Most single people don't need life insurance because no one depends on
them financially. But there are exceptions. For instance, some single
people provide financial support for aging parents or siblings. Others
may be carrying significant debt that they wouldn't want to pass on to
family members who survive them. Insurability is another reason to
consider life insurance when you're single. If you’re young, healthy
and have a good family health history, your insurability is at its peak
and you’ll be rewarded with the best rates on life insurance. If you
anticipate a need for life insurance down the road (e.g., you’re the
marrying type) and you can fit the premiums into your budget, it might
make sense to lock in coverage while you're young and single. Doing so
can eliminate the worry of having to qualify for coverage when you’re
older and maybe not as healthy as you once were. |
Life Insurance > 1. Why life insurance? >