The Hidden Costs Of Being An Adult

As a child, and especially as a teenager, there is nothing more you want from life than to be a grown up. To be able to live life as you want to, with no parents telling you what to do, no rules about drinking, smoking and all those things that look so attractive from way ‘down there’. But, let’s be honest, once you are grown up, you find adulthood to be a never ending stream of bills and payments, from mortgages to insurances, and, as an adult, even though we do know the importance of these, there are some we simply choose to forget about, and just not pay.

Homes and Contents Insurance

You would think that protecting your home and it’s contents from acts such as fire and theft would be a no brainer, especially as this is a bill that can often be spread out into monthly installments, but a report by Admiral.com conducted in 2017 estimated that more than 16 million people not only had no contents insurance, but also had no savings to replace lost or stolen items. It elaborated that tenants, young people and social housing residents are all the most likely to not have home insurance.

This is worrying, as this is a crucial experience – your whole life is in your property, and needs protection. Use a service like Compare the Market to find the most competitive rates.

Life Insurance

You would think that life insurance would be an essential for anyone who risks leaving a family behind that could face financial difficulty if they were gone, but the reality is that 8.5 million people are without life insurance according to Forbes magazine. This is made worse if the number one breadwinner for the family is not insured.

Life insurance can cost as little as £6 per month, less than a couple of coffee’s from Starbucks, so really should be sorted to ensure you don’t leave your family in a precarious position.

Funeral Insurance

Funeral insurance is something many of us choose not to think about, it sounds and feels morbid to do so, especially when we are relatively fit and healthy, and young. But no one ever knows what it around the corner, and a funeral is a massive expensive outlay that can put financial pressure on those that are left behind.

Most funeral insurance plans are protected against inflation, so what you have paid is protected even if prices rise. With the average funeral costing around £4,000, this is a substantial amount that could create more stress and worry at what is already a worrying time, and so it is worth checking out a plan you could afford.

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