When should I take out life insurance?
Summary: There’s no right or wrong time to get life cover, but even young adults could benefit from the peace of mind and financial security it provides.
The best time to buy life insurance
People often consider taking out life insurance during key moments or big changes in life:
- Buying a house: Mortgage life insurance, or decreasing term cover, can help keep up repayments
- Getting married: A policy can protect your spouse’s quality of life, especially if you’re the main breadwinner
- Having children: Life insurance can cover education and living costs for your kids. You also have the option of child critical illness cover to cushion the financial impact if they were diagnosed with a critical condition
When can I get life insurance?
Beagle Street offers policies to UK residents up to the age of 65, but there are some benefits to getting cover when you’re younger.
Premiums are calculated taking into consideration things like current age and health status, so younger adults could get a cheaper price if they don’t smoke and have no existing health issues. You’ll likely be considered ‘lower risk,’ so could pay less in premiums.