Different people of different ages and with different circumstances have different life cover needs. Even if you’re single, you may require life cover, depending on your requirements, although you will probably need less cover than someone who is married and has a family. More and more singles are considering taking out life insurance, however, given the fact that there are more singles than married adults today. As young adults buy their first homes and have their children at a much later stage than in the past, they also take out life cover later in their lives.
There are a couple of important reasons why singles decide on taking out life cover. Here is an overview of some of the most common reasons why taking out life insurance when you’re single may be a good idea:
Reason no. 1: It’s cheaper
The younger and healthier you are, the better your chances at an affordable life insurance policy. Taking out life cover while young and healthy will get you the best deals in terms of premiums. Not each and every young adult requires life cover, however, especially not while still living with parents. The bottom line is that life cover becomes more expensive the older you get, and changing circumstances such as marriage or starting a family also has an impact on the cost. As you get older, your chances of contracting chronic diseases also increase, pushing your insurance premiums up as well, or, worst case scenario, you may not be able to take out life cover at all.
Reason no. 2: You want to support your loved ones
This may be one of the most important reasons for a single person to take out life cover. Even if you don’t have children yourself, there may be others that you would like to be looked after financially, such as siblings or elderly parents. A life insurance policy is one of the best ways to ensure that your loved ones will be cared for when you pass away.
Good reason no. 3: You’re worried about debts and funeral costs
If your parents, other family members or friends have co-signed on loans for property for instance, taking out life cover may not be a bad idea. The last thing you want is to put the responsibility of your portion of the debt on someone else’s shoulders, should you pass away. The same is true for funeral costs, which can be astronomically high, and you may not want to burden anyone with these expenses. Taking out a low-cost term-life insurance policy with your parents, family member or a friend as beneficiary will give you the peace of mind that those expenses will be covered and your portion of the debt settled after you pass away.
Live cover for singles in a nutshell
Once you’ve decided to take out life cover, make sure you re-evaluate your policy regularly, especially after certain events that significantly change your life and circumstances, such as getting married or starting a family. This re-evaluation is necessary to ascertain whether your initial cover is still adequate and whether it needs to be updated as you go through life’s changes. It is also important to regularly check whether your beneficiaries are still relevant.
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