As a young adult, you probably have a long list of priorities for the future. Perhaps it’s the dream of starting your own business, paying off a new car, or putting down the deposit for a starter home. Usually the last thing on the list is to run out and buy life insurance.
Millennials generally don’t consider life insurance to be a priority. “I’m too young for life cover”, “I can’t afford it” and “I have no dependents” are just some of the reasons why millennials believe they don’t need life insurance. The sad misconception is that life insurance is only about covering death and permanent disability, but there are products available that do much more than that.
At FMI, we believe a person’s greatest asset is their ability to earn a monthly income, and that life insurance quite simply, should insure your income against the risk of temporary or long-term illness, injury or death. At FMI, we have a unique set of income benefits that can offer this cover. Income benefits match your monthly income, and are ideally suited to pay for monthly expenses like groceries, electricity and education. Lump sum benefits, on the other hand, are perfect to allow for any once-off expenses like estate duty and to settle large debts.
Consider the consequences if your monthly income were to stop because you got sick or were in an accident. How would you be able to take care of yourself and pay the bills? Statistics show that 7 out of 10 people will have at least one injury or illness that will prevent them from earning an income before the age of 65 (FMI claims stats report 2016). This means that you’re more likely to experience a temporary disability during your working career than you think.
Furthermore, as someone in their twenties, you have an 85% chance of having a temporary injury or illness that would stop you from working for at least two weeks during your career, compared to a 25% chance of developing a critical illness and a 9% chance of passing away. For these reasons, it is important that you get life insurance as a millennial, and even more important to get the right cover.
That is why our flagship product – FMI Individual – pays you your monthly income if you can’t do your job due to an accident, illness, injury or even death. This belief is core to everything we do at FMI. We’ve got you covered so you can go out and live your best life.
Take Damian for example. He’ s a 28-year-old business-owner and professional motocross racer. In 2016, Damian fractured his knee while training for the biggest motocross competition in Africa and was unable to work for six months. Thankfully, he had an FMI policy in place and was able to employ 2 people to keep his business going while he was recuperating. Since his claim, his business has grown from strength to strength and he now employs 3 full-time staff. Had he not had the cover, he would have incurred a significant amount of financial debt. Watch his story here.
As a millennial, protecting your monthly income should be high up on your list of priorities so that you can be able to take care of yourself, no matter what happens. Plus, it’s more affordable than you may think! If you’re ready to invest in your future, contact our Client Care team on 0860 10 11 19 or [email protected] We’d love to help you do life better.