If you are young, healthy and feeling ‘bullet-proof’ then insurance is probably the last thing on your mind. However the good news is that insurance at a younger age is the cheapest it will ever be. There are also other positive benefits. The older you get, the harder it may be to get cover or avoid exclusions and loadings due to pre-existing conditions or the onset of health issues.
Also when you’re starting out, you should never underestimate the pressure of a large debt such as a mortgage. If you want to protect your assets for the benefit of a partner or family member, then it’s important that you have enough life insurance to cover your debts if something was to happen to you.
If you are single with no debts, at the very least you should think about protecting your income so you can cover the rent, the car repayments etc.
It’s never too early to think about your future and your financial protection.
If you’re young, a MyState Financial Planner can look at your individual circumstances to determine an affordable level of cover for your needs and set you up for protection in mid-life when you need it most.