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The low-down on life insurance for the young and single

27 March 2013
2 minute read

Young? Know your cover needs

Young and strong with your whole life ahead of you? Now is the time to face facts. One: death, disability and even serious illness are a reality for everyone, no matter how young you are. Two: you need financial protection against death, disability and serious illness. This is what you need to know.

Not only breadwinners need life insuranceIf you think life insurance is only for the guy at the mall with three kids then think again. You need life insurance too and this is why: 

  • To cover your funeral expenses
  • To cover the costs of settling your estate including legal fees, Capital Gains Tax and estate tax
  • To settle unpaid debt like your credit cards, your new car and your store accounts

Sure, if your assets will cover all of the above expenses in the event of your death then you don’t need life insurance, but what are the chances? One last thing... Many young people know that they will probably have to support their parents one day. If anything happens to you now then what happens to them? Just one more good reason to invest in life insurance, right?

Life insurance is cheaper when you are youngWell, that kind of makes up for your crazy car insurance premiums. Because you are less likely to die of natural causes any time soon and because you probably don’t have any serious medical conditions you pose less of a risk to life insurance companies. Less risk means lower life insurance premiums now than if you bought your cover in ten years’ time.

This good news extends beyond life insurance. Because you are young and relatively healthy you will pay less for dread disease cover and disability insurance as well. Speaking of which…

Disability insurance and dread disease cover are also essentialIt took you years to gain your financial independence and you certainly don’t want to lose it now do you? Disability insurance will pay out if you are ever disabled by illness or injury and cannot work. Dread disease cover pays out if you ever contract one of the illnesses listed in your policy document, for example cancer. These funds can be used to pay expenses while you are ill and unable to work or to help cover medical bills not taken care of by your medical aid.

It is no big deal really. Contact an insurance company, answer the questions and pay the premiums. Done! You are covered. Contact 1Life today on 0860 10 53 40 to find out more about life insurance, disability insurance and dread disease cover.

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