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Single People and Life Insurance: It’s Still Essential

single person pondering if he needs life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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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, you couldn’t be more wrong.

We are going to examine some of the reasons you may need life insurance and ways you can get the best plan as a single applicant.

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.

As a single person, you may not think about people being left with your debt, but it has to go somewhere. Whoever ends up with the debts will need some money. Add up all those bills and compare it to the size of plan you’re going to buy.

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.

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

As a single person, you might think of life insurance as a waste of money, not only is that not true, but it might be cheaper than you think. Depending on your age and health, you could be stunned at how low your rates might be.

Life insurance can be cheap, but not if you’re a smoker. On average, smoker’s rates are twice as much.

We rarely suggest waiting to buy life insurance, but quitting smoking is a great reason to wait. If you want to go ahead and get the plan, you can request the insurance company retake the medical exam after you’ve quit the cigarettes.

Each insurance company uses different insurance standards and underwriting. If you took the time to get 100 quotes for the same policy, you would find the difference in prices to be staggering.

You need to find the cheapest company. End of story, but how do you do that?

You don’t have to search alone. Let us be a part of your life insurance search party.

We aren’t your average insurance company who is going to ask you a bunch of questions and give you a single quote. You could spend one hour just to get one quote.

We will ask you some basic questions, but instead of only one quote, you’re going to get more than 30. Think about the time it will save you.

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.

Our independent agents would love to answer any questions that you have and help you calculate how much life insurance you need.

We work with dozens and dozens of single applicants every year. Call us today for a quote at 1-800-712-8519.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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