Do I Need Life Insurance if I’m Single?

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Insurance is an important safety net to have for just about every facet of our lives. You may have health insurance through your employer, or have recently purchased an auto policy for that new car, but what about life insurance?

While many older Americans or those with families have been quick to purchase some amount of coverage as a precaution, many single people have been hesitant about getting their own life insurance policy. However, that shouldn’t be the case.

Consider your age.


The truth is that it never hurts to look at life insurance quotes to get an idea of pricing and the best rates. Your life insurance premium is determined by several factors depending on the insurance company. The most consistent factor across these insurers is age. Experts have found that rates for life insurance policies increase by an average of 8 to 10 percent annually as you get older. This holds true for both term life insurance and whole life insurance policies.

Applicants should review their coverage options, especially when it comes down to the terms and conditions. Term life insurance guarantees the payout of a death benefit to a person whom you designate as the beneficiary upon the time of your passing, but only during a specified term. Once that term expires, you as a policyholder can either renew it, convert the policy to permanent coverage, or allow it to terminate. If you choose to pursue whole life insurance, that permanent policy covers you until your passing. However, these policies usually have higher premium payments for that coverage.

Consider your health.


A huge factor in determining the premium on a life insurance policy is your overall health. Most life insurance companies will require you to get a physical, assessing your height, weight, pulse, and blood pressure. This will also require blood and urine samples. If you’re young and in relatively good health, a medical exam shouldn’t be an issue. However, life insurance providers may take under consideration whether or not you’re a tobacco user or alcohol drinker to better assess your risk of developing any ailments.

Underlying health conditions may not necessarily throw a wrench in the coverage you can acquire, that’s actually a common misconception. However, it’s best to be transparent with your current health situation to figure out a term life insurance policy or whole life insurance policy that best suits your current situation. You may not need much coverage right now, basically having enough to cover funeral costs, but you may want to adjust down the line to accommodate beyond your existing life insurance policy.

Consider your financial situation.


One of the main things that stop younger people from signing on board for term life insurance or lifelong coverage is their current financial obligations. Whether it’s credit card debt or student loans, younger people may put life insurance needs aside to take care of those debts first. However, it’s better to get in on the best rates right now based on your age and current health situation, if even to provide yourself just a little bit of peace of mind in coverage.

After all, whole life insurance policies can act as forms of financial solutions down the line should you need to cover any outstanding debt immediately. You can’t borrow against a term life policy, but whole life coverage does offer the opportunity to borrow against the cash value and death benefit of your policy. The application process is easier than ever, and you can find the right coverage for you that won’t break the bank and throw off your monthly budget. Get in on it now to help your loved ones later down the line.