Do Single People Need Life Insurance?

What You Need to Know About Life Insurance for Single People

Life insurance for single people is a subject that often goes overlooked in the insurance community. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. But there are plenty of reasons why a single person might consider buying life insurance:

Single Today, Married Tomorrow

Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums.

And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. Since life insurance is primarily based on age and health, and if you are healthy now, it makes sense that your life insurance rates will never be as low as they are today.

Single People Need Life Insurance to Pay Off Debt

If a single person were to die before they have a chance to pay off their student debt, mortgage, or car payment, their parents or a co-signer would be forced to inherit that debt. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy.

And let’s not forget about the cost of your funeral. According to Parting.com, a funeral planning and comparison website, the cost of a moderately priced funeral can be significant:

Today, the average North American traditional funeral costs between $7,000 and $10,000. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. Read More

The last thing you want to leave your parents or other surviving loved ones is a bill for $10,000 so you can be buried respectfully, especially while they are grieving their loss. The most effective way to cover these inevitable expenses is by purchasing life insurance that will cover your final expenses.

Taking Care of Loved Ones

Even if a single person has no dependents, they are not entirely alone in this world. Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. A newborn niece will need a college education someday, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. Any of these scenarios can easily become a reality and, therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. More compelling reasons why single people need life insurance.

If you are single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. Simply use our life insurance quote tool and instantly compare the best rates and policies for you.

We have every type of life insurance product available so we can find the appropriate solution to meet your individual needs and fit within your budget. Being single typically leaves a person somewhat unencumbered but never completely unencumbered.

Term Insurance is the most Affordable

If your budget is currently challenging and you feel there’s not enough room for a monthly insurance payment on top of everything else, fear not. Term insurance can provide the coverage you need for very little money.

Here is an example of our rates for 30-year Term Coverage for a healthy male  non-smoker:

Notice how low the rates are when you’re young and healthy. These rates are for a 30-year term policy, not a 10-year term like you may have seen on TV. Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date.