are arguably more important. Both provide invaluable financial support in the form of a lump sum or income if you suffer an illness or injury. It is a different matter when you have dependents. That’s when Life Insurance becomes indispensable. It is still however flexible enough to take your current circumstances into account but with an eye on the future as your family grows or you have a mortgage or you choose a different career path.
A MATTER OF HEALTH
As a younger person, there are a number of advantages in your favour. You probably won’t have had an opportunity to pick up health conditions such as high blood pressure and diabetes. With the passing of time it’s possible your parents could start to develop these symptoms and this could impact on you as these risks tend to increase your premiums. Taking out protection while you’re young means it’s easier to increase cover as and when key events happen such as getting married or having children.
TAKE OUT COVER WHILE IT’S GOOD FOR YOU.
Arranging cover is really straightforward and whilst there are many online solutions available it is always best to meet with a Life Insurance expert to ensure your cover suits and meets your specific needs and addresses where you are in life. In order to ensure the correct levels of protection are made available to you, it is vital to understand what your overall protection aims are.
For information on the article please contact:
Sergio Pani – Ulysses Communications & Promotions
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