Life Insurance - Better the younger you are!

Article published on 14th August 2008

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Planning the future

Few of us consider the true value of life insurance in our early years. In the majority of cases, we probably don?t bother to take the matter seriously until we reach our 30-40?s or take out a mortgage or loan.

The cost of Life Insurance increases as we get older for the obvious reason, we will all die eventually and this is more likely to happen the older we get!

It is common knowledge that life insurance premiums have dropped quite dramatically in the past 10 years, reportedly due to a number of insurers competing for your business and coupled with the fact that we are actually living longer.

However, a man aged 49 years, a smoker, and in otherwise perfect health working in an office and looking to obtain life insurance cover of ?150,000 for the next 20 years can expect to pay around ?81 per month including terminal illness cover.

Now a man, aged 39 years, again a smoker, and again, in otherwise good health, same job and similarly requiring the same amount of life insurance and term of cover can expect to pay only ?30 per month.

That?s a saving of ?51 per month and more than ?12,000 over the lifetime of the policy. These savings could be used to pay for holidays, children?s school fees, basically, anything you want, it?s your money and you decide how you are going to enjoy it!

When faced with such facts, it is difficult to understand why we tend to sit back on the fence until our later, more mature years before we really start taking life insurance seriously. There really is nothing to gain but clearly, a lot of money to lose in delaying taking out life cover. Never forget the fact that something could have happened to you during the 10 year you delayed taking out life insurance.

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