6 Reasons Life Insurance is a Good Idea for Single People

While life insurance is usually for people who want to protect their spouses and kids, that doesn’t mean that single people have no need for it. In fact, while all single people may not require life insurance, there is a pretty solid case of why they should consider life insurance.

#1 Protect Your Student Loan Co-signer
Not many young people know this, but student loan debt is not written off when you die. If there is a co-signer to your loan, s/he will have to pay off your loan if something were to happen to you. We all know how banks deal with debtors, and there are reported cases where co-signors were asked to pay back the loan in full after a death. With a life insurance in place, you will be able to protect your grieving co-signors financially. Note: Loans taken through the federal government are discharged when the debtor dies.

#2 Protect Your Live-in Partner
Getting life insurance is wise not just for marriages but cohabitation as well, since living together means sharing expenses. Generally, you and your partner will be using both your incomes to meet living costs, especially rent/mortgage. What happens to this arrangement in the unfortunate event of your death? Will your partner need to look for a new place? If you think about these possibilities, life insurance does make sense.

#3 You May Plan on Having Kids Someday
You are single now, but maybe you are planning to have a family someday. Don’t wait to get life insurance after you have kids. Start today (see point #4), because kids bring with them a barrage of expenses that you might not be ready to meet. The latest statistics show that you need almost $250,000 to raise a child before she starts going to college. So it is a good idea to start paying your premiums now, and you will have the necessary coverage when you do have children.

#4 Insurance is Cheaper When You are Fit and Young
The amount you pay for insurance is directly influenced by your age and health. So isn’t it wise to buy insurance now when you are young and healthy and you will be paying a low price? As a healthy 30-year old, you can get a substantial 20-year policy by paying less than $15 a month. So make the most of it while you are going young and strong.

#5 Protect Dependent Survivors
You may not have a spouse or kids, but you may have aging (possibly ailing) parents or a sibling (perhaps with special needs). In short, there may be someone who depends on you for financial support and care. What happens to them if you were to die suddenly? Life insurance is the solution, especially a permanent life insurance policy that you can continue contributing to as long as you are alive. That’s why, there will be funds to cover your dependent survivors.

#6 Cover the Costs of Your Own Funeral
Finally, funerals are not cheap. And when you die, someone will have to pay for your last rites. So even though you’re single, getting life insurance at least ensures that your grieving friends and families will not be left with a hefty bill from your funeral. Remember that a life insurance agent can explain the ins and outs of life insurance free of cost, so getting a consultation would be a good idea.

Posted 2:35 PM

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