Why Should the Single Non-Parent Consider Life-Insurance

Hello All,

Most of us think about life insurance as a means to help replace lost income from our death.  This income is especially important for dependents such as spouses and children who will suffer without its replacement.  That said, why should a single person who does not have any children consider purchasing life insurance?  Well, first of all no one knows their own destiny.  If you are 45 and never plan to marry you could meet the person of your dreams and start a family five or ten years down the road.  You just never know. 

Life insurance is much more affordable if you purchase it when you are young.  This is especially true of term life policies.  Permanent or whole-life policies increase in price with age but start out more expensive than term does.  Term policies can be purchased for just a few dollars a month when you are healthy and in your 20’s.  That changes the older you get however.  Even if you retain your perfect health that cost of those policies can multiply as much as five times over less than two decades.  In addition to that aging often brings changes in health.  Even minor changes in your health can affect insurance premiums.  Gaining 10 pounds could possibly bridge an invisible line that increases your rates.  As you age, the risks of high blood pressure and cholesterol increase.  You could receive an injury that will increase your rates.

If you marry and have children at some point down the road you will appreciate having the coverage you already purchased.  Most policies allow you to increase coverage without a repeated physical and many term policies are convertible to permanent policies.  By purchasing life insurance when you are young you keep your options open for the future.

By having life insurance in place you can continue to help the people you love.  While you may not be in a place of financially providing for your extended family and friends you probably provide them with plenty of help.  If you have family or friends who depend on you to help them through life a financial benefit after your death could help them to compensate for the things you will not be available to do. 

An option that many people forget to consider is the ability to contribute to a church or favorite charity through your death benefits. 

A really important reason to consider purchasing life insurance, even a relatively small policy, is to prevent your loved ones from having to cover funeral and burial expenses when you are gone.  A grieving parent or sibling should never have to struggle financially to figure out a way to bury you.    The cost of an average funeral is well over $7000 and higher end options can run over $20,000.  The financial impact of this could weigh heavily on those you leave behind.

If you pass away with outstanding debts those debts do not go away.  Your family may not be legally responsible for paying them off but they may feel like it is the right thing to do.  With insurance benefits your survivors will be able to pay these debts off instead of allowing them to remain unpaid.

No matter what your circumstances you cannot foretell the future so it is easiest to prepare ahead, just in case.  Someone you love will benefit from you having a policy in place at the time of your death.

Until next time,

Michael Hartmann http://www.findyourpolicy.com/

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