UPDATED: Mar 26, 2020
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If you’re like many single men and women, you may not think you need term life insurance. The thought is that if you have no spouse to protect in the event of your premature death, your financial responsibilities are fairly minimal. But being single isn’t necessarily the same as being alone. In all likelihood, your death would have a financial impact on other family members. Read on to find out how term life insurance helps you to protect your loved ones and meet your financial responsibilities.
If you are a young adult, you may be paying off, or still accumulating, education loans and other debts. If anything happens to you, who pays the bills you leave behind? Some of your obligations may be forgiven. However, many education loans are taken out in the names of other family members, generally with a parent as co-signer. Under law, a co-signer is fully obligated to pay 100 percent of a debt if the other signer is unable to do so for any reason. Term life insurance can help protect your family members from this obligation, in the event of your premature death.
Lower Life Insurance Rates
Though single today, you may eventually have a family. Term life insurance purchased today can protect your future insurability. Term life insurance, once issued, is in force for the length of the term purchased, assuming all premiums are paid. This is the case in spite of any changes in your health that may develop in the future. Premiums at issue are lower for younger men and women, increasing each year. But buying term life insurance early can freeze those rates at the age of issue, so it is possible to pay the same low premium rate you took out when you were 25 at the age of 55.
If you are a single parent, you are the sole breadwinner in your household. That means you are responsible for the support and care of your children. What would happen to them if something happened to you? Of course, it is likely that other family members would step in to help. Nonetheless, you know all too well the cost of maintaining your children’s standard of living. It takes money. If you died prematurely, your income would cease. Where would that money come from? In this respect, your need for term life insurance is even more crucial than it is in dual-parent households, which may have another source of income if one parent dies. Term life insurance is one of the most cost-effective ways to help ensure your children are financially protected in the event that anything happens to you.
Pay for Final Expenses
When you die, there will be final expenses that could run into the thousands of dollars. These can include medical expenses and burial costs among others. Whether you are single or not, these obligations, which would most likely fall on loved ones, can be met by owning an adequate amount of term life insurance.
If you are single, don’t overlook the need for this valuable coverage. Get your free term life insurance quote today.