Starting a family often brings with it a change of perspective. Having a child gives you the opportunity to reflect and recognise what is important in your life. Often, one of the most important things you can do after having a child is revisiting your financial plan. After all, you’ve just added your new child or children to your list of financial dependents. It’s hard to know just how to adjust your financial plan. But, one of the most important things you can do is one of the most often overlooked – life insurance.
The Sooner, The Better!
With life insurance, it’s almost certain that the sooner you buy, the better the deal will be. As a general rule, your life insurance quote goes up with your age – especially if you encounter any health conditions. On the other hand, if you buy while you’re young and healthy, you can make sure that you get a good price. And, over the course of your policy, this can equate to huge savings. This is true no matter what type of policy you buy. It’s simple: buy now, save later.
Further, in the aftermath of the Coronavirus Pandemic, many insurers are waiving the need for a medical exam in the process of buying life insurance. Medical exams can add a long time to the underwriting process. But, if you’re young and healthy, many insurers currently don’t require the traditional medical exam – another incentive to get a life insurance policy soon!
Don’t Worry About the Cost.
When you start working out your family’s cost of living or how much they would need in place of your income, how much life insurance you need to take out can reach huge figures. This can be incredibly daunting when budgeting. As a result, life insurance can seem like an unnecessary expense, especially if you are young and healthy. But life insurance really shouldn’t be ignored. If prices become too high while you’re working out the cost, then the advice is simple – buy what you can. Remember, you can always add to it later if your circumstances change.
Don’t Be Tempted by Life Insurance for Children.
Having just had a child, they will no doubt be at the forefront of your mind and concerns. While looking for life insurance, you’re sure to find policies for your children. These policies are marketed as a way to protect your child in case they develop a health condition that might render them uninsurable before they’re able to take out their own policy later in life. However, these policies aren’t the best way to spend your money. Instead, spend the money on your own life insurance policy. After all, your child is unlikely to need this policy. But, in putting money into your own policy, you are still protecting your child’s financial future by extension.
Get Advice.
Navigating the life insurance market is difficult. Especially with the pressures that come with balancing work and raising a family. One of the most prudent things you can do is to get advice! Not only can getting advice ease the stress and pressure of finding a policy, it can actually lead to better policies and options that you weren’t aware of.
If you’re concerned about whether you have enough cover or want to discuss what policy is right for you, contact IAE Insure today at info@iaeinsure.ae or call +971 4 396 1878 for a FREE no obligation quote. Visit us at www.iaeinsure.ae
