Why should you get life insurance when you’re young?
Life insurance offers protection for you in the event of serious injury or death, but it is very easy to put this at the back of your mind when you are young. After all, young people working in their twenties or thirties often feel in the prime of their life, and don't see any immediate need to take out this kind of cover.
However, it's important to remember that insurance is something to think about no matter what your age. Here is why:
Accidents can happen
While safe practice is implemented and fatalities and injuries in mining sites have decreased in recent years, according to Safe Work Australia, there is a large incidence of fatalities in this industry – 70 per cent higher than the national average.
These are still rare occurrences, but it is always better to be safe. Anyone working in the mining industry around the Whitsundays should consider taking out life insurance – it is always better to be safe than sorry! Even in the event of serious injury, this can provide income protection while you are in recovery.
It should be implemented while you can
Another important thing to remember is that income and health situations change over the course of your life, and you may not always be in a position where life insurance is so affordable. You may find that taking out life insurance at an early age is an affordable option that could be taken advantage of through the profitable mining salary that many people in Cannonvale and surrounds receive.
Making the most of your time in the Whitsundays is important – and so is protecting yourself and your income in the future. Speaking to a financial planner at Eclipse Financial Services can offer more illuminating advice on why life insurance at a young age is important.