Do Singles Need Life Insurance?

It is a well known fact that we do not buy life insurance so that we can benefit from it. Since the policy pays out after we die, we make the investment to protect our families and loved ones. This means that most people who buy coverage have dependents like a spouse and children.If you are single and don’t have a family, you will probably think less of life insurance as a priority. However, even if you are single, life coverage can offer you some advantages.1. Pay for your funeral! Although it is unlikely that you will lose your life, accidents happen. If you die without coverage, your family will have to pay for your funeral, which can cost thousands of dollars. Considering such an expense, a policy can help cover your funeral expenses.2. Take advantage of cheaper rates! The younger you are, the cheaper the policies are. It is possible to find cheaper coverage when you are young. In the case of permanent policies, this can be an advantage as the premiums won’t increase.3. Life changes! You are single now, but maybe you will fall in love with someone. Maybe you will want to start a family and have children and a nice house. You can’t predict the future. At a certain point you may find yourself in need of insurance, but without financial means or time to buy it.4. Support your family! Just because you are not married or in a relationship, it does not mean that you are all alone in the world. Many 20 year olds buy life insurance to offer financial support for their parents.When should singles buy life insurance?Remember that you will need to pay premiums in exchange for life coverage! Do not rush to buy a policy that you can’t pay for. Also, since you are single, you will need enough coverage to cover your funeral expenses.Purchase a term life insurance policy, if you are financially self-sustaining! Permanent coverage is more expensive; however, you can get cheaper rates when you are young and healthy. Such policies have a savings part that builds cash value at a fixed annual rate, which can be a good savings vehicle.In conclusion, single people should at least consider getting life coverage. However, make sure that you are well informed about what you are buying and, what is more important, make sure that you can pay for what you are buying!