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Why having life insurance is crucial at any age

In this world we must be aware that our lives are not just our own, and that family members and loved ones rely on us; we must look after those people in life and in death. Life insurance is simply taking care of those loved ones, and Police Bank offers Allianz LifeCover for it’s Members to ensure peace of mind.

Ask yourself this question. “Would my death cause financial turmoil for the people I love?” If “yes”, then the answer should be simple.

The first thing to do when understanding life insurance is to calculate your “human life value”. The Insurance Literacy Institute will help calculate your income potential but more than that, it will focus on the impact your sickness or death will have on your family. Now ask yourself these two questions.

Am I too young for life insurance?

You are never too old or too young to have life insurance, but millennials have a hard time justifying insurance when there are so many other things they could be spending their money on. A research study conducted by BNY Mellon/Oxford University shows that 59 per cent of millennials believe that they have not seen any products aimed at their age group to encourage them taking out life insurance.

Millennial expert for the Center for Generational Kinetics Jason Dorsey told Business Insider Australia that millennials would rather spend their money on everyday uses like Uber, makeup and their mobile phones. But being young doesn’t mean that you don’t have responsibilities and making sure you are eligible for life insurance is easier when you are younger and healthier.

The BNY Mellon study showed that over half will ask their parents for financial advice before going to a bank or advisor. However, their parents may be in a completely different financial position. The best thing to do is to get as much information as possible from a financial advisor, especially if you are the breadwinner of the family.

Do I need life insurance if I am single?

You don’t just need life insurance if you have a spouse or children. Did you know that if you have a large mortgage, life insurance will cover it should you become sick or die? This, in itself, can be a weight off your shoulders, considering you won’t have to worry about leaving debt to anyone. Not having a family of your own doesn’t make your life less valuable.

There is insurance to cover cars, houses and property, why not cover the most precious thing you’ll ever own: life itself?

See Allianz LifeCover on Police Bank to help secure a better future for the people you love.