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Life Insurance - 21 Year Old

edited 30 November -1 at 12:00AM in Insurance & Life Assurance
5 replies 900 views
JustWondering21JustWondering21 Forumite
1 posts
edited 30 November -1 at 12:00AM in Insurance & Life Assurance
I’m wanting to get life insurance (21yo, non-smoker/rarely drink). I don’t have any dependants at the moment (ie morgage/kids/partner) but I would like to get it just in case any thing would happen and I’d have my funeral costs covered so my family wouldn’t have to worry. What insurance policy would be the best for me? And how long should I have it out for?

Replies

  • lisyloolisyloo Forumite
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    What insurance policy would be the best for me?

    Probably the cheapest.
    Life insurance is one case where quality of service is not a bug criteria as in general there isn't much dispute about whether you are dead.
    And how long should I have it out for?

    For as long as you want the risk (funeral costs) covered and your estate (savings, property, pension fund) doesn't otherwise cover it.

    Have you also considered a funeral plan you could pay for monthly?
    It might be a cheaper option?
  • BooJewelsBooJewels Forumite
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    I'd also suggest that you consider insurance that might benefit you whilst still alive too. It'll be more expensive than life cover though.

    Some sort of policy that would give you an income or lump sum if you were diagnosed with an illness that changed your life or ability to work. When you start such policies, your health is locked into the policy (as long as you don't have any pre-existing conditions, which may increase the premiums or preclude cover), so starting young is really advantageous before you develop any health issues.

    There are others here that know more about what is on the market now - the cover we have is linked to our mortgage and perhaps not the best of what is available these days.
  • AstroTurtleAstroTurtle Forumite
    290 posts
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    I’m wanting to get life insurance (21yo, non-smoker/rarely drink). I don’t have any dependants at the moment (ie morgage/kids/partner) but I would like to get it just in case any thing would happen and I’d have my funeral costs covered so my family wouldn’t have to worry. What insurance policy would be the best for me? And how long should I have it out for?


    Life Insurance & Critical Illness is always a good package to get I started mine at 20 and the premiums are generally very low for what cover you get.


    Money Supermarket do some good life insurance vouchers/cashback I got £125 back on a policy last week and it's only £6.40 per month.
    Save £12k in 2019 -
  • csgohan4csgohan4 Forumite
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    good to get life insurance early as your young and unlikely to be high risk so will be cheaper than someone who got it at say 30+ years. The MSe website does an article on life assurance and the general providers
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
  • edited 29 March 2018 at 10:46AM
    dalefdalef Forumite
    87 posts
    Seventh Anniversary Combo Breaker
    edited 29 March 2018 at 10:46AM
    As Martin suggests, cheapest place to get life insurance is via a broker like Cavendish Online

    https://www.moneysavingexpert.com/insurance/cheap-life-insurance#discount
    https://www.cavendishonline.co.uk/

    They give you their commission as savings on the policy for a small upfront fee. Over many years the better price will usually trump any cashback offers.

    Also, of course, remember to keep your policy up to date when any dependants/mortgages etc may come along.
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