I've just started my first job after completing my engineering PhD.
A financial advisor has said that I should consider taking out both income protection and life insurance. The quoted cost would be around £50/month for both plans.
The advice I received was based on the assumption that this monthly cost would be higher if I chose to take these plans out in five or ten years time when I have more people financially dependant on me. Currently live with my partner who is completing her PhD too.
But my thinking is £50/month until a retirement age of ~60 is around £21k (35x12x50). Is it likely that if I choose to take this plan out in 5 years time the payments would just be around £60/month so the total paid is around the same?