For many young, single adults, especially those who are in their early 20s, their primary focus is on building their careers and enjoying themselves. At this stage in life, it’s easy for a person to be care-free and feel invincible. However, this is also a time when young people must be thinking of their futures and taking steps to plan for the unexpected.
This post was published on 25 Jan, 2017

What is life insurance?

If you have just purchased your first car or are looking at buying a house, then you understand how important vehicle insurance, home insurance and household content insurance is. Just as these policies are in place to protect your valuable belongings, life insurance is there to protect you. Life insurance is aimed at providing your family with financial security should anything happen to you.

Why do I need life insurance?

If you are young, single and have no one else depending on your income, you might think that life insurance is not important at the moment. However, it can still have an impact on your life.

  • Life insurance will provide you with cover if you are injured and unable to work anymore.
  • If you should pass away, your life insurance policy will provide you with funeral cover so your relatives don’t have to worry about funeral costs.

How much life insurance cover do I need

This will be different for every individual. Just like all other insurance policies, several factors will be taken into consideration when taking out a life insurance policy. Aside from how much you earn, your lifestyle will also play a major role in determining your monthly premium. If you live a healthier lifestyle and exercise regularly, your insurance will be lower compared to someone who is physically inactive and does not live a healthy lifestyle.

For more information on life insurance, or to get a free quote, visit www.iwyzeinsurance.co.za

Image credit: Old Mutual

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