Why Get Life Insurance If You’re Single?

Many in our society believe that life insurance is just for people with kids, a spouse and a white picket fence with a dog and that if you’re single and living that “305 life” then life insurance is just an unnecessary expense because it’s only to leave money to someone when passing.  Let’s talk about the unicorn in the room and discover some reasons why to get life insurance if you’re single, this short video might just make you think differently.

  1.       You depend on yourself

Part of adulting means that you pay bills and tons of them. From Netflix to your car, your ability to work is crucial in order to do those things. We often see things online of young people having to create GoFundMe accounts because of some unexpected illness. While health insurance, helps with medical bills how will you continue to pay all the other bills if there’s some type of critical or chronic illness? That’s where life insurance comes in! You can now use accelerate that large death benefit if getting a diagnosis of a critical or chronic illness (cancer, heart attack stroke, not being able to walk, bathe and many more) Your life insurance should multitask just like your cell phone, that’s true peace of mind.

  2.       Lock in lower rates

If you’re in your 20’s – 40’s it’s a great time to buy life insurance for a few reasons. One of them is that you can lock in lower rates. You see if you’re healthy you can qualify for super low rates, without a medical exam and it gets issued quickly. The price you get today, will remain the same for the lifetime of that policy whether you got a permanent plan or a term. Plus, you don’t know what might happen in the future, so now that you can get a policy you should because you’re also locking in your insurability, meaning that you are insurable because you qualify medically.

  3.       Save for the future

Sometimes, we don’t think about life insurance as a place to save money. While life insurance is traditionally designated for when someone passes away, it can also be a great vehicle to start saving money for your future. Many will show you charts about getting money out when you retire at age 67 or later, but let’s be realistic maybe we’d like some money 10 or 20 years from now to maybe go on that epic vacation, buy a second house or just throw it up in the air. Since you’re taking the money from a life insurance policy you don’t need to pay it back and it’s usually tax-free.

  4.       You have a business with partners

If you have a business with other partners then life insurance should be considered as part of a buy-sell agreement or cross-sell agreement. Basically, you each get a life insurance based on your split and what the company is worth now or in the future. Those business partners depend on you, it could be because of your skills, money or connections.  What would happen if something happened to you?

  5.       You have a favorite charity/nieces or nephews/family

Have you always wanted to be that rich aunt or uncle? Well now’s your chance! As a proud aunt myself I think about how nice it would be to leave something for them even when I’m not here, they can use those funds for college, to buy a car, go on vacation, whatever they’d like. But if I get one that also saves money I could see them take advantage while I’m here as well.

Maybe you have a favorite charity you volunteer at and really believe in their cause. Well life insurance, is a great way to leave them a large amount that only cost you pennies on the dollar and guarantee that they’ll be able to continue their mission.

If a family member depends on you financially, then more reason to get life insurance. How would that person continue living if something happened to you? What would their life look like? Remember that these policies not only pay if passing away but also in case of a critical or chronic illness.

Hope this has made you see life insurance in a new life. YOLO, so take action today by being financially responsible and go fund yourself.