Do I need a life insurance policy as a young professional?

Find out more about life insurance for young professionals

• Is life insurance a good investment for young adults?

  You can never fully anticipate what may happen to you tomorrow and the impact this could have on your future. As an emerging professional, you need to protect yourself and your achievements thus far knowing that unforeseen events such as severe illness or disability can seriously jeopardise your ability to earn an income in the future.

  Taking out life insurance when you are young means your premiums will be lower, and helps you budget and plan more effectively in the long term while reducing the risk of becoming uninsurable should you take out life cover too late in life.
   

  “You are your greatest asset, protect yourself, invest in yourself, and make it happen.” – Chandika Bhana, Financial Adviser at Investec Life.

• What should my life policy include as a young professional?

  The best life insurance for young adults is that which is optimised to your specific needs, such as the risks you’re exposed to and how severely these could impact your life, as well as how many dependants you have and how much they would need to sustain themselves.

  Your financial advisor can help you optimise your life insurance policy to make sure it meets your requirements as you get older and your lifestyle and risk profile evolves.

• Do life insurance premiums increase with age?

  Life insurance premiums generally do increase as per your age, with several exceptions. These could be anything from reducing participation in ‘riskier’ activities, such as skydiving, or moving to a less loaded policy. It’s important to review your policy through your various life stages to ensure it is optimised to your evolving needs.