Life Insurance uses a number of drivers and attributes to work out the cost or premium. Like our Age, lifestyle choices: smoking or dangerous sport, our occupation and our families history on health.
As consumers we know the impact of passing to our immediate family. We know we may want to settle down / get married at some point? and start a family and own our home via a Mortgage. These are known events and can be planned and protected around.
Its no surprise that the younger we start the life insurance the cheaper it is not just because of our age at the time of the application; but as we get older bumps and scratches from a health side appear for us and our family these changes need to be factored in in the future. (however with a guaranteed premium the Life Insurance protection (or critical illness cover) is locked in from a price point and “guaranteed” before these changes – looking at long durations will save you and your family money because you do not need to re-apply in the future.
There is a saying “when is the best time to plant a tree?” the answer being “Yesterday” although if you cant do that do NOW because in x1 year it will be x1 year better than not starting!. Golden Rock Solutions would agree with this and say Life Insurance is just the same start as soon as you can lock the premiums in so you can then move forward and re-use the cheap protection from our younger days.
Further planning will save money but also protect our family for the unfortunate dark times ahead. Golden Rock Solutions is an independent financial advisory service giving free information to support you and your family get in touch for more information…