Ah, the single life. Singles may be able to get out of Valentine’s Day expenses and buying dinner for two, but one finance that is not avoidable is life insurance. When one thinks about life insurance, they typically think about married life with children, but that should not be the only image that comes to mind. Our Colorado insurance agency would like to finally address this frequently asked question: Do I need life insurance if I am single?
The answer is: sometimes.
There are a variety of factors that should be taken into consideration before you cross life insurance off of the list. For one, age. If you are a single 20-year old, you may not NEED life insurance just yet. However, once you reach the age 25-26, it is time to seriously consider this policy. Why?
• Life insurance is much cheaper if you are young and in good health. If you want a lower premium, consider purchasing life insurance while you are less of a risk.
• Chances are, you still have family around. Life insurance can be designed to take care of any final expenses, such as expensive funeral costs. No one wants to burden their grieving family with costly funeral bills.
• Life insurance can be designed to take care of any debt you leave behind, as opposed to leaving your family with a financial mess.
• You may be single now, but will you always be single? It is best to at LEAST look into a term life insurance policy to establish a low premium (due to good health). Term life is much less expensive than whole.
• If you are a single parent, coverage is crucial. You do not want to leave your children behind with nothing!
As you can see, there are a variety of reasons why life insurance is for singles, too! Once you are an adult, you are responsible for your life and how those around you will be affected if something were to happen to you. This applies to those married AND single. Be sure to speak with our Colorado insurance agency for more information. Even the single must mingle with life insurance!