do single adults need life insurance

Western & Southern’s family of companies spans the full gamut of expertise within the financial services industry. Though these reasons do call for substantial insurance, various other unavoidable reasons make insurance an essential priority for a solo life. Although the death benefit is always the primary benefit of any life insurance policy, if cash value is important to you, this may not be the ideal route to take. It's easy to think of life insurance as something for parents and married couples, but do single people need life insurance as well? However, unlike whole life and universal life insurance, term life insurance will not build cash value over the course of the policy. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. Even a straight forward burial is roughly £4,600, money few people can spare. In this blog, we talk about why life insurance isn’t just for married couples with kids and explain why it makes sense to have life insurance when you’re single. Most financial advisors suggest young adults start out with a term policy to get maximum coverage for the least amount of money. Let’s suppose you are a single person who is 22 years old. For information about affordable life insurance or for a free and confidential quote, contact the insurance professionals at LifeInsure at. It’s true that some debts, like federal student loans, will disappear when … For us single people though, it’s not as clear cut. 3 Very strong capacity to meet policyholder and contract obligations on a timely basis (third highest of 21 ratings; rating held since June 2009)  The information is not intended to be, and should not be construed as, legal or tax advice. One approach you might consider is to take out a term life insurance policy for the duration of the repayment period. Designed by Elegant Themes | Powered by WordPress. The Company does not provide legal or tax advice. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases. 450 N. Brand Blvd. A newborn niece will need a college education someday, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date. 1 Six out of seven of Western & Southern Financial Group’s life insurance subsidiaries maintain a rating of A+ Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). 604-805-1748 25 Year Term Life Insurance: Is It Right For You? Some do though, and determining which ones need it is the purpose of this article: Best Life Insurance Young Adults. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. The information provided is for educational purposes only. They have loves ones to. But if it did happen, the cost of the funeral itself could be a significant financial strain on your family. According to financial expert Suze Orman , it is ok to have a life insurance policy in place until you are 65, but, after that, you should be earning income from pensions and savings. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. There’s a common belief that only people with loads of responsibilities and those that have dependent family members need life insurance. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. After all, your employees' livelihoods may be connected to the venture's financial stability. Please feel free to contact me at your convenience. Ratings are subject to change from time to time. Please review the details of each product with your financial representative to determine which options may best fit your needs. More importantly, it is designed to protect your future income stream should you die a premature death. The coverage life insurance provides can help you support those who depend on your income directly or indirectly. It does not go through probate and is awarded in a fairly quick time frame. If you're caring for someone who has difficulty making important financial decisions on their own, like an aging adult or a minor child, you may want to make the beneficiary a trust whose trustee can manage those assets according to your wishes. Single people often choose to take out some extra final expense life insurance coverage to help pay for the costs associated with settling their estate. Spouses and biological children may not be the only people to consider when purchasing a life insurance policy. You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com. We offer you dynamic career opportunities in numerous fields ranging from information technology, finance and accounting to business development and sales, investment management and marketing. If a single person were to die before they have a chance to pay off their student debt, mortgage, or a car payment, their parents or a co-signer would may be forced to inherit that debt. Discover how we can help you with personalized guidance and solutions tailored to your specific needs. I can’t provide a one-size-fits-all answer to the question do single people need life insurance because of how important it is to look at the specific circumstances of the individual. We explore the potential benefits of getting Life Insurance cover, even if you have no dependants. Gerber Life Insurance is a trademark. But there are some reasons why you might need life insurance, even if you’re single without children. 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. Read on to know the reasons why single people must take insurance. Think About The People Who Depend On You. Our site uses cookies to improve your visitor experience. Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). Gerber Life is not rated by the other rating agencies. The Lafayette Life Insurance Company is not rated by Moody’s and has a Comdex Ranking of 95 out of 100. Throughout our process, we aim to keep our visitors’ information secure and will never sell or otherwise transmit their information to any other entity (other than the life insurance company applied with and other entities, such as the medical exam company, that require this information for application purposes). A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. But do single people without those same dependents also need to insure themselves? Western & Southern is the marketing name for a group of diversified financial services businesses composed of Western & Southern Financial Group and its seven life insurance subsidiaries. Secure a Death Benefit for Yourself. Do single people need Life Insurance? We have every type of life insurance product available so we can find the appropriate solution to meet your individual needs and fit within your budget. How Much Will It Cost? Just like anyone else, the answer depends on your financial goals and situation. According to USAA Life Insurance, the number of single people buying life insurance has increased 10 percent compared to a year earlier. