Skip Navigation

Have Questions? Call Us! (866) 868-0099

Life Insure.com

  • Life Insurance
    Term Life Insurance Quotes In minutes! No personal information required.
    Information
    • Life Insurance: A Comprehensive Guide
    • Life Insurance FAQ
    • Life Insurance Glossary
    • 8 Types of Life Insurance (and How to Choose the Right Policy)
    • Life Insurance Application Process
    • High-Risk Life Insurance
    • Term Life Insurance – The Ultimate Buyer’s Guide
  • Final Expense Insurance
    Final Expense Insurance Quotes In minutes! We never sell or share your info.
    Information
    • Final Expense vs Burial Insurance
    • The Complete Guide to Final Expense Insurance
    • Guaranteed Life Insurance | A Senior’s Best Friend
  • Disability Insurance
    Get Disability Insurance Quotes Don't worry! We never sell or share your info.
    Information
    • FAQs
    • Disability Insurance Glossary
    • Long Term Disability Insurance – A Complete Buyers Guide
    • Disability Facts and Statistics
    • Disability Insurance for Dentists
    • Disability Insurance for Lawyers
    • Disability Insurance for Physicians
  • About
    • About Us
    • Contact Us
    • Customer Reviews
    • Our Application Process
    • Privacy Policy
    • Legal Notice & Disclaimer
  • Blog
    • Life Insurance
    • Disability Insurance

Do Single People Need Life Insurance?

In today’s fast-paced world, life insurance is often associated with couples and families as a way to secure the financial future of their loved ones in the event of an untimely death. However, single individuals may be overlooking the importance of life insurance for their own well-being and financial stability. In this article, we will explore the various reasons why single people, too, need life insurance and how it can play a vital role in safeguarding their financial future.

Key Takeaways

  • Single Today, Married Tomorrow
  • Pay off debt and leave family money for your Funderal
  • Taking care of surviving loved ones
  • Frequently asked Questions

From covering outstanding debts and funeral expenses to estate planning and investment, life insurance has much to offer for those who are single. As personal circumstances can change throughout one’s lifetime, it’s essential to consider the long-term benefits of life insurance, regardless of your current relationship status. Read on to discover the frequently asked questions and answers that will provide valuable insights into why life insurance is a smart investment for single individuals.

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:

Applicant Age$250,000$500,000$1,000,000
25$21.27$35.90$65.03
30$22.54$38.54$68.47
35$24.31$41.39$76.21
40$33.47$59.66$111.34
45$50.95$94.07$181.31
50$79.86$151.57$286.35

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.

For information about affordable life insurance or for a free and confidential quote, contact the insurance professionals at LifeInsure at (866) 868-0099, or contact us through our website at your convenience.

Frequently Asked Questions

Why would a single person need life insurance if they have no dependents?

Even without dependents, life insurance can serve multiple purposes for single individuals. It can cover outstanding debts, and funeral expenses, and provide a financial cushion to parents or siblings. Moreover, purchasing life insurance at a younger age often comes with lower premiums, making it a cost-effective long-term investment.

How can life insurance benefit a single person's estate and inheritance planning?

Life insurance can play an essential role in estate planning by providing liquidity to cover taxes and expenses associated with settling an estate. This can help preserve the value of assets intended for heirs, preventing the need to sell them at a less-than-optimal time.

Can single people use life insurance as an investment tool?

Absolutely. Permanent life insurance policies, such as whole or universal life, offer a savings component called cash value that accumulates over time. This cash value can be used as collateral for loans, withdrawn for emergencies, or invested in other financial products.

Are there any advantages to purchasing life insurance while young and single?

Yes, buying life insurance when you’re young and in good health allows you to lock in lower premium rates, which typically increase with age and health issues. Additionally, securing a policy early ensures coverage in case of unforeseen health changes that could make obtaining coverage more difficult or expensive in the future.

What type of life insurance is best for single people?

The ideal life insurance policy for a single person depends on their individual needs and financial goals. Term life insurance offers affordable, temporary coverage, while permanent life insurance provides lifelong coverage and a cash value component. Consult with a financial advisor or insurance agent to determine the best policy for your specific circumstances.

  • Author
  • Recent Posts
Richard Reich
Follow Me
Richard Reich
President at Intramark Insurance Services
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.

I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.

I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.

Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
Richard Reich
Follow Me
Latest posts by Richard Reich (see all)
  • What Happens When A Life Insurance Beneficiary Dies? - September 6, 2023
  • Life Insurance: A Comprehensive Guide - August 31, 2023
  • 4 Life Insurance Loopholes to Be Aware Of - August 17, 2023

Lifeinsure.com

450 N. Brand Blvd., Suite 600
Glendale, CA 91203

Monday – Friday
8 A.M. – 5:00 P.M PST

  • 1-866-868-0099
  • Contact Us Online

© 2022 Intramark Insurance.
Privacy Policy
Legal Notice & Disclaimer

  • HOME
  • Life Insurance
  • High-Risk Insurance
  • Disability Insurance
  • About LifeInsure.com
  • Blog

RESOURCES

  • Life Insurance Types
  • Our Applicaiton Process
  • Term Life Insurance
  • No Exam Life Insurance
  • Final Expense Insurance
  • Disability Insurance
  • FAQs
  • Life Insurance Dictionary

RATINGS & SOCIALS

Intramark Insurance Services, Inc., Insurance Services Office, Glendale, CA

  • Facebook
  • Twitter
  • Youtube
  • LinkedIn

Here is the legal information we're required to provide you. LifeInsure.com, a Califronia corporation and subsidiary of Intramark Insurance, is a licensed independent insurance broker. The information provided on this site has been developed by LifeInsure.com for general informational and educational purposes. We try hard to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.