Single Adult or Couple with no Dependants

Single Adult or Couple with no Dependants

As you have no dependants your liabilities are arguably lower now than they may become later in life.  However there are some risks which could have a profound affect on your future and there are some things you might want to consider putting in place now rather than later.

Typically young adults have relatively low incomes but, with no dependants, your obligatory outgoings should be low, leaving you a healthy disposable income.

This is a good time to start a pension - doing so when you're young, free and single can have a great effect on the eventual outcome!  If you're in employment you should give consideration to joining your employer's pension scheme.  For information about our retirement planning advice, click here.

Consider the pointers below, but remember this page is for information only and the list of risks mentioned are certainly not exclusive. We strongly advise taking financial advice before taking any action.

What if you were sick or injured for longer than your employer's sick pay period? 
Would you cope financially?  

 Income protection insurance could replace your income in this situation.  If you were permanently disabled this type of insurance could even replace your income all the way to your planned retirement age.

 Critical or serious illness policies can repay any debts or mortgages you may have if you are diagnosed with such a condition.

 Private medical insurance may allow faster treatment and get you back to work quicker – this may be particularly important if you are self employed!

 As you are young your monthly premiums for many insurances may be cheaper than later in life, dependant on medical data and underwriting.  Taking out guaranteed-premium policies could keep the premiums level throughout your life.

        Next Steps

        If you wish to take advice or simply wish to discuss the options, do feel free to contact us.

        Telephone:   02920 009 479 
        Or you can message us from this website by clicking here.