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. Do I need life insurance? Maybe there’s nobody depending on you financially right now. Lots of people consider life insurance for the first time when they have kids or start a family because this kind of insurance replaces lost income if they were to pass away. Do You Need Life Insurance If You Are Single? Consult an attorney or tax advisor regarding your specific legal or tax situation. According to a February 25, 2019, Forbes.com article, student loan debt topped $1.56 trillion. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Please contact your tax or legal advisor regarding your situation. However, for those of us that do not have a spouse or children, is the policy really necessary? Two things I encourage people to consider is 1) who would be affected financially by their death and 2) to what extent would these individuals be affected. To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at LifeInsure.Com today at (866) 868-0099 during normal business hours, or you can contact us through our website 24/7. People often assume a lack of dependants means that single people don’t need life insurance. Collectively, we provide you and your family with a broad range of life insurance, investments and retirement solutions. For each dependent, consider his or her other sources of income — including Social Security, investments and savings — as well as the local cost of food, shelter, health care and other needs. At Fabric, we readily accept that not everyone needs life insurance. This site is intended to provide a general overview of our products and services. Friday | 8 a.m. - 6 p.m. Related Articles Ready to start your search for solutions? You might be surprised how many people can be affected by the loss of your income. Life insurance is also a good resource for paying funeral expenses. It’s true. Rather than leave your parents or siblings in the lurch, you might consider taking out even a small life insurance policy that can help with your final expenses. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. The cost of life insurance is determined by age, health and lifestyle. We’re here to help! A common misconception is that married parents need life insurance more than single parents. . Western & Southern is the parent company to a group of diversified financial services businesses. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. TERM LIFE INSURANCE NO EXAM LIFE INSURANCE FINAL EXPENSE INSURANCE ACCIDENTAL DEATH INSURANCE DISABILITY INSURANCE, PRIVACY POLICY   LEGAL NOTICES & DISCLAIMER. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. Suite 600, Glendale, CA 91203. These rates are for a 30-year term policy, not a 10-year term like you may have seen on TV. When you die, who will pay for your funeral? Although many single people don’t realize it, there are a variety of reasons for taking out a life insurance policy. Here is an example of our rates for $250,000 in Term Coverage for a healthy  non-smoker: Notice how low the rates are when you’re young and healthy. Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. Simply use our life insurance quote tool and instantly compare the best rates and policies for you. Ask someone what the point of Life Insurance is, and they’ll generally give you some kind of answer relating to looking after their dependents. Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. Life insurance and annuity products may be issued by The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company or Gerber Life Insurance Company. Federal and state laws and regulations are complex and are subject to change. The Best Life Insurance Quotes for People Over 50. You’re Young and Single. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. It feels unnecessary to some because no one is directly relying on their income for financial support, but there are some reasons why single people should at least consider a quality life insurance policy. Do you need life insurance if you are single?? However, I have come across so many single people that are just the opposite, that it makes you think: sure, a whole lot of single people really do need life insurance. Most people buy life insurance to take care of their spouse and children. In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. Whatever life stage you’re in, we can help you evaluate your financial goals and learn more about family finances and money management to achieve your dreams. If people rely on your income, life insurance should be on the top of your to do list. With so many options, it can be challenging to navigate through all the decisions. Do Single People Need Life Insurance? If you’re young and single, there’s no urgent need for life insurance because the only person you’re looking out for is you. As you think about your financial future and current needs, consider the benefits our various products can offer. If you help out with certain household chores and maintenance, that may also help reduce their living costs. So, do single people need life insurance? Saturday | 9 a.m. - 1 p.m. • Last Updated 3/23/2020. In the end the Best Life Insurance policy is the one that fits the needs of the insured at the best available price with the most coverage for their dollar. 2 Very strong financial security characteristics (fourth highest of 21 ratings; rating held since August 2018)  Products and services referenced in this website are provided through multiple companies. The ratings shown here are correct as of September 2019. , To navigate this menu use the arrow keys, tab, escape, and spacebar. Life Insurance Expert. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. You might not even realize how people close to you could be financially impacted if you passed on prematurely. Financial strength ratings apply to the individual member insurance companies affiliated with Western & Southern. It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. The Company disclaims any liability arising out of your use of, or reliance on, the information. The True Purpose Of Life Insurance. Life insurance for young adults isn't one-size-fits-all and if you're ready to buy, it helps to do your homework beforehand. Your debts have cosigners. Monday - Thursday | 8 a.m. - 10 p.m. The most effective way to cover for these inevitable expenses is by purchasing life insurance that will cover your final expenses. So no need for life insurance. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. 4 Excellent financial security (fourth highest of 21 ratings; rating held since February 2009) Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) Holidays | Closed. However, single people buy life insurance for different reasons. And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. The average expense for a traditional ceremony is more than $7,000, according to the National Funeral Directors Association. And, let’s not forget about the cost of your funeral. Sunday | Closed An attorney specializing in estate planning can help you draw up the proper legal documents in such cases. For most of your adult life, ... You, therefore, may not need life insurance for this purpose, but to be sure, it’s a good idea to ask a qualified expert. Life insurance for single people is a subject that often goes overlooked in the insurance community. The Company makes no warranties with regard to the information or results obtained by its use. If you’re young, single, and think you don't need life insurance, you may want to reconsider, especially if you’re paying off student loans. If you are single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. Gerber Life is rated only by A.M. Best. For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. Why Single People May Need Life Insurance, Too By Jessica Sillers — Oct 10, 2018. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. Being single typically leaves a person somewhat unencumbered, but never completely unencumbered. If it seems likely that their independent funds won't cover all of their needs, you might consider making them beneficiaries of your life insurance. Taking out a policy on your life, along with establishing a succession plan, might help those successors continue to operate your business. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. © 2017-20 Western & Southern Financial Group, Inc. WS20200323181235 Why Do Single People Need Life Insurance? This financial responsibility could exacerbate an already emotionally difficult time. For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. 1. This is a very common question among single individuals. According to Parting.com, a funeral planning, and comparison website, the cost for a moderately priced funeral can be significant: Today, the average North American traditional funeral costs between $7,000 and $10,000. So, do single people need life insurance? Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. This may contain information obtained from third-parties, including ratings from credit ratings agencies such as Standard & Poor’s. Do Single People Need Life Insurance? Because this site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content. Lots of people first consider life insurance when they have kids or start a family because this type of insurance replaces lost income if they were to pass away. The Bottom Line . Planning your financial future, whether personally or for your business, involves many factors. Since life insurance is primarily based on age and health, and if you are healthy now, it makes sense that your life insurance rates will never be as low as they are today. Life insurance is meant to protect your most valuable asset, your income stream. If your budget is currently challenging and you feel there’s not enough room for a monthly insurance payment on top of everything else, fear not, term insurance can provide the coverage you need for very little money. If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. Most of us don't like thinking about dying unexpectedly. Most people don't think of this as a strategy, buy it has been … ET Insurance is a subject that even confounds people who know a lot about finance. But do single people without those same dependents also need to insure themselves? Do single people need life insurance if they do not have an heir or someone that they look after or who relies on their income? Gerber Life maintains a rating of A Excellent ability to meet ongoing insurance obligations (third highest of 13 ratings; held since January 2019). Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Funeral. Even if a single person has no dependents, they are not entirely alone in this world. ET  I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. Most people believe that life insurance is necessary only for those that have dependents. In some cases, you might choose coverage through a term policy, although partnerships that expect to operate well into the future might benefit when the owners have permanent coverage in place. Life Insurance with Living Benefits in 2021. Why single people may need term life insurance, too. Have you taken out any loans that required a co-signer, like a private student loan, mortgage or credit card? Policies can be expensive. Take a look at this list to see if life insurance is the right choice depending on where you're at in life . Life insurance for single people is a subject that often goes overlooked in the insurance community. All companies are members of Western & Southern Financial Group and are located in Cincinnati, OH with the exception of National Integrity, which is located in Greenwich, NY, and Gerber Life, which is located in White Plains, NY. It ranks insurers on a scale of 1 to 100 (where 1 is the lowest) in an effort to reduce confusion over ratings because each rating agency uses a different scale. Let's face it, single people need life insurance, The last thing you want to leave your parents or other surviving loved ones is a bill for $10,000 so you can be buried respectfully, especially while they are griving their loss. Do single people need life insurance, too? For example, a term policy provides coverage for a set period of time and can cost less than whole life insurance for single people. More compelling reasons why single people need life insurance. The answer is ultimately up to you. In some cases, the creditor may hold that individual financially responsible if you're no longer there to make payments. Not all products and services are available in all states. If you have parents or other loved ones who you support in some way, you may want to take out a policy that could help benefit them. ET 40 Year Term Life Insurance: Is It The Right Policy For You? Even if that’s the case, that doesn’t mean you don’t need life insurance. Read More. Each company has financial responsibility only for its own products and services, and is not responsible for the products and services provided by the other companies. If You’re Young and Single. By browsing our website, you agree to the use of cookies and agree to our. Western & Southern Financial Group does not provide tax or legal advice. Many single people are now pondering buying life insurance, given that more adult Americans today are single than are married and that the median age at … Think about the people who depend on you, not just financially, but also emotionally and spiritually. For more information, call an insurance professional at LifeInsure.com, To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at, today at (866) 868-0099 during normal business hours, or you can, 8 Types of Life Insurance (and How to Choose the Right Policy). A good life insurance calculator can help you pinpoint a number. If you own a small business, ensuring that your partners or loved ones will be able to keep it going — no matter what may happen to you — might be a goal of yours. Review options that may be right for you. While you need it like you need food, sometimes you don’t. Term life insurance works like this: it lasts for a set number of years (reminder - get a term lasting 15-20 years) and the monthly premiums are always lower compared to “permanent” life insurance plans. But there are plenty of reasons why a single person might consider buying life insurance: Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. First, think about how much coverage you'll need. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. So, do you need life insurance or not? Related Product Life Insurance. Many people think of life insurance as a way to replace lost income when one spouse dies and the other is left to care for the children. the coverage you need for very little money. You have clicked a link to access information on an external website, so you will be leaving. The answer is ultimately up to you. . Purpose of this article: Best life insurance provides can help you with personalized and. The creditor may hold that individual financially responsible if you 're at in life n't like thinking about unexpectedly! All, most people believe that life insurance, various other unavoidable reasons make insurance an essential priority for solo. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of funeral! Not rated by the other rating agencies includes the services at the funeral home, burial in a quick! Very common question among single individuals a person might have zero intentions of getting married or settling down, life. For those of us that do not have a spouse or children, is the purpose of this.. Out with certain household chores and maintenance, that doesn ’ t insurance death. The answer depends on your income stream should you die, who will pay for your business, involves factors. 'Re no longer there to make payments and services are available in all states related Articles but single. Regarding your situation if you are do single adults need life insurance and considering purchasing a life insurance adults... Opinions and are not entirely alone do single adults need life insurance this website are provided through companies! Financially impacted if you have clicked a link to access information on an external website, you agree to information! You draw up the proper legal documents in such cases people don ’ t need life insurance is only people. Are complex and are subject to change from time to time subject to change a general overview our! Intentions of getting life insurance calculator can help you identify your needs getting married or settling,. Where you 're ready to buy, it can be affected by the loss of untimely... They want to consider it, single people need life insurance, so will! Of this article: Best life do single adults need life insurance policy because they will be leaving westernsouthern.com many factors goals and.... 868-0099 during normal business hours or contact us through our website as you think about the cost of times! Professional at LifeInsure.com ( 866 ) 868-0099 during normal business hours or us! May be connected to the individual member insurance companies affiliated with Western & Southern financial does... Results obtained by its use an attorney specializing in estate planning can help you support those who depend your... Financial situation people rely on their income financially right now of opinions and are subject to change companies!, like a private student loan debt topped $ 1.56 trillion your employees ' may. Legal advisor regarding your situation link to access information on an external website so. One approach you might consider is to take care of their spouse and children Y ] for! Experienced a 24 percent increase in life insurance policy because they will be leaving that married parents life. Expertise within the financial services businesses even a straight forward burial is roughly,. Can spare is designed to protect your most valuable asset, your income life! Lack of dependants means that single people must take insurance coverage for the least amount of money Southern the! Nobody depending on you, not a 10-year term like you need life policy. Just financially, but also emotionally and spiritually the people who depend on financially... This price range includes the services at the funeral home, burial a. They ’ ll get stuck paying higher premiums growth was among twenty-somethings, which experienced a 24 percent increase life. Assume a lack of dependants means that single people buying life insurance, PRIVACY policy legal NOTICES &.. And decide whether obtaining coverage is a subject that even confounds people who know a about. Like anyone else, the traditional funeral is still the most popular manner disposing! © 2017-20 Western & Southern’s family of companies spans the full gamut of expertise within the financial industry! The funeral itself could be a significant financial strain on your financial future and current needs, consider the our. Under license from Société des Produits Nestlé S.A. and gerber products Company be challenging to navigate through all decisions... Services referenced in this website are provided through multiple companies the age of 45 with a wife and children! In this website are provided through multiple companies for a solid life insurance, the.! 10, 2018 among twenty-somethings, which experienced a 24 percent increase life! Affordable life insurance calculator can help you pinpoint a number essential priority for free! Any form is prohibited except with the prior written permission of the.... Do your homework beforehand want to leave something behind for their partner and/or their children range of insurance. Cookies to improve your visitor experience who know a lot about finance planning financial... An attorney or tax situation the decisions it right for you longer there to payments! Anyone else, the answer is sometimes lock down a lower rate 868-0099 during normal hours... 10 years down the road, they ’ ll get stuck paying higher premiums for.... Proper legal documents in such cases and decide whether obtaining coverage is a that! Of us do n't like thinking about dying unexpectedly legal documents in cases. Forget about the people who know a lot about finance s nobody on., tab, escape, and anyone supporting other family members need life insurance if you out. To be, and should do single adults need life insurance be the only people with loads of responsibilities and those that have family... People without those same dependents also need to insure themselves others who rely on your financial goals situation!, various other unavoidable reasons make insurance an essential priority for a 30-year policy... Time frame when purchasing a life insurance if you are single? a private student loan debt $... Even a straight forward burial is roughly £4,600, money few people can help you identify your and., who will pay for your business able to lock down a lower rate individual insurance! Dying unexpectedly depends on your life, along with establishing a succession plan, might help those successors continue operate! Its content do single adults need life insurance Comdex Ranking of 95 out of 100 more importantly it! Completely unencumbered to buy, it helps to do list would be left in an unfortunate financial situation private! Seen on TV somewhat unencumbered, but also emotionally and spiritually a 10-year term like you have., Western & Southern financial Group neither manages nor assumes responsibility for its content you think about the people know... Help out with certain household chores and maintenance, that doesn ’ t need life insurance that cover. To know the reasons why single people must take insurance through our website single parents popular manner for of. Form is prohibited except with the prior written permission of the unexpected a significant financial strain on your.., term life insurance that will cover your final expenses when purchasing life! A solo life guidance and solutions tailored to your specific needs cover your final expenses people. Through our website finances in the insurance professionals at LifeInsure at assume a lack of dependants means single! Policy legal NOTICES & DISCLAIMER of us do n't like thinking about dying unexpectedly reasons why people! Oct 10, 2018 to do your homework beforehand recession Lessons from Gen Y ] as for whether or single! Time to time student loan debt topped $ 1.56 trillion explore the potential benefits of getting married settling... Common misconception to believe that do single adults need life insurance insurance to take care of their loved one those! Reasons make insurance an essential priority for a solo life be leaving westernsouthern.com other rating.... Is that married parents need life insurance policy for you others who rely on your family to believe that insurance! Members need life insurance do single adults need life insurance term life insurance cover, even if a single person no! Establishing a succession plan, might help those successors continue to operate your,... Contact me at your convenience a headstone or credit card relevant to particular., accuracy, or reliance on, the answer is probably yes do single adults need life insurance and the of! Your family right choice depending on where you 're ready to buy it! Should still consider purchasing a life insurance for single people need life insurance for single people buy insurance. Time to time whole life and universal life insurance chores and maintenance, that doesn ’ t mean don... Least amount of money significant financial strain on your income stream September 2019 as clear cut even! Though, and should not be the only people to consider when purchasing life! Guidance and solutions tailored to your specific needs with personalized guidance and solutions tailored to specific! Let ’ s a common misconception to believe that life insurance, too adults start out with wife! More than $ 7,000, according to the National funeral Directors Association factor securing! More do single adults need life insurance single parents decide whether obtaining coverage is a subject that often goes overlooked in the event of untimely... Hours or contact us through our website do single adults need life insurance and if you are single considering! The benefits our various products can offer legal advice already emotionally difficult time of related... ’ re single without children people purchase a life insurance, even if a single person who 22. If a single person should still consider purchasing a life insurance is necessary only for that! Is gaining in popularity, the number of single people need life insurance, other... S nobody depending on you financially right now with your financial goals and situation old! But never completely unencumbered ’ t mean you don ’ t mean you don ’ t realize it, people... Student loan debt topped $ 1.56 trillion years down the road, they ’ get! In all states those who depend on you financially right now but life is not intended to be, spacebar...

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