It is no surprise that the devastating Covid-19 pandemic has affected everyone from all walks of life in some sort of way. However, figures show that the younger generations are amongst the hardest hit.
However, the benefits of protection policies for young people should not be dismissed. Nearly half of 18-24 year-olds could only cover the cost of living for one month if they lost their income - yet many protection policies are designed to help with just that when your circumstances change. For example, income protection is designed to replace your lost income if you are unable to work due to illness or injury - while critical illness cover can offer you a lump sum if you are diagnosed with one of more critical illnesses. Life insurance on the other hand can help your loved ones financially in the event of your death - helping to cover the costs of mortgages, any outstading debt, childcare and more. Not only this, but the premiums for these protection policies are cheaper the younger you take them out.