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If you have a family, life insurance is a no brainer to ensure that your family are left financially secure should you pass away. However, for singletons, the issue is less clear cut. Although many financial websites suggest that single people with no children do not need life insurance, this is not necessarily the case. In fact, there are some good arguments for taking out life insurance even if you have no dependents.
Although you are single now, you may not be forever! Starting a policy when you are young and in good health means that you can obtain lower rates as well as potentially locking in those rates over a specified period. The longer you leave it to take out life insurance, the more you will pay because the risk to the insurer increases as you get older.
Consider too that contracting certain conditions such as cancer or heart disease can make an individual uninsurable. It may be worth taking out a policy to guard against this while you are still in good health, especially if you have a family history of these diseases.
There are a number of different types of life insurance plan and some enable you to invest in a savings package where the accumulated cash can be borrowed in the future. This could be useful when your circumstances change, for example, if you wish to put down a deposit for a property purchase for a growing family.
Even if you do stay single forever, your death could still have a financial impact on others. Life insurance can protect your next of kin from inheriting any financial burden left behind from unpaid bills or any debts you have, such as a student loan or a mortgage. It could also cover the costs of your funeral and sorting out your estate, again relieving loved ones of that responsibility.
If you have accumulated wealth and wish to pass this on, life insurance can be a great solution for leaving a tax-free legacy to extended family such as nieces and nephews, or to a charity close to your heart.
The bottom line is just because you’re single, you should not automatically assume that you don’t need life insurance. In fact, it can be a useful and flexible financial tool in your armoury. Have a chat with your financial adviser to see if it makes sense for you to take out a life insurance policy at this stage of your life. They will be able to help you assess your needs and explore the options which best suit them.
If you would like to find out more information about life insurance and other kind of peace of mind download a free consumer guide by clicking on the link below or get in touch to arrange a free, no obligation chat with one of our qualified consultant.