Are you single? Nearly 42% of Americans are single according to a 2007 Census Bureau report, and most of them feel that they don’t need life insurance because they don’t have dependents. Have you, too, rejected the overtures of life insurance agents time and again telling them that you don’t need insurance because of your marital status? This may be the time to rethink your stance because insurance is something that even single people need.
Life insurance for young adults
Young adults are the most averse to life insurance. With new jobs and no dependents, insurance is the last thing on their minds. However, most young adults who are just out of college are still paying off huge education loans. There may be other debts they are accumulating, too. Credit card purchases are usually unconstrained.
If you are a young adult, you need to stop and think about what would happen in case you suddenly died. Who will pay off your debts? Are your parents co-signers in your education loan? If so, then they would be burdened with paying it off because as per the law, if you are unable to repay the loan for whatever reason, the co-signer is obligated to pay 100% of the debt. Buying a life policy and making your parents the beneficiaries would definitely provide them with funds to pay off your loan.
Think about the future. You have no dependents now, but when you do, life insurance won’t be as affordable for you as it currently is. The younger you are, the better your insurance premiums will be. Who can guarantee your health status a few years from now when you absolutely need life insurance? So it is best to buy now, and ‘lock-in’ the low premiums.
Life insurance for single parents
Single parents think differently from young adults. Most single parents are acutely aware of the need for life policy to protect their young families. However, the extra cost of paying out monthly premiums, especially when finances are tight, makes them put off buying insurance. Life insurance should never be put off. You may be in a tough financial situation currently, but if you buy insurance, you can rest easy knowing that if something happened to you, your kid(s) would be left with some money. Other relatives may take them in, but it would be quite a financial strain on them to bring them up. Besides, term insurance premiums are very affordable, contrary to what most single parents think.
Think about it. If you have a huge credit card debt, it would have to be taken care of. If you have bought a new house, mortgage payments would have to be paid.
Life insurance for senior singles
If you are a senior and single, perhaps widowed, life insurance probably doesn’t interest you at all. However, you can consider insurance for the sake of estate planning because of the tax benefits. If you have grown children or young grandchildren, a insurance policy is a great way to transfer your wealth to them in the best possible way. A fresh policy may cost you higher premiums because of your age, but the benefits are worth it. Life insurance will also help your survivors pay for your funeral and other final expenses such as medical bills, legal fees, etc.
Term insurance fits into every budget
The cost of life insurance is not prohibitive, as most singles tend to think. In fact term life policies are very affordable. Even singles with dependents and young children will find that term life policies can easily fit into their budgets. Young singles are advised to buy insurance as soon as possible so as to take advantage of the very best premium rates that young people enjoy. Even seniors can now enjoy relatively lower insurance rates with term life.
A life policy will give singles the satisfaction of knowing that when they die, their family won’t be financially burdened. The Internet is a great place to shop around and get the best deals on affordable term insurance.
About AccuQuote:
AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.
Article Source: EzineArticles.com
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