Do Single People need Life Insurance

Being young and single means that you have nothing to worry about, right? If only that were true. While being young and single changes your life insurance needs, it does not dismiss those needs completely. There are many reasons that you should buy life insurance, even when you are young and single. However, the four reasons listed here seem to be the most compelling.

Debt elimination: Do you have any loans? For a car, house, school? Are any of your family members or friends co-signers on the loan? If you have any loans, especially if you have a co-signer, you should have life insurance adequate to pay the loan balance. It is respectful to your co-signer, rather than adopting the attitude, “I’m dead, what do I care?” Don’t saddle someone with your debt just because they were kind enough to lend you a helping hand with your credit. If your loans have no co-signers, then debt elimination isn’t the best reason for you to purchase life insurance.

Your youth: Age is a major factor in the pricing of life insurance. The younger you are when you purchase a policy, the less you will pay over the life of that policy. Life insurance is one of the few things in life where you are actually rewarded for your youth rather than punished for it.

Your health: Health is the weightiest factor that will affect your life insurance rates. Generally speaking, young and single people are also young and healthy people. Certainly there are exceptions to that statement, but generally speaking, it is the case. Young single people work-out more, spend more time in outdoor activities, they care more about their hygiene and fitness. It is likely that you will never again be as healthy as you are when you are young and single. None of us know what is happening inside our bodies. There may come a time when you develop an illness or condition severe enough to preclude you from purchasing life insurance, be wise and spend a little today to protect you and your family in the future.

Future protection: This goes along with your health. If you buy some term life insurance now, and ten years from now want to buy some more life insurance, great. What happens if in those ten years you have become unhealthy in some way? What if you are unable to buy any more coverage? Your term life insurance will expire, but if you purchased a policy with a conversion option, you can turn that term life insurance into another policy, without any additional health review. Purchasing a policy that is convertible today, will guarantee that you will always have some sort of coverage, even if you become unable to purchase any new policies down the road.

Being young and single is a great time of life. At times it does seem care free. Use this time to protect yourself, your family and friends and your future spouse and children. There may not be a better time to purchase a life insurance policy.