Life insurance is a wonderful thing. It can serve as the perfect safety net for when an unexpected tragedy hits both a family and its finances. Instead of having to pay for a funeral, living expenses, and more while losing a significant portion of your income, you can rely on the insurance policy your spouse took out.
But since I am single, I don’t need to worry about life insurance, right?
This is a common misconception that many singles have about life insurance. They believe that it is designed for spouses and families and see no value in it for them. However, life insurance is not just designed for married couples, but for all of us. There are many benefits to life insurance for singles, just like there are for everyone. Let’s break them down.
To start, take a look at the most obvious point: just because you are single now, that does not mean that you will always be single. Many people reach a point in their lives where they meet someone, get married and start a family. At this point your family becomes your responsibility. Part of that responsibility is making sure that they are taken care of in the event that you die. Thus, life insurance.
But there are those that choose to be single for their entire lives. What about them? Well, regardless of your marital situation, your mortality remains. At some point in the future we all pass away. Someone will have to pay for our final expenses, whether family, friends, or whoever. I would not want to leave them with a massive bill without providing them a way to pay for it.
Let’s step away from being so morbid for a minute and assume our expiration date is somewhere in the distant future. Even so, as we advance in age, our health is most likely to decline. The two biggest factors in your life insurance premiums are age and health, meaning that if we start a life insurance policy while we are younger and healthier, our premiums will be significantly less than if we wait until these factors are already a large problem.
Think about this, too: just because we do not have a special someone in our lives does not mean we do not have financial responsibilities to others. Maybe Mom and Dad will need someone to provide for them as they go up in years. Maybe we enter into a business venture with a friend or business partner. What happens to these people if we leave this world sooner than anticipated? Life insurance can help mitigate the damage.
Life insurance is a powerful tool for all of us, whether young or old, single or not. Don’t let anyone fool you into thinking that it is only for certain people in certain conditions. It can benefit all of us, regardless of our circumstances!