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01 Apr 2022

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

At the start of your career, you are focused on getting the assets that support your status and lifestyle as an emerging professional – for example, buying a car or a property. While you may often overlook it, you are your most important asset at this point in your life.

A life insurance policy provides you and/or your dependents with financial protection in the event of severe illness, disability, or death.

Watch the video to learn more about why life insurance is important as a young professional:

Watch the video

 
Selae Thobakgale hosts this episode of In conversation for young professionals. She is joined by Natan Brittz, Senior Actuarial Analyst, and Chandika Bhana, Financial Adviser at Investec Life, in unpacking the benefits of life insurance for young adults and what you need to know before taking out a life insurance policy.
 
Selae Thobakgale hosts this episode of In conversation for young professionals. She is joined by Natan Brittz, Senior Actuarial Analyst, and Chandika Bhana, Financial Adviser at Investec Life, in unpacking the benefits of life insurance for young adults and what you need to know before taking out a life insurance policy.

  • Skip ahead

    [02:03]  Insurance myths busted

    [03:13]  What do you need to consider when it comes to life insurance?

    [05:01]  How do you choose life insurance products to suit your needs?

    [05:40]  Is the life insurance cover you get from your employer enough?

    [06:38]  How do you ensure you are sufficiently covered?

    [08:38]  How should you prepare for death?

    [09:32]  Insurance for your side hustle or business

    [10:54]  Affording insurance

    [11:29]  Loading on insurance

    [11:49]  Insurance premiums – how do they work?

    [14:08]  Tips on life insurance

Listen on the go

Selae Thobakgale hosts this In conversation for young professionals life insurance podcast.
Frequently asked questions

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.

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Investec Private Banking, a division of Investec Bank Limited registration number 1969/004763/06. Investec Private Banking is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman's details are available on request or visit www.investec.co.za. A registered credit provider registration number NCRCP9.

Investec Life Limited, a member of the Investec Group, is a registered Long-term Insurance Company (Reg.No. 1944/017130/06) and an authorised Financial Services Provider (FSP number 47702). The video on this page contains factual information and should therefore not be regarded as financial advice. Terms and conditions apply.

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