Beagle Street won the Best Fixed Term Savings Account Provider category at the YourMoney.com Personal Finance Awards 2024 – the fifth time it has bagged a life insurance gong.
As part of YourMoney.com‘s spotlight series for our award winners, Ryan Griffin, protections director at One Family – the parent company of Beagle Street – shares five reasons why it’s best to act quickly when buying life insurance.
I can see why life insurance might be something people don’t really want to think about. It may be one of those things on the to-do list that never seems to quite get done.
And it’s understandable why, as we might not want to think about what would happen if we died and how our families would cope – not only emotionally, but financially, too.
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But, working within the protection industry, I’ve seen the importance of having life insurance and what a huge difference it can make during an already incredibly difficult time.
At Beagle Street, it’s our aim to make it as easy as possible for people to get the cover that’s right for them. We want to make sure it is affordable and accessible. We do this by providing low-cost policy options and ensuring the process is simple, with all information easy to follow and understand.
We’re proud to have been recognised for this, having been named Best Life Insurance Provider of the Year in the 2024 YourMoney.com Awards for the second year in a row.
We work hard to make sure everyone who would benefit from having cover can get it.
As part of some recent research, we asked a group of 2,000 people aged 18-40 why they do – or do not – have life insurance. Of those without it, 28% said it’s because they’ve never thought about it, 27% said they can’t afford it and 21% said they are too young to need it.
Explaining clearly why life insurance is so vital is a very important part of what we do at Beagle Street. We’re also often dispelling a lot of myths about life insurance and, as our data suggests, a common one is being too young to need it.
Here are five reasons to buy life insurance sooner rather than later…
1. Age impacts the cost of life insurance
One of the most important reasons is cost. The sooner you get life insurance, the cheaper it may be. Age is one of the main considerations when determining the cost of cover, and as risk increases with age, so does the cost of cover. For example, at Beagle Street, life cover for a 30-year-old non-smoker is £6.90 on average; for a 40-year-old non-smoker, it is £14.80.
2. Health and lifestyle
A person’s lifestyle and information about their health play a big part when taking out life insurance. From height and weight to whether or not someone smokes and alcohol consumption, there are many possible risk factors. These factors can increase as we get older and may impact the cost of a policy and, in some rarer cases, affect whether someone can take out a policy at all.
3. It’s better to have it and not need it, than to need it and not have it
We’d all hope that we wouldn’t unexpectedly need life cover, but, unfortunately, we never know what might happen. It is much better to have it and not need it, than to need it and not have it, so I’d recommend anyone to look into getting cover just in case.
4. You may be responsible for your loved ones and their future
While your needs may change over time, and your responsibilities may increase or decrease, life insurance policies have flexibility to keep up with changes. This can allow for changes in the type of cover due to key life events. As well as increasing the amount of cover, people may want to decrease it too, which could lower the cost of a policy. Having cover now gives you the choice to manage these changes.
5. It’s easier than you think to take out life insurance
The majority of people can easily access cover quickly and conveniently online. You could be covered in a matter of minutes and you can adapt policies if your circumstances change over time.
Ryan Griffin is the protection director of Beagle Street (subsidiary of OneFamily)
Beagle Street is owned by its members, which means it doesn’t have shareholders to pay – so it can reinvest its profits for good. Putting members first and improving the financial wellbeing of those who need it most is firmly built into Beagle Street’s values.
