Single or Not. Life Insurance is for You

Single or Not. Life Insurance is for You

A common misconception many people have is that life insurance is only important if you are in a relationship or are married. The reality, however, is that there are several good reasons to invest in life insurance from a young age, single or otherwise. Life is full of unforeseen and unavoidable situations, both good and bad. That’s why, in the face of unfavourable circumstances, it’s critical to protect your future family’s finances.

Here are five reasons why you need to get life insurance sooner rather than later.

1. It’s cheaper to buy when you’re younger

Waiting until you walk down the aisle or have children could cause a life insurance policy to become more expensive. Getting life insurance while you’re still young and in good health, means you’ll qualify for the best possible rates. It’s important to keep in mind that the older you get, the more vulnerable you are, thus pushing up your life insurance premium or even resulting in ineligibility for coverage.

2. Using your Life Insurance Policy as Collateral

You could use your life insurance policy as collateral when you wish to get a bank loan in future. Getting life insurance at an early age will allow you to benefit from better rates. Banks always request that you take out life insurance to cover the sum of your loan which they will have first preference on, to cover their interests.

3. Those Who Financially Depend on You are Taken Care of

Whether you have a spouse, kids, elderly parents or siblings depending on your income, life insurance is designed to set your mind at ease, ensuring your dependents are properly looked after when you’re gone. Laferla can assist you in choosing the right mix of life insurance protection plans, savings plans or personal pension plans in Malta to protect your loved ones.

4. Your Business is Protected

If your family depends on your business’ income to survive or you have taken out loans using your family’s assets as collateral, to grow or start a business, life insurance will safeguard your family’s needs, after you’re gone. A suitable life insurance policy can also handle any business debt, allowing your family to continue to grow your business.

5. You Get Peace of Mind

As you navigate through the different stages of life, your need for life insurance changes depending on your duties and obligations. The right life insurance policy can serve as a financial safety net for those you care about most, securing their financial future. Death is a part of life that is inevitable, with life insurance you can at least know that your loved ones are taken care of should anything happen to you.

Speak to Laferla for a free consultation, to learn more about life insurance policies available in Malta including protection plans and tax-efficient savings plans and personal pension plans.

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Laferla Holdings Ltd. is an enrolled Tied Insurance Intermediary under the Insurance Intermediaries Act, 2006 for Mapfre MSV Life plc. Mapfre MSV Life plc is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. Both companies are regulated by the MFSA.