Do millennials and Gen Z need life insurance?

When you're in your 20s or 30s, life insurance probably isn't at the top of your priority list. You're more likely to be focused on your career, saving for a home, travelling or paying off debt.

But life insurance isn't really about age. It's about protecting the people who would be affected financially if you were no longer around.

Many young adults assume they don't need cover because they don't own a property. However, whether you're renting or own a home, you may still have financial commitments such as shared household bills, loans, car finance or a partner who relies on your income.

A simple question to consider is: Would someone be financially worse off if you weren't here tomorrow?

If the answer is yes, life insurance may be worth exploring.

One of the biggest advantages of arranging cover when you're younger is cost. Premiums are generally lower for people who are young and in good health, meaning you can often secure a higher level of cover for less than you might expect.

Many people wait until they get married, have children or take on a mortgage before considering protection. The challenge is that by then, cover can be more expensive and health changes may affect the options available.

Family protection also starts earlier than many people realise. Even if you don't have children, you may have a partner, future financial plans or commitments that would place a burden on loved ones if something unexpected happened.

Some employers provide death-in-service benefits, but these often end when you leave your job and may not provide enough protection to meet your long-term needs.

The bottom line is that life insurance isn't just for homeowners or parents. It's for anyone who wants to protect the people they care about from financial hardship.

Being young doesn't mean you need life insurance. But being young and healthy often makes it the best time to consider it.

The best time to think about protection isn't when life gets complicated. It's before it does.