Life insurance is often directed at young couples and people with kids. Single people believe that life insurance isn’t for them and they can’t gain any benefits from it. This couldn’t be further from the truth. Single people are actually in a position where they can benefit more from taking out life insurance this second. Let’s take a look at why single people should in fact consider taking out life insurance.
Assuming you have already made a decision never to get married or have kids, there will come a time where you will consider taking out life insurance. As you get older and health problems begin to become more likely, the cost of life insurance goes up. Take out life insurance early in life to guarantee lower premiums. Singles in the prime of their lives are better positioned to pay less for the same policy that an older couple may have to pay double for. This is a good investment for the future.
It Does Have a Point
Life insurance is cashed out to help pay for everything from debts to burial costs. Unless you happen to have no family and no relatives, your debts will have to be passed on to someone when you die. This doesn’t apply to every debt, but burial costs and mortgages go to the person who inherits.
Don’t leave someone in a difficult financial position because you didn’t take out a comprehensive life insurance policy. It’s not fair on them, and anything that does have to be paid out will otherwise have to come from inheritance, assuming there is one. It has happened on more than one occasion that families have had to gather up the money for burial because the person who died had nothing to pass on.
Singles with Children
Single parents are more common than at any other point in history. Should you die you may not have anyone to pass the kids to. In any case, someone has to pay for their upbringing, and the chances are it isn’t going to be the state. Should the worst happen it’s your duty as a parent to leave them in the best financial position possible, and the best thing for this is a life insurance policy.
Leave a Legacy
Alternatively, singles who take out a life insurance policy are guaranteeing a legacy. That may be a legacy for their parents or it may be for the children – they will have in the future. Life insurance policies can pay for everything from mortgages to college education.
Would We Recommend It?
We would always recommend taking out a life insurance policy even for single people. If you do insist on putting it off, it’s only going to cost you later on. Whole life policies are guaranteed for the rest of your life. Get it out of the way now and never have to worry about it again. Use comparison websites to find the best deals for life insurance. These calculators scour the Internet to find the right deal for you.
PUBLIC NOTE: The opinions expressed in this article are the author's own and do not reflect the view of the Urban Intellectuals, affiliates or partners.