I’ll be straight with you. I’m still quite young, and I never really thought about getting life insurance until now, even though I’m the one bringing in the money for my family. Honestly, if something were to happen to me, it might be tough financially for my wife and our two young kids.
Even with all that information, I wouldn’t be thinking about having a policy if it weren’t for my dad passing away (and having to help my mom with the claim). Why didn’t I consider this safety net earlier? For someone like me, life insurance is a no-brainer. In fact, as I reflect on the advantages, even if you’re single, it’s worth seriously considering life insurance. Are you single? Here are a few reasons why you might want to really think about getting life insurance.
You Might Not Stay Single Forever
Here’s the main reason why singles should consider life insurance. Right now, you might be enjoying a carefree life, and I totally get that. No spouse, no kids – it seems like there’s no urgent need. But life can surprise you. If you don’t get a policy now, you might keep pushing it off. I’ve been there.
Life changes fast. If you wait too long, especially when you’re dealing with getting married, having kids, changing jobs, and trying to improve your life, insurance might slip your mind. Trust me, when you’re caught up in all of that, thinking about insurance is the last thing on your agenda.
Life insurance is really affordable when you’re young. It costs much less than you’d expect. And if your situation changes suddenly, you’ll already have the coverage you need.
It’s More Affordable Now
Life insurance can get pretty expensive if you wait until later in life, especially when you’re not single anymore. If you start when you’re young, the chances are very low that you’ll have to pay a significant amount. But if you wait, factors like your family’s health history and your daily habits can influence whether you get a reasonable price or not.
Paying a lot isn’t the worst-case scenario. Some people, with pre-existing health conditions, might not be able to get any type of life insurance. They’re seen as too much of a risk. The earlier you apply in life, the better chance you have to get a good policy. Most life insurance plans are fixed—for a specific number of years or your whole life—so your cost won’t change if your health unexpectedly worsens.
Beyond Spouse or Kids: Considering Others
There might be people you’d like to provide for, even if they’re not your spouse or children. Your parents, for instance, could be someone you want to ensure is taken care of if something happens to you. It could also be a sibling, niece, or nephew. While money can’t replace the loss of a family member, it can make a difference in other aspects of their lives.
You might also want to leave something meaningful for other important people or causes. It could be for your best friend, a cherished charity, or even your pets. Just because you’re single doesn’t mean you can’t use a life insurance payout to make a positive impact after you’re gone.
Sharing Debts: Something to Think About
Here’s why it matters: if one of the borrowers, like yourself, unexpectedly passes away, the shared debt doesn’t disappear. For example, if you co-signed a loan, your co-signers will be stuck with the entire debt, and that can be tough, especially if it’s a big amount. Having life insurance can help your co-borrowers handle this challenge.
Do everyone a favor and make sure you have enough life insurance to cover any shared debts, like car loans, student debt, or mortgages. If not, the people left dealing with the debt will not only have to manage it on their own but will also be reminded that they’re covering your share. It’s not a pleasant situation to be in.
Maybe You’re Extra Committed
You might be the kind of person who doesn’t like owing money, not even a penny. Even if technically you wouldn’t have to pay it back. Many folks, and it’s totally fair, have no issue leaving debts behind when they’re gone. After all, money doesn’t matter once you’re in the grave. Plus, legally, debt collectors can’t chase after your heirs for payment (though some sketchy ones might still try). But if the idea of leaving behind a bunch of debt doesn’t sit well with you, a life insurance policy is the perfect solution. You can use the payout to settle any remaining debts, ensuring you’re free and clear.
Covering Your Funeral Expenses
Hopefully, someone will be there to handle your funeral arrangements when the time comes, but it’s still a good idea to take care of the costs yourself. Even if money isn’t a concern for you after you’re gone, you might care about how your end-of-life ceremony is managed. You could have specific wishes for a somewhat grand celebration or, on the flip side, prefer a simple cremation with no gathering. Regardless, there will be some expenses involved, and someone will need to handle those costs. Do you really want to burden your parents or friends with the responsibility of paying? I didn’t think so.
The Money Will Make a Difference
We’re currently going through the process of claiming my dad’s life insurance. The policy he got was on the smaller side, so the payout won’t be huge. Still, that money is going to be a helpful boost for covering my mom’s everyday expenses. There’s an added bonus too. Everyone sees this money as a gift from my dad. Even though it’s not a huge sum, the fact that Dad took the time and made some sacrifices in his spending to support Mom after he’s gone warms our hearts a bit during this tough time.
Wouldn’t you want the same for your loved ones?