Should You Get Life Insurance Coverage Now Or Wait Until You Start A Family?
Life insurance is only relevant if you have a family right? Like so many financial questions, there’s no simple answer here. In fact, whether or not life insurance is a worthwhile investment is going to depend on a number of factors. After all, there are certainly several reasons why some singles may want to seek coverage.
Who Should Seek Coverage?
Ok, so life insurance can be a worthwhile investment, but for who? Are there certain individuals that may benefit from seeking coverage? Absolutely! Although singles may need less coverage than those with a family that doesn’t necessarily mean that they should avoid life insurance altogether. After all, singles may not have a spouse or children yet but they may still have other loved ones who need support. The reality is that while families may want to seek more coverage, singles with loved ones to support or other financial obligations to consider may want to invest in a policy.
Advantages of Life Insurance for Singles
Curious what the potential benefits are to investing in life insurance coverage as a single?
1.) Offset Unexpected End of Life Costs
Let’s face it, death isn’t an easy thing to think about, let alone plan for. However, an unexpected passing can leave significant financial implications for loved ones left behind. In fact, funeral costs in the U.S. are estimated to run anywhere from $7,000-10,000, which can be a considerable sum to pay unexpectedly.
Although as a single you may not be leaving these financial obligations on your spouse or children, you are likely leaving them with surviving parents and possibly others loved ones. Investing in a small life insurance can help to offset these costs tremendously.
2,) Cheaper to Invest Now
Did you know that it is typically cheaper to get life insurance coverage now as a single? While not every single will need coverage, opting to find a policy early on can bring significant savings in the long run.
For example, if you are a male in your thirties possessing no significant health conditions you’re likely to get far better rates than a male in his fifties possessing numerous health conditions. Opting into a policy early on while you’re young and healthy can be a cost-effective way to maximize your savings in the long run.
3.) Loan Payment Protection
If you possess significant outstanding loans or any other financial obligations, getting life insurance can be a wise move to protect family members from inheriting these expenses. For example, if your parents are a co-signer on your student loans or mortgage, then they can be left to front the costs for these obligations in the event of your passing.
Even a small life insurance policy is capable of offsetting funeral costs and debts. Often, a term life insurance policy can be a wise choice for single as coverage is typically low-cast but is capable of providing beneficiaries with assistance for these costs.
4.) Financial Support for Loved Ones
Sure, you may not have children or a spouse, but what about aging parents or siblings who need support? Although singles may not have the financial obligations those with children may have, that doesn’t necessarily meant they are not providing support.
In fact, it’s quite common for many singles to provide financial assistance for parents or siblings with special needs, and the right life insurance policy can help you continue to provide financial assistance to these loved ones, even in the event you were to pass.
5.) Ability to Leave a Legacy
Believe it or not, investing in a life insurance policy can be a great way to leave a legacy. Whether you’re passionate about a specific cause or you would like to leave a legacy for a certain individual, having a life insurance policy can help you accomplish these goals.
Where to Start First?
Now that you have a better idea about your coverage options you may be wondering where to start first. After all, how much should you even expect to pay for coverage? While there’s no single answer here, like most insurance questions, there is something that may help you estimate your expected costs.
If you would like to get a better idea of your potential coverage options as single, feel free to discover your expected costs with this life insurance calculator or, simply begin searching for quotes by entering your zip code located at the top of the page today.
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