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My Insurance View

Does life insurance make sense if you’re single?

In a word…yes. In fact, there are three very good reasons why you should consider a life insurance policy if you are single. Even if you have a policy through your employer, it’s best to have a personal policy as well. If you leave your job, for whatever reason, whatever coverage you had will most likely not leave with you.

1. Healthy, young adults pay the lowest insurance rates

Some life events, such as getting married or having their first child, will start people thinking about purchasing life insurance. In the past, these events occurred at a much earlier age when people were younger and healthier. Today, people are waiting longer to get married and start their family and the simple truth is that the older you get, the more likely you are to have a chronic health condition or an illness and that could make it difficult to qualify for the best insurance rates.

2. Taking care of business

No one wants to talk about it, but the end of life comes with expenses. There are final taxes to pay and, of course, there are funeral and burial costs. A life insurance policy is the perfect way to ensure that these end of life costs are taken care of so they don’t become the responsibility of loved ones after you’re gone.

3. Paying off debt

Debt is a part of life today. We have our mortgage, credit cards, personal loans, etc. If you were to pass away with debt, assets such as your house, car, savings, etc, would be used to pay off what you owe. A life insurance policy can help pay off these debts after your gone so that your estate and assets can be distributed intact to your beneficiaries.

How much insurance is right for you?

Before talking to your financial advisor, My Insurance View can help you understand how much protection you need now and in the future.