Life Insurance For A Single Person

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Margaret Huntley 31-08-2021

Do You Need Life Insurance If You Are Single?

Life Insurance For A Single Person - ConsumerCoverage

Most discussions about life insurance revolve around leaving something behind for your spouse or children in the event of your passing. 

While life insurance is truly beneficial for families, there are some scenarios in which single people should also consider taking out a life insurance policy.

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Why Life Insurance is Good for Single People?

  1. You want to start a family one day: Just because you do not currently have a spouse or children to look after, does not mean that you won’t have them in the future. If you plan on having a family one day, it might be a good idea to start accumulating your death benefit now while you’re still single. Taking out a life insurance policy while single is cheaper than taking it out once you already have a spouse and/or kids, which can help save money.
  2. You have student loan debt: Depending on where your student loan is from, a co-signer may be responsible for paying off your student loan debt after your death. If this is the case for you, consider taking out a term life insurance policy for the amount of time that it will take you to pay off your student loans. This way your co-signer won’t be left entirely on the hook.
  3. You have a mortgage: If you are a homeowner with a co-signer, then that co-signer will be responsible for the full mortgage after your passing. To ensure that they are assisted in such an event, you may wish to take out a life insurance policy.
  4. You live with someone else: Even if you rent with a significant other, or roommate you still should consider taking out a life insurance policy for similar reasons as above.
  5. You have another type of co-signed debt: If you have taken out a car loan, or have some credit card debt that is not yet paid off, a life insurance policy may be a good idea. For the same reasons as with student loans and mortgages, if you pass away your co-signer may need some financial aid. A life insurance policy can offer that much needed assistance.
  6. You have other financial dependents: Perhaps your aging parents rely on you for care, or perhaps a niece or nephew does. Any type of dependent may be named as a beneficiary in your policy, and therefore will be looked after in the event of your death.
  7. You have a business partner(s): If you are to die, your business partner will be left in a financially difficult situation. Taking out a life insurance policy to ensure that both your partner and your business is taken care of in the event of your passing is a worthwhile consideration.
  8. You wish to cover end of life expenses: Funerals are quite costly. It is not unlikely to be spending around ten grand on funeral expenses alone. If you want to take this burden from your friends and family, taking out a life insurance policy is a great way to do so. Even a smaller life insurance policy can leave a substantial death benefit that can cover these costs.
  9. You are likely to get a serious illness in the future: If you have a family history of serious illnesses that renders you more likely to become ill yourself, it’s better to get life insurance now, as opposed to later. This is because many insurance companies will not cover you if you currently have a serious illness. Even if they do, their rates will be much higher than if you take one out while you are still healthy.
  10. You want to leave behind a financial legacy: Even after your death it is possible to do good on Earth. Leaving money behind for close friends, family members, or even charity is made more do-able with the death benefit in a life insurance policy.

As you can see, there are many logical reasons why a single person may wish to take out a life insurance policy. After all, life is quite unpredictable and it’s always a good idea to be prepared for anything.

If you’re a single person considering taking out a life insurance policy, reach out to a trusted insurance agency today!

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Margaret HuntleyMargaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.