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It is a common assumption that singles don’t need life insurance. Those who choose not to marry and have a family, therefore often think of forgoing the added expense of buying life insurance.
However, life insurance is as valuable for singles as for those who are married and have children. Single people also have people they love and care about – parents, siblings, relatives and loved ones and it is an important reason why singles need life insurance. Apart from the emotional damage, a premature death terribly impacts a family’s finances too. It is therefore vital even for singles to have life insurance to ensure their family’s monetary well-being,in case something unfortunate happens to them.That apart, life insurance also happens to be an excellent saving scheme for the future.
Here are 5importantreasons that busts the myth that singles don’t need life insurance:
Age and Health are on Your Side
When life insurance is purchased by a person who is young and healthy, (ideally before crossing 30), insurance companies not only extend better premium rates but also offer higher coverage for diseases. This is because you are usually in good health in your younger years, and most often than not, you will not be suffering from any pre-existing diseases that you need to contend with while applying for life insurance.
With increasing age however, people become more prone to catching various diseases, which may have limited or no coverage at all. Age and life insurance costs are directly proportional(higher the age, higher the cost), therefore, if you decide to buy a life insurance policy at an older age, it will not be smooth sailing.
Since age and health are two major determinants of the amount you pay for life insurance, it only makes sense to lock in a low price when you have both these on your side.
You Want to Secure your Loved Ones’ Financial Future
An important reason why singles need life insurance is to provide for the people they care about - ageing parents, siblings, perhaps even a special-needs family member who needs care and financial support. If something untoward were to happen to you, it is essential to ensure that your loved ones are financially stable and secure.
It is advisable to get life insuranceeven if your loved ones are not dependant on you financially, because financial adversities come unannounced, and life insurance ensures there is enough money to fund anyunforeseen future need.
It might be wise to consider opting for a permanent life insurance policy – one that stays active for your lifetime, as long as thepremiums are paid.
You May not Remain Single Forever
Though you may be unmarried at the moment, the situation may turn around later – you may get married and have a family, it is an important reason why singles need life insurance. When you have children, it becomes even more important to have sufficient funds in place to secure a good, comfortable future for them.You would need to ensure their financial well-being and future security, and getting life insurance as early as possible is an excellent solution to the same.
As mentioned above, purchasing insurance in your younger and healthier years is always better because you get better coverage and premiums.
You Need to Clear a Student Loan
If you have taken a student loan in pursuance of higher education, and your parents, for instance, co-signed your student loanavailed through a bank, then in the unfortunate case that something happens to you, they would be responsible for paying off the rest of the loan. You would not want your parents coping with grief and struggling to pay off your loans/debts. If you get a life insurance policy, the cover can help take care of outstanding debts such as these and let your family live peacefully.
You Want to Help with a Cause Close to Your Heart
An important reason why singles need life insurance is because they may still care for a cause close to their heart which they would want to offer continued support to. This could be supporting a charitable cause or organisation, animal welfare, welfare of the elderly, caring for the homeless, wanting to leave a financial legacy behind by way of a dedicated trust to someone close, and so much more. Life insurance will ensure that the cause closest to your heart continues and is a factor that effectively busts the myth that singles don’t need life insurance.