Millennials and life insurance: should you take out cover in your younger years?

Since the coronavirus pandemic, the number of life insurance applications has significantly increased.

Life insurance is a type of insurance contract that pays out a lump sum to your dependants should you pass away or be diagnosed with a terminal illness during the term of the contract to provide for them after you’re not around. The cost of a policy is determined by several factors, including your age, health and lifestyle.

With millennials beginning to turn 40