Don't Say No to Life Insurance - You'll Need It
There are people who don't have dependents who reject the idea of life insurance as not appropriate for their current circumstances - but if you own a property or have anybody close to you, life insurance is essential. Few of us have no roots at all, and if you have any financial commitments you should consider taking out a life insurance policy.
It may feel like something you can put off until you are a little older, but this is not cost-wise. Statistically you are, on average, in better health when you are younger and the insurance companies take this into account when calculating your premium - so delaying could cost you more in the long run.
As with most insurance products, the array of policies on offer can be daunting. The first thing to remember is that delaying only costs you more. All life insurance providers will base their premium cost to you on risk - which, to put it bluntly - is the chance that you will die soon.
Make sure you pick a policy that suits you and your needs. There are two types of life insurance:
* Level Term Assurance (LTA), a policy taken out over an agreed length of time
* Decreasing Term Insurance (DTA), is usually slightly cheaper as the lump sum payout decreases over time.