Term life insurance is typically the best option for a single person, but a fair question to ask is why would single people need life insurance in the first place? Isn’t life insurance just for families and businesses?
Often, life insurance is a necessary security measure for those with families. If the income of a spouse is suddenly gone due to their premature death, for example, that leaves their surviving partner in a rough spot without some kind of financial assistance to cover them. This goes double for the head of a household who need food, clothing, school, and all other kinds of essentials. But in what kinds of scenarios would life insurance for single people be a good idea??
It’s more than you think.
The idea of life insurance is to take care of your loved ones–and while a single person may not have a family, it is a far cry to suggest that they don’t have any loved ones. Your parents, siblings, and even business partners could be called upon to take up the mantle of any outstanding obligations you still have.
What kind of obligations? If you’re a homeowner, then your mortgage could wind up as a crippling debt to your closest relatives. It’s smart to take out enough insurance to be able to pay off the cost of your remaining mortgage so as not to burden your loved ones. Another common financial obligation is student loans. More than thirty percent of Americans owe student loans, making up a staggering average of at least thirty-six thousand dollars per debtor. It’s bad enough to have to pay back student loans–but imagine making someone else have to do it who didn’t even get the education to go along with them! When you use term life insurance to cover these costs, you’re sparing the people you care about from from having to cover them without you.
Even when single, people depend on you and the money you bring in. This may be a business partner who relies on your input and work for income, or a dependent who isn’t your biological child (like an aging relative) who would be lost without your steady money coming in. Protection in the form of term life insurance is essential for these important people in your life.
Term life insurance is particularly good for single people because it is flexible, just like your life. You lock in a price for the entire term–regardless of length–and then can revisit the length and amount of coverage as your situation changes. By taking stock of your life and the people in it, you’ll be able to see when it would be most painful for others to take on the sudden financial obligation of the debts and missing income your death may bring, and you can plan accordingly.
It’s possible your business might grow, or you suddenly have to care for a relative, or you start a family. In any of those cases, it’s easy with Low Cost Life Insurance to adapt your next term insurance contract to your needs.
Contact Low Cost Life Insurance today for more information.
