Why Life Insurance Should Grow Just Like You

MiWay head of online life insurance marketing, Rory Judd, has firm ideas about why life insurance should change, grow and develop just like a human life.

“As you grow older, a lot of things develop and alter, such as your asset profile, your health, your lifestyle and the needs of your dependants,” says Judd. “As you grow and change your life cover should change and grow with you. The objective is for your life cover to be appropriate at any time of your life.”

Here is an outline of the type of insurance you need for each major phase of your life:

Why young people need life insurance

When an individual is just out of university and engaged in his or her first job, then the person’s assets will probably be modest. However, even young people need short term insurance for household goods such as furniture and portable goods such as cell phones, laptops and mountain bikes. If the young person owns a home then it is only sensible to insure the building. In fact, if you have a mortgage bond then the bank will insist on short term insurance and perhaps even life insurance. Obviously car insurance is needed too.

Tip: the make, model and colour of a car can influence the price of car insurance. Companies like MiWay Insurance allow you to complete multiple car insurance quotes online. This is a great way to find out how much you will pay for insurance before choosing a new car. Other companies such as First for Women offer instant life insurance quotes online.

Why life insurance for a young person then? A whole life policy with salary protection, disability cover, serious illness and funeral additions is advisable. This will make life insurance cover in the person’s future cheaper, and will also cover outstanding debt.

Why life insurance for a newlywed

Met the love of your life and wedding bells in the air? Once the knot is tied, consider reviewing all life insurance policies that you had when you were single. You could save money by combining policies with your spouse. In addition to reviewing Car and Household Contents insurance, consider adding life insurance to cover outstanding debt.

Why life insurance for established people

At this stage of life most people have built up a substantial number of assets. Established adults should regularly review their insurance and life policies to ensure the right cover is in place. Get online quotes to compare prices with your current cover. Make sure that your inventory of belongings is up to date and take photographs of the most valuable items.

When taking in to account the value of items in your household, remember to cost them at full replacement value rather than what you paid for them. In addition to reviewing existing Household Contents, Homeowners and Car policies, you may want to consider adding motorbike or bicycle insurance. Get online life insurance quotes to make sure your lives are adequately covered to insure against death, chronic illness, loss of earnings and disability. The whole life portion should cover all debt.

So you can see why life insurance is vital at every stage of life. Get online quotes to make sure you have the right short term and long term insurance in place. The last thing you want in life is nasty and expensive surprises.

 

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All info was correct at time of publishing