Liberty's Claim Statistics for 2018 show that everyone, regardless of age, can be affected by  a life-changing event such as a critical illness, retrenchment or disability. This Youth Month,  Liberty  calls on youth to consider risk insurance as part of their financial plan.

Ursula Torr, Lead Actuarial Specialist at Liberty says: "Our claim statistics for 2018 saw  claims for life protection from men as young as 20 years old. The youngest female claimant  was 23 years old. Even more telling is that some of the cancer-related claims were from the  same age group - a 26-year-old male and a 25-year-old female."

With priorities such as establishing a career and paying off student loans, it is  understandable why youth probably don't consider prioritising insurance cover. There's also  a misconception that life insurance is purely about life cover; for an older generation - and  that it only pays out in the event of death.

Torr adds: "This couldn't be further from the truth. Life insurance has benefits that protect  you from financial strain as a result of a life-changing event too. In addition, for the youth,  their biggest asset is the ability to earn an income and that is why income protection is one  benefit younger people should consider as a part of their financial planning."

While these statistics clearly show the need for lifestyle protection, recent findings from  Global Trends reveal that people are now living longer, with a large proportion of people over  60 expected to more than double by 2050. While this is good news, the risk of suffering from  a critical illness during a person’s lifespan will also increase the longer they live.

"So, while you may be busy laying the foundations for your future - scheduling time with a  qualified financial adviser this Youth Month might be the best gift to yourself," suggests Torr.

Why you need a financial adviser

A qualified financial adviser can help you find the right balance between life protection and  lifestyle protection cover to ensure that you have the right cover in place.  Liberty's Lifestyle Protector  offers comprehensive cover - and an adviser is best suited to discuss your needs.

This article does not constitute tax, legal, financial, regulatory, accounting, technical or other advice. The material has been created for information purpose only and does not contain any personal recommendations. While every care has been taken in preparing this material, no member of Liberty gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy, or completeness, of the information presented. The writer although an appointed representative of Liberty Group Limited, is not allowed to sell financial products. Please consult your financial adviser should you require advice of a financial nature and/or intermediary services. Liberty
Group Limited is a Registered Long-Term Insurer, the insurer of Lifestyle Protector and an Authorised Financial Services Provider (FAIS no 2409).