Life insurance is a very misunderstood concept. Even though it is ideal to get a life insurance plan when you are younger, it does not necessarily mean that you should no longer get a policy if you are already above thirty years of age. This is because there are several benefits and reasons that make getting life insurance at an older age worth thinking about.


Income protection

If you are not financially stable, then you should take steps to become so. Becoming financially equipped and prepared involves six steps: Increasing your cash flow, managing and eliminating debt, getting health care and life insurance plans, creating an emergency fund, investing and accumulating assets, and protecting or insuring your investments and assets. If you lack any of these aspects of financial security, then you definitely should consider getting a life insurance policy. This is because life insurance is all about income protection.

Life insurance covers the financial needs of your family in case your income generating capacity is lost either through temporary or permanent disability or death. If your cash flow is not good and something happens to you, then life insurance helps cover your family and loved ones’ financial needs. Furthermore,  if you have debt and you lose your income generating capacity, your family will carry the burden of paying off your debt. However, if you have insurance, at least they will have assistance in paying your debt.

life assurance in your 30's

Family security

If you don’t have any assets or income generating tools other than yourself, then you should seriously consider getting a life insurance policy or planning for one. The amount that the life insurance company will provide in the event of unfortunate circumstances can provide your family and loved ones something to start over with so they won’t be financially strained.

Your children are most likely still very young if you are in your thirties. They are most likely still in school and during that time, you are probably building your financial foundation. Since your need for money during these times is high, you should protect yourself and your family by getting a life insurance policy. So how does a life insurance plan help? Aside from the fact that it will protect your income generating capacity, some life insurance policies have added features that pay an additional amount; in technical language these are called riders. These added features may include coverage for dependents or beneficiaries such as hospitalization and accidental coverage. Moreover,  since children tend to get sick a lot, these added features can help you cut costs.


Peace of mind

Life insurance provides peace of mind because of the benefits that it offers. Times are very uncertain, and other than preparing for the unknown as best you can, there is nothing you can do about it. If you don’t have peace of mind, you will worry a lot, you will lose focus, and in the process, you won’t be productive. The peace of mind of having a life insurance plan comes from the fact that you know that you have something to run to in case you lose your income or your life. Life insurance helps policy owners focus on building and securing family and loved ones. It is all about protection and if you are protected, then you are certain that you and your family are safe.

So does it make sense to get a life insurance plan even if you’re already in your thirties? Definitely yes, especially if you’re still financially insecure. Even though there are times when you won’t need a life insurance policy because of high savings and the results of having a  strong financial plan, things change. Knowing that a policy will provide   financial support for your family just in case something happens to you is a worthy reason to evaluate the merits of various life insurance options.

The basic concept behind insurance is that it protects anything that is precious. Life insurance protects your life and the lives of your family. Since your family is precious, their protection via life insurance is a reasonable way to ensure their future.