Single People and Life Insurance: It’s Still Essential

Life Insurance for Single People

Life insurance is the best purchase that you’ll ever make for your loved ones. Life insurance is one of the few ways that you can guarantee that your family has the money that they need, regardless of what happens to you. The problems is that there are dozens and dozens of different factors that you’ll need to consider when you’re shopping for life insurance coverage.

Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. Single individuals, on the other hand, may not see a reason to take out such a policy.

After all, they don’t have to worry about their spouse going broke once they’re gone. It’s important to note, however, that there are several reasons that single individuals should seriously consider taking out at least a small policy.

If you’re single, you might assume that you don’t need life insurance coverage, in some cases, that’s true. In other cases, that could be one of the worst mistakes that you make.
This article is going to look at some different situations that you might find yourself in that will lead you to needed life insurance coverage. We will also look at several ways that you can secure lower rates from the insurance company and keep more money in your pockets.

Saving Money

Many young and single individuals don’t think much into the future when it comes to their personal finances. Even more important to point out, however, is that some of these young people don’t realize that they likely one day will have a family. This is why it’s important for a person to buy a life insurance policy while they’re still young. Policy costs, with any type of insurance, will go up as risk increases. There’s no doubt that a 25-year-old bachelor will seem much less risky than a 35-year-old father of two. This is why locking in a good rate at a young age is imperative.

Single doesn’t mean “No Family”

Not having a spouse doesn’t mean that a person doesn’t have a little hellion climbing up the walls of their home. In fact, the amount of single-parent homes in America has tripled since 1960.  It’s hard to imagine a parent that doesn’t love their child, but many don’t consider what will happen financially to that child once they’re gone. These kids will need resources to care for them, so everyone with a child should have a life insurance policy if they’re a single parent.

End-of-Life Costs Still Exist

Not having a spouse who has to pay for end-of-life expenses doesn’t magically mean that a person doesn’t have end-of-life expenses. Medical bills, funerals, and personal debts still must be paid for, and this remains true regardless of how “single” a person is. A funeral alone, for instance, usually costs over $8,000. A single person who dies without a life insurance policy will leave a financial burden on the other members of their family; and yes, this is true even if those other members aren’t spouses.

It’s understandable that a single person would wonder why they need a life insurance policy, but the truth of the matter is that absolutely everyone can benefit from being covered in this way. Unless a person has no children, knows with 100% certainty that they’ll never get married or have children, and has a few thousand dollars tucked away to cover their final expenses and debts, there’s not much reason to avoid getting a low-cost life insurance policy.

How Much Life Insurance do you need?

Aside from purchasing life insurance, it’s vital that you buy enough protection for your family. Having too small of a plan could leave your family with additional bills that they would have the money to pay off.

Before you purchase life insurance, it’s vital that you give your family enough life insurance. There are several categories that you should account for when you’re applying for coverage.

The first number that you should look at is your debts. The primary goal of your life insurance is to give your family the money that they need to pay off all of your bills. Add up all of your bills, like your mortgage, student loans, and anything else. Make sure that your plan is at least large enough to cover those expenses.

The next number that you should look at is your annual income. Your life insurance plan should be big enough to replace your paycheck if you were to pass away. If you’re one of the main income earners, and you have children, then they would struggle without that financial support. If you don’t have anyone that relies on your monthly paycheck, then you can purchase a smaller insurance plan that doesn’t need to replace that stream of income.

These are only two of the main categories that you will need to account for when you are shopping for life insurance coverage. It’s important that you look at every possible bill that your family will have to pay off when you pass away. Even as a single person, someone is going to be responsible for your debts, and it’s important that they have the money that they need when that time comes.

Getting Affordable Life Insurance

If you’re worried about how much your life insurance coverage is going to cost, don’t worry, there are several ways that you can get lower premiums. Making a few simple changes can save you thousands of dollars every year.

One of the best ways to save money is to cut out any tobacco that you currently use. If you’re listed as a tobacco-user on your life insurance application, then you should expect to pay drastically higher rates for your coverage. In fact, smokers are going to pay at least double what a non-smoker would pay for the same sized policy. If you want to save thousands and thousands of dollars, kicking those bad habits is one of the best ways to do that.

The best way to ensure that you’re getting the lowest insurance premiums is to compare dozens and dozens of plans before you pick a company. Every insurance company, and all of them are going to have different medical underwriting standards and rating systems, which means that your rates are going to vary drastically.

Instead of wasting your time calling dozens and dozens of companies, let one of our agents do all of the hard work for you.

It’s our mission to ensure that you’re getting the best rates possible. We work with some of the best companies across the nation, and we can bring all of the best quotes directly to you. Working with one of our agents is going to save you both time and money on your life insurance. We have years of experience working with all kinds of applicants and we know which companies are going to give you the best rates.

If you have any questions about life insurance coverage as a single applicant, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best rates possible. Not only can we connect you with the best possible plan, but we can answer any questions that you have about your life insurance needs as a single policyholder. We are not going to try and sell you additional coverage that you don’t need. If we decide that you will not benefit from a massive life insurance policy, we won’t try and sell you one.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance coverage, your parents or children could be left with a massive amount of debt. Not having life insurance is one of the worst things that you could ever do for your loved ones.

Our independent agents would love to answer any questions that you have and help you calculate how much life insurance that you need. We work with dozens and dozens of single applicants every year. Call us today for a quote at 1-888-552-6159.

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Doug Mitchell

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