do single adults need life insurance

The Bottom Line . Some do though, and determining which ones need it is the purpose of this article: Best Life Insurance Young Adults. Discover how we can help you with personalized guidance and solutions tailored to your specific needs. Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. If you own a small business, ensuring that your partners or loved ones will be able to keep it going — no matter what may happen to you — might be a goal of yours. Term life insurance works like this: it lasts for a set number of years (reminder - get a term lasting 15-20 years) and the monthly premiums are always lower compared to “permanent” life insurance plans. A newborn niece will need a college education someday, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. the coverage you need for very little money. This site is intended to provide a general overview of our products and services. For most of your adult life, ... You, therefore, may not need life insurance for this purpose, but to be sure, it’s a good idea to ask a qualified expert. People often assume a lack of dependants means that single people don’t need life insurance. But do single people without those same dependents also need to insure themselves? Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date. Products and services referenced in this website are provided through multiple companies. A good life insurance calculator can help you pinpoint a number. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. The True Purpose Of Life Insurance. 450 N. Brand Blvd. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy. Read on to know the reasons why single people must take insurance. You’re Young and Single. Life insurance and annuity products may be issued by The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company or Gerber Life Insurance Company. Most people believe that life insurance is necessary only for those that have dependents. Just like anyone else, the answer depends on your financial goals and situation. Western & Southern is the parent company to a group of diversified financial services businesses. Planning your financial future, whether personally or for your business, involves many factors. Saturday | 9 a.m. - 1 p.m. You might be surprised how many people can be affected by the loss of your income. Even if a single person has no dependents, they are not entirely alone in this world. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. Please contact your tax or legal advisor regarding your situation. For information about affordable life insurance or for a free and confidential quote, contact the insurance professionals at LifeInsure at. Single people often choose to take out some extra final expense life insurance coverage to help pay for the costs associated with settling their estate. As you think about your financial future and current needs, consider the benefits our various products can offer. Do I need life insurance? I can’t provide a one-size-fits-all answer to the question do single people need life insurance because of how important it is to look at the specific circumstances of the individual. The Company does not provide legal or tax advice. In some cases, you might choose coverage through a term policy, although partnerships that expect to operate well into the future might benefit when the owners have permanent coverage in place. Life Insurance Expert. Our site uses cookies to improve your visitor experience. For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. For each dependent, consider his or her other sources of income — including Social Security, investments and savings — as well as the local cost of food, shelter, health care and other needs. Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. It ranks insurers on a scale of 1 to 100 (where 1 is the lowest) in an effort to reduce confusion over ratings because each rating agency uses a different scale. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. In the end the Best Life Insurance policy is the one that fits the needs of the insured at the best available price with the most coverage for their dollar. Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. Western & Southern Financial Group does not provide tax or legal advice. Even if that’s the case, that doesn’t mean you don’t need life insurance. A common misconception is that married parents need life insurance more than single parents. Holidays | Closed. The information provided is for educational purposes only. Gerber Life is rated only by A.M. Best. Financial strength ratings apply to the individual member insurance companies affiliated with Western & Southern. This is a very common question among single individuals. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. First, think about how much coverage you'll need. It’s true that some debts, like federal student loans, will disappear when … Gerber Life Insurance is a trademark. Think about the people who depend on you, not just financially, but also emotionally and spiritually. So, do single people need life insurance? For more information, call an insurance professional at LifeInsure.com, To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at, today at (866) 868-0099 during normal business hours, or you can, 8 Types of Life Insurance (and How to Choose the Right Policy). Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. The answer is ultimately up to you. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. In this blog, we talk about why life insurance isn’t just for married couples with kids and explain why it makes sense to have life insurance when you’re single. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. 3 Very strong capacity to meet policyholder and contract obligations on a timely basis (third highest of 21 ratings; rating held since June 2009)  Simply use our life insurance quote tool and instantly compare the best rates and policies for you. 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. Two things I encourage people to consider is 1) who would be affected financially by their death and 2) to what extent would these individuals be affected. If your budget is currently challenging and you feel there’s not enough room for a monthly insurance payment on top of everything else, fear not, term insurance can provide the coverage you need for very little money. The cost of life insurance is determined by age, health and lifestyle. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. If You’re Young and Single. Most people don't think of this as a strategy, buy it has been … The most effective way to cover for these inevitable expenses is by purchasing life insurance that will cover your final expenses. We have every type of life insurance product available so we can find the appropriate solution to meet your individual needs and fit within your budget. Lots of people first consider life insurance when they have kids or start a family because this type of insurance replaces lost income if they were to pass away. Life insurance for single people is a subject that often goes overlooked in the insurance community. Your debts have cosigners. Many single people are now pondering buying life insurance, given that more adult Americans today are single than are married and that the median age at … Secure a Death Benefit for Yourself. And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. We offer you dynamic career opportunities in numerous fields ranging from information technology, finance and accounting to business development and sales, investment management and marketing. Whatever life stage you’re in, we can help you evaluate your financial goals and learn more about family finances and money management to achieve your dreams. Spouses and biological children may not be the only people to consider when purchasing a life insurance policy. Why Do Single People Need Life Insurance? The last thing you want to leave your parents or other surviving loved ones is a bill for $10,000 so you can be buried respectfully, especially while they are griving their loss. Taking out a policy on your life, along with establishing a succession plan, might help those successors continue to operate your business. Insurance is a subject that even confounds people who know a lot about finance. Think About The People Who Depend On You. Although many single people don’t realize it, there are a variety of reasons for taking out a life insurance policy. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. You might not even realize how people close to you could be financially impacted if you passed on prematurely. If you're caring for someone who has difficulty making important financial decisions on their own, like an aging adult or a minor child, you may want to make the beneficiary a trust whose trustee can manage those assets according to your wishes. But there are plenty of reasons why a single person might consider buying life insurance: Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. Why Single People May Need Life Insurance, Too By Jessica Sillers — Oct 10, 2018. Life insurance for single people is a subject that often goes overlooked in the insurance community. So no need for life insurance. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums. 4 Excellent financial security (fourth highest of 21 ratings; rating held since February 2009) Life insurance is meant to protect your most valuable asset, your income stream. Do single people need life insurance, too? 40 Year Term Life Insurance: Is It The Right Policy For You? The Best Life Insurance Quotes for People Over 50. Many people think of life insurance as a way to replace lost income when one spouse dies and the other is left to care for the children. Do you need life insurance if you are single?? So, do single people need life insurance? Because this site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content. After all, your employees' livelihoods may be connected to the venture's financial stability. Why single people may need term life insurance, too. All companies are members of Western & Southern Financial Group and are located in Cincinnati, OH with the exception of National Integrity, which is located in Greenwich, NY, and Gerber Life, which is located in White Plains, NY. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. Please review the details of each product with your financial representative to determine which options may best fit your needs. You have clicked a link to access information on an external website, so you will be leaving. ET  TERM LIFE INSURANCE NO EXAM LIFE INSURANCE FINAL EXPENSE INSURANCE ACCIDENTAL DEATH INSURANCE DISABILITY INSURANCE, PRIVACY POLICY   LEGAL NOTICES & DISCLAIMER. Gerber Life is not rated by the other rating agencies. But if it did happen, the cost of the funeral itself could be a significant financial strain on your family. Read More. Gerber Life maintains a rating of A Excellent ability to meet ongoing insurance obligations (third highest of 13 ratings; held since January 2019). Life insurance for young adults isn't one-size-fits-all and if you're ready to buy, it helps to do your homework beforehand. While you need it like you need food, sometimes you don’t. Monday - Thursday | 8 a.m. - 10 p.m. However, unlike whole life and universal life insurance, term life insurance will not build cash value over the course of the policy. 2 Very strong financial security characteristics (fourth highest of 21 ratings; rating held since August 2018)  It feels unnecessary to some because no one is directly relying on their income for financial support, but there are some reasons why single people should at least consider a quality life insurance policy. 25 Year Term Life Insurance: Is It Right For You? According to USAA Life Insurance, the number of single people buying life insurance has increased 10 percent compared to a year earlier. Since life insurance is primarily based on age and health, and if you are healthy now, it makes sense that your life insurance rates will never be as low as they are today. According to Parting.com, a funeral planning, and comparison website, the cost for a moderately priced funeral can be significant: Today, the average North American traditional funeral costs between $7,000 and $10,000. For example, a term policy provides coverage for a set period of time and can cost less than whole life insurance for single people. In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. We explore the potential benefits of getting Life Insurance cover, even if you have no dependants. If you have parents or other loved ones who you support in some way, you may want to take out a policy that could help benefit them. Though these reasons do call for substantial insurance, various other unavoidable reasons make insurance an essential priority for a solo life. This financial responsibility could exacerbate an already emotionally difficult time. Not all products and services are available in all states. ET It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. Western & Southern is the marketing name for a group of diversified financial services businesses composed of Western & Southern Financial Group and its seven life insurance subsidiaries. The answer is ultimately up to you. They have loves ones to. More importantly, it is designed to protect your future income stream should you die a premature death. Let’s suppose you are a single person who is 22 years old. An attorney specializing in estate planning can help you draw up the proper legal documents in such cases. Do Single People Need Life Insurance? Ratings are subject to change from time to time. Please feel free to contact me at your convenience. More compelling reasons why single people need life insurance. Sunday | Closed Being single typically leaves a person somewhat unencumbered, but never completely unencumbered. ET The Company disclaims any liability arising out of your use of, or reliance on, the information. These rates are for a 30-year term policy, not a 10-year term like you may have seen on TV. Do single people need Life Insurance? At Fabric, we readily accept that not everyone needs life insurance. Policies can be expensive. Although the death benefit is always the primary benefit of any life insurance policy, if cash value is important to you, this may not be the ideal route to take. Most of us don't like thinking about dying unexpectedly. According to financial expert Suze Orman , it is ok to have a life insurance policy in place until you are 65, but, after that, you should be earning income from pensions and savings. There’s a common belief that only people with loads of responsibilities and those that have dependent family members need life insurance. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. If you’re young, single, and think you don't need life insurance, you may want to reconsider, especially if you’re paying off student loans. Do Single People Need Life Insurance? I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. We’re here to help! If you are single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. However, for those of us that do not have a spouse or children, is the policy really necessary? 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. . The coverage life insurance provides can help you support those who depend on your income directly or indirectly. By browsing our website, you agree to the use of cookies and agree to our. Lots of people consider life insurance for the first time when they have kids or start a family because this kind of insurance replaces lost income if they were to pass away. If you help out with certain household chores and maintenance, that may also help reduce their living costs. Federal and state laws and regulations are complex and are subject to change. How Much Will It Cost? If a single person were to die before they have a chance to pay off their student debt, mortgage, or a car payment, their parents or a co-signer would may be forced to inherit that debt. With so many options, it can be challenging to navigate through all the decisions. The ratings shown here are correct as of September 2019. But do single people without those same dependents also need to insure themselves? Friday | 8 a.m. - 6 p.m. Most financial advisors suggest young adults start out with a term policy to get maximum coverage for the least amount of money. Designed by Elegant Themes | Powered by WordPress. 604-805-1748 Collectively, we provide you and your family with a broad range of life insurance, investments and retirement solutions. According to a February 25, 2019, Forbes.com article, student loan debt topped $1.56 trillion. It's easy to think of life insurance as something for parents and married couples, but do single people need life insurance as well? Life Insurance with Living Benefits in 2021. 1. Ask someone what the point of Life Insurance is, and they’ll generally give you some kind of answer relating to looking after their dependents. So, do you need life insurance or not? Funeral. 1 Six out of seven of Western & Southern Financial Group’s life insurance subsidiaries maintain a rating of A+ Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. Western & Southern’s family of companies spans the full gamut of expertise within the financial services industry. If you’re young and single, there’s no urgent need for life insurance because the only person you’re looking out for is you. And, let’s not forget about the cost of your funeral. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases. Each company has financial responsibility only for its own products and services, and is not responsible for the products and services provided by the other companies. Related Product Life Insurance. Suite 600, Glendale, CA 91203. However, single people buy life insurance for different reasons. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. Ready to start your search for solutions? The Company makes no warranties with regard to the information or results obtained by its use. But there are some reasons why you might need life insurance, even if you’re single without children. The Lafayette Life Insurance Company is not rated by Moody’s and has a Comdex Ranking of 95 out of 100. If it seems likely that their independent funds won't cover all of their needs, you might consider making them beneficiaries of your life insurance. Here is an example of our rates for $250,000 in Term Coverage for a healthy  non-smoker: Notice how low the rates are when you’re young and healthy. Consult an attorney or tax advisor regarding your specific legal or tax situation. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. It does not go through probate and is awarded in a fairly quick time frame. For us single people though, it’s not as clear cut. To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at LifeInsure.Com today at (866) 868-0099 during normal business hours, or you can contact us through our website 24/7. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Related Articles Review options that may be right for you. Take a look at this list to see if life insurance is the right choice depending on where you're at in life . Even a straight forward burial is roughly £4,600, money few people can spare. Do You Need Life Insurance If You Are Single? After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. Do single people need life insurance if they do not have an heir or someone that they look after or who relies on their income? Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. In some cases, the creditor may hