The Significance Of Life Cover For Young Men And Women
When I was in my early 20’s, I didn’t give life cover a moment’s thought, for me personally that is. I knew that is was essential for an adult with children to be insured so that if anything occurred to the mum or dad, the kids would be looked after. I only realized this because my mother and father had life insurance and I thought that wouldn’t need it until I was in the same position. As it turned out, As it turned out, I didn’t come to be a parent until I reached my late thirties, even though I did have insurance cover by that stage, which was a good thing as it would have cost me far more to apply for it when my littlest was born than it would have when I was 20 or so.
You see, the way in which life cover operates is that the more youthful a person is when they take it out, the more affordable the monthly payments are. It’ll cost a 50 year old individual a lot more to get life cover for initially because they don’t have the benefit of many years of paying insurance premiums to their name. Furthermore, the figures used to determine the monthly premium cost stipulate that, statistically speaking, a mature individual has fewer years remaining to live than a young person. Consequently, the risk to the insurance company is greater. Nobody wants to be thought of as a figure and be told that they are mathematically likely to live until they are a certain age, but it is an undeniable fact of life. Everyone dies; it’s only a matter of when.
Luckily, I’ve got a very smart father who is wise to the ways of the community and he took me to see his insurance agent once I acquired my first job. As I mentioned earlier, I wasn’t interested in life cover when I was fresh out of college and dying felt far away, so the statistics and plans the broker brought up mostly went over my head. Not wanting to look like an airhead, I agreed with the broker’s suggestions and got coverage that could pay out, not only for death but impairment too. I did not think about it until decades later when it occurred to me that the value of life insurance for a young individual is in the impairment cover. If I had experienced a major accident or serious illness when I was younger and been unable able to work, then I might have been in dire need of a payment from my insurance company, not only to pay my medical bills but to make up for the loss of earnings as a result of the inability to work.
The last thing a younger grownup considers is the likelihood of being disabled when you are youthful yet younger people tend to take a great deal more risks than a mature person. Taking part in hazardous sports, partying hard or just fooling around and driving fast are all potential causes of disability and reasons to need life cover. The thing about coverage of any kind is that it is there in the event that it is needed, in other words, for the serenity it provides, and at this time during my life, that is adequate for me.
For more information about life cover visit the website http://www.hollardlifeinsurance.co.za
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