FANews
FANews
RELATED CATEGORIES

Liberty encourages youth to insure their future this Youth Month

18 June 2019 Ursula Torr, Lead Actuarial Specialist at Liberty

Liberty's Claim Statistics for 2018 show that everyone, regardless of age, can be affected by a life changing event such as a critical illness, retrenchment or disability. This youth month, Liberty calls on youth to consider risk insurance as part of their financial plan.

Ursula Torr, Lead Actuarial Specialist at Liberty says, "Our claim statistics for 2018 saw claims for life protection from men as young as 20 years old. The youngest female claimant was 23 years old. Even more telling is that some of the cancer related claims were from the same age group - a 26-year-old male and a 25-year-old female."

With priorities such as establishing a career and paying off student loans, it is understandable why youth probably don't consider prioritising insurance cover. There's also a misconception that life insurance is purely about life cover; for an older generation - and that it only pays out in the event of death.

Torr adds: "This couldn't be further from the truth. Life insurance has benefits that protect you from financial strain as a result of a life changing event too. In addition, for the youth, their biggest asset is the ability to earn an income and that is why income protection is one benefit younger people should consider as a part of their financial planning."

While these statistics clearly show the need for lifestyle protection, recent findings from Global Trends reveal that people are now living longer, with a large proportion of people over 60 expected to more than double by 2050. While this is good news, the risk of suffering from a critical illness during a person’s lifespan will also increase the longer they live.

“So, while you may be busy laying the foundations for your future - scheduling time with a qualified financial adviser this Youth Month might be the best gift to yourself," suggests Torr.

Why you need a financial adviser

A qualified financial adviser can help you find the right balance between life protection and lifestyle protection cover to ensure that you have the right cover in place. Liberty's Lifestyle Protector offers comprehensive cover - and an adviser is best suited to discuss your needs.

Quick Polls

QUESTION

Most of the changes that companies are currently facing are driven by?

ANSWER

Technology and social media
The economic and political climates
Changing consumer demands
A E fanews magazine
FAnews June 2019 Get the latest issue of FAnews

This month's headlines

New realities of customer engagement
Success in the new CPD cycle
Shedding light on the reinstatement clause
Resisting the winds of change
Claim statistics tell the story
Growth assets for living annuity investors
Subscribe now