The typical market for Life Insurance is people with families to protect. When the breadwinner passed away his/her dependents either the husband/wife or children will be taken care of by receiving the death benefits of the life insurance policy. But if you are single and no children yet, is it advisable to get life insurance? The answer is a big YES! Let me share with you some reasons that single individuals should get life insurance as well.
- You may have dependents that rely to your income. I have friends and clients who are still single but they support their parents, brothers and sisters. If death comes to that person, who can now support their parents and how can their brothers and sisters continue the same lifestyle that you provide to them? Thus, it is advisable that on this situation, that person should insure himself as well.
- Leave a gift. You may leave a gift to someone who is dear to your heart like even if you don’t support them financially. It can be your church, foundation that you like,niece, nephew, aunt, uncle or partner in business. It is good that leave something of great value when you pass away.
- Life Insurance can be your clean up fund. If someone passes away, death benefit can be used to unpaid hospital bills, funeral expenses, and to buy you a piece of land where he/she can be buried. You will not burden your loved ones, relatives and friends to take care of all the expenses that will incur after your death. Can you imagine how costly these days if someone dies?
- Life Insurance Disability Rider can be used if you will be disabled and not able to work. You can get an income replacement if in case that you will get an accident and you are not able to work. If you stop working, your income will stop but the expenses will still continue thus you can get it from your Life Insurance Disability Rider.
- Life Insurance Dread Disease Rider can help you to treat your disease. If you will get sick, like cancer, heart disease, kidney failure, etc, you will have a fund that you can withdraw right away that can be used.
- You can get lower charges in premium if you start young and healthy. Mortality rate gets more expensive when we age because we are prone to get sick compared when we are young. So, it is good that you to get an insurance coverage while young and healthy.
- It can be used for your future expenses. There are life insurance plans that can give you funds that can be used for your future plans like buying your own house and lot, car, retirement, business funding and even preparing for your dream wedding when you get married. These life insurance plans can make your money grow.
- You will be more attractive. It shows that you are responsible when it comes to handling your finances. If you are dating someone, wouldn’t be nice if you tell to that person that you have a Life Insurance Plan. It shows that you are the kind of person who really plans ahead and understood that risks of life can happen anytime,thus ,you are ready for it. So, if you will marry that person, you know that when you start a family, you know that he/she will take care of you even to the point that he/she will be gone in the future.
With these reasons, it is advisable that you protect yourself even if you are single so that if risks of life, you have peace of mind that you will be covered. I always believe that intelligent people insure themselves properly. We hope for the best but we have to be wise to prepare for the worst. Insure yourself now while you are still single.