Single & Need Life Insurance

Life insurance is only for people who are married with kids, right? Wrong! It’s true that getting married and/or having kids is often the push that people need to take out a life policy, but single people are often in need of life insurance too. Here’s why single people might want to consider life cover. The good news is that you’ll probably need a smaller amount of cover, which means your premiums will be less expensive. Score!

You Have Debts - You know the debts we mean. That money that you owe back to your University, the payments on your new car or even your maxed out credit card. Unfortunately, these debts don’t disappear when you die, and someone will be responsible for paying them – if you have outstanding debts that may fall to your parents or siblings, wouldn’t you want to take life insurance to protect them against that sort of eventuality?

 You Have Financial Dependents -  Even if those who depend on your financially aren’t your kids, you may still have to provide for them. This could be in the form of nieces or nephews, or even younger siblings. Alternatively, you might know that in the future you’ll need to provide financial support to older relatives. Perhaps your parents will expect to live with you when they’re aged or you know that your brother won’t be able to find work and will need financial assistance. Whatever the reason or the relation, if you know that people will financially depend upon you in the future, life insurance is a way of replacing your income should anything happen to you.

You’re Young and Your Health Is Likely to Deteriorate - If you’re young, single, and healthy but have a family history of heart disease or cancer, for instance, then you are probably all too aware that your health may take a turn for the worse in future. In cases like these, it’s sensible to take out life insurance early while you still qualify for the best rates. As you age and your health gets worse, you’ll find it harder to take out life cover at an affordable rate. Plus, a severe health scare may preclude you from getting life cover at all. 

On the other hand, if you take action while you’re young you’ll find that 20 years from now (who knows, maybe you’ll be married with kids!) that your rates will be far better than they would be if you’d waited for that time before taking out a policy.

 It Will Pay For Your Funeral - Sure, it’s not exactly the most pleasant thing to think about, but the reality is that when you pass away you’ll probably want a funeral to be held. Without life insurance, how will the funeral be paid for? Would your loved ones have to put themselves into financial trouble in order to give you a dignified send off? If so, then life insurance is something to consider. Of course you could get funeral cover, but it’s typically more expensive in terms of what you pay versus the amount of cover you get.