Life Insurance for Singles? A Good Idea!
This is a fine article about why single people need life insurance. I have highlighted a few major points and added my comments. Do any of these reasons surprise you?
“It’s cheaper to buy a policy when you’re young and healthy.”
This is true because new policy pricing goes up with age. In addition, you can arrange a policy to have only 10 or 20 payments yet get coverage for life.
“The older you get, the more likely you are to contract a chronic health condition, which could push up your life insurance premiums or make you ineligible for coverage at all.”
This could happen, especially if you have a family history of diabetes, breast-cancer, or high blood pressure. Not only that, but if you take up smoking, or an adventurous hobby like rock climbing, the price will go up as well.
“You support others… Even if you don’t have kids, there may be others who depend on you financially, including elderly parents who need caretaking or special needs siblings.”
Many young, single people take on these obligations. Plans for the long-term, secured by life insurance, can make sure that these obligations are met even in your absence.