The issue of life insurance is mostly regarded as a preserve of married couples. Moreover, a differentiating aspect between married and single people, is the fact that singles would require much less coverage. This is so because a single person would typically have no surviving spouse and children. However, there are various reasons that make life insurance as much a necessity for singles as it is for married couples.
Although acquiring a life insurance policy for a single person who isn’t financially stable may be challenging, it should be a top priority for one who has achieved some degree of financial independence. Moreover, getting a policy at an early stage will guarantee benefits of lower cost.
Basically, when someone gets married or has children, the cost of insurance is sure to increase simultaneously. For instance, a 30-year term policy valued at $500,000 for a young man who is perfectly healthy and doesn’t smoke would only have a $35 monthly premium in Chicago. The is incredibly cheaper compared to a similar policy for a 45-year-old male that bears a monthly premium of $60.
Generally, young people are normally healthy and less prone to chronic ailments. Being healthy and free of life-threatening diseases means that singles would incur cheaper insurance premiums. Typically, when people get older, general body health reduces, which makes them more prone to chronic ailments. Such health issues are normally factored in to the cost of insurance, thus making it more expensive for the elderly.
In some unfortunate situations, some health conditions can make someone completely ineligible for coverage. A young person would be better off taking coverage before contracting such ailments later in life.
Although singles may not have any dependents, probably parents or other family members may still be affected in case of death. This is likely to happen in cases where your parents may have co-signed on certain types of loans such as student loans or a mortgage. This will give them responsibility for payment of the loan in case of death. An effective way of shielding loved ones from such unexpected financial burdens, simply involves taking up low-cost policies that name particular family members as beneficiaries.
In case of your passing away, family members are likely to incur high burial costs. Based on the prevailing trends, such costs could run up to amounts exceeding $7,000. A single person who cares about his/ her family members would consider taking insurance cover, to help pay for burial expenses.
Moreover, singles may also have a number of dependents who rely on their financial support. These may be elderly parents, as well as special needs or young siblings. Such people will likely be affected financially in the event of your death. Therefore, a young person needs to consult insurance advisers for appropriate coverage that will ensure financial security of all dependents.
Apart from these major reasons, there may also be specific reasons that compel singles to seek life insurance. Generally, such reasons require seeking coverage at an early stage in life, based on the benefits.
1. Benefit From Cheaper Policies
Although acquiring a life insurance policy for a single person who isn’t financially stable may be challenging, it should be a top priority for one who has achieved some degree of financial independence. Moreover, getting a policy at an early stage will guarantee benefits of lower cost.
Basically, when someone gets married or has children, the cost of insurance is sure to increase simultaneously. For instance, a 30-year term policy valued at $500,000 for a young man who is perfectly healthy and doesn’t smoke would only have a $35 monthly premium in Chicago. The is incredibly cheaper compared to a similar policy for a 45-year-old male that bears a monthly premium of $60.
2. Less Prone To Chronic Ailment
Generally, young people are normally healthy and less prone to chronic ailments. Being healthy and free of life-threatening diseases means that singles would incur cheaper insurance premiums. Typically, when people get older, general body health reduces, which makes them more prone to chronic ailments. Such health issues are normally factored in to the cost of insurance, thus making it more expensive for the elderly.
In some unfortunate situations, some health conditions can make someone completely ineligible for coverage. A young person would be better off taking coverage before contracting such ailments later in life.
3. Caring For Your Loved Ones
Although singles may not have any dependents, probably parents or other family members may still be affected in case of death. This is likely to happen in cases where your parents may have co-signed on certain types of loans such as student loans or a mortgage. This will give them responsibility for payment of the loan in case of death. An effective way of shielding loved ones from such unexpected financial burdens, simply involves taking up low-cost policies that name particular family members as beneficiaries.
In case of your passing away, family members are likely to incur high burial costs. Based on the prevailing trends, such costs could run up to amounts exceeding $7,000. A single person who cares about his/ her family members would consider taking insurance cover, to help pay for burial expenses.
Moreover, singles may also have a number of dependents who rely on their financial support. These may be elderly parents, as well as special needs or young siblings. Such people will likely be affected financially in the event of your death. Therefore, a young person needs to consult insurance advisers for appropriate coverage that will ensure financial security of all dependents.
Apart from these major reasons, there may also be specific reasons that compel singles to seek life insurance. Generally, such reasons require seeking coverage at an early stage in life, based on the benefits.
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