When Is The Right Time To Get Life Insurance?

No matter where life takes us, we experience many significant milestones along the way - marriage, starting a family, buying a home, and finally, putting our feet up and retiring after years of hard work. These life-changing events can come with greater responsibility and in many cases, an increased need for financial protection. This is especially true if you have any financial dependents like children, a spouse or elderly parents.


Life insurance is there to help you to financially protect your loved ones in the event of your death. Yet many people don’t give it a second thought, and if they do consider it, they put it off until they feel the time is right. But here’s the thing, life insurance can help you protect your family at any stage in your lives. No matter what your current circumstances are, it could be just the thing you need when it comes to putting a financial safety net in place.


When is the right time to take out life insurance?


You could say that there is no right time to take out life insurance…because any time is a good time to start protecting the ones you love most. It’s always best to be prepared and plan for changes that could occur down the line such as starting a family or buying a home.


Our life insurance options are flexible and we offer different types of cover to meet your individual needs. So no matter what price or level of protection you’re seeking, we’ve got you covered. To help you better understand what life insurance can do for you and your loved ones, let’s look at some common life events where it might make sense to have life insurance in place.


Entering a marriage or civil partnership


Getting married or entering a civil partnership can come with new financial responsibilities. You might be the sole earner, providing for a partner or spouse or maybe you’ve taken out joint loans? If this is the case, it could be important to have protection in place should you or your partner pass away.


Our Family Life Level term policy could protect your partner against joint loans or outstanding debts. Alternatively, our Age-Based premium could allow you to leave a cash lump sum as a gift or a means of keeping up with household bills and living costs.


Starting a family


Starting a family means you will have more financial dependents, which can result in an increased need for financial protection. If you were to pass away unexpectedly could your family get by without your paycheck? 


As parents, we want to do everything we can to raise healthy, happy children until they’re old enough to look after themselves. It’s difficult to think about what might happen if we could no longer provide for them - and that’s where life insurance could offer you some peace of mind. With life insurance, you can rest assured that your family will receive a cash lump sum when they need it most should you pass away.


Our Family Lifepolicies offer flexibility and a range of options to suit your needs. You can apply for Life cover on its own, or you can combine it with a range of optional covers, including Critical Illness cover, Children’s cover or additional Accidental Death cover for increased protection for you and your family.


Buying a home


Buying a home often means taking out a loan or mortgage. If you were to die, would your partner or family be left vulnerable? Could they comfortably keep up with mortgage payments alone or would they struggle to get by? 


Life insurance can provide a financial cushion to help your family keep up with mortgage or loan repayments if you pass away. Our Family Life Level policy could help protect your partner or family until a mortgage or large loan has been paid off.


Retiring


If you’re planning on retiring, you might like to put some money away for your loved ones. This could be used to help with funeral costs or left as a cash gift for your family. 


Our Smart Guaranteed policycould be ideal if you’re looking to leave something behind for your family. When you choose Smart Guaranteed Life Insurance, you will select a benefit amount between £2,000 and £20,000 depending on your age. Unlike our Family Life Policy, acceptance is guaranteed for all UK residents aged 30-80 and we won’t ask any questions regarding your health or medical history.


How do Smart Family Life Insurance policies work?


When you choose Smart Family Life Insurance, you select a benefit amount from £60,000 up to £750,000. The benefit amount you can choose depends on your age and the Smart Family Life Insurance benefit amount will be paid if you die or are diagnosed with a terminal illness where death is expected within 12 months. 


Our Smart Guaranteed Insurance offers a benefit amount from £2,000 to £20,000 depending on your age. With this policy, you will receive immediate cover - for accidental death, and cover for death by any cause after just 24 months.


Is it too early to get life insurance?


You might believe you’re too young to bother with life insurance but it’s one of those things that could be more affordable the earlier you buy it, meaning it could be beneficial to secure it sooner rather than later. Some people might believe that if they’re young and single, they don’t need life insurance, but it could make sense to take out a policy while you’re younger so that you can possibly secure a cheaper rate of monthly premiums. That way, you’ll be prepared for just about anything life sends your way.


If you’re worried that the amount of cover you take out now won’t be enough down the line, you can always apply to increase your cover when the time comes.


Is it too late to get life insurance?


If you’re concerned that you’re too old to secure life insurance, you can apply for our Smart Family Life up until the age of 65 and our Smart Guaranteed policy from the age of 30 to 80. It’s never too late to put financial protection in place for the ones you love. Whether that means helping with household bills and living costs or simply helping cover the cost of your own funeral, you can help your loved ones with Smart Insurance.


It could be time to put protection in place for your loved ones


When it comes to putting financial protection in place for your loved ones, there’s no better time to prepare than now. With Smart Insurance, you can relax and enjoy life, knowing you’re in control and you’ve done the right thing by helping to provide for your loved ones.