Founder, Abrams Insurance Solutions, Inc., San Diego, CA
A single person may need life insurance for many different reasons. The single person may have debts that they want paid off if something happens to them or they may have other financial obligations that they want covered. If anyone financially depends on a single person, then life insurance would help in that situation. A single person may also need life insurance for estate planning, business purposes like keyman insurance, buy sell agreement, or an executive bonus plan. Life insurance is also a great way to leverage assets for charitable giving. This is a high level overview of possible reasons. It would be helpful to discuss your unique situation with an insurance professional.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
I think there is an image out there of single people as being carefree, unencumbered, no responsibilities. So no need for life insurance.
However, I have come across so many single people that are just the opposite, that it makes you think: sure, a whole lot of single people really do need life insurance.
Let’s suppose you are a single person who is 22 years old. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) Just finishing up school, thinking about getting a job. You know at some point you’ll be married, or at least living with somebody, paying bills, forming some kind a codependent relationship. Maybe you will buy life insurance then.
Why wait? You know that pricing is based on age. Why wait four years when the price will be that much higher? Buy it now. Lock in at the lowest rate available. Be smart.
Now let’s suppose you’ve got a bunch of college debt to carry around with you. Some credit card charges too. God forbid a drunk driver should nail you tomorrow night. Why would you want to saddle your family with these bills? If your parents have cosigned the loan, or if you have a joint account, they are certainly exposed. Even if they haven’t, get them out of the line of fire of a greedy creditor. Pick up some cheap life insurance to protect them. It’s the least you could do.
Another point: do you know how many single men and women out there are successful? Are making hefty incomes? Are thriving entrepreneurs? Tons. Many people postpone marriage and family to get their little empire launched. Along the way, they pick up bank debt. They have businesses to secure. They set up charitable foundations.
They set up a whole network of financial interests, and they are at the center of that network. Where they to unfortunately disappear, the entire network would unravel. So they buy life insurance to secure their interests.
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However, I have come across so many single people that are just the opposite, that it makes you think: sure, a whole lot of single people really do need life insurance.
Let’s suppose you are a single person who is 22 years old. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) Just finishing up school, thinking about getting a job. You know at some point you’ll be married, or at least living with somebody, paying bills, forming some kind a codependent relationship. Maybe you will buy life insurance then.
Why wait? You know that pricing is based on age. Why wait four years when the price will be that much higher? Buy it now. Lock in at the lowest rate available. Be smart.
Now let’s suppose you’ve got a bunch of college debt to carry around with you. Some credit card charges too. God forbid a drunk driver should nail you tomorrow night. Why would you want to saddle your family with these bills? If your parents have cosigned the loan, or if you have a joint account, they are certainly exposed. Even if they haven’t, get them out of the line of fire of a greedy creditor. Pick up some cheap life insurance to protect them. It’s the least you could do.
Another point: do you know how many single men and women out there are successful? Are making hefty incomes? Are thriving entrepreneurs? Tons. Many people postpone marriage and family to get their little empire launched. Along the way, they pick up bank debt. They have businesses to secure. They set up charitable foundations.
They set up a whole network of financial interests, and they are at the center of that network. Where they to unfortunately disappear, the entire network would unravel. So they buy life insurance to secure their interests.
As would any responsible mover and shaker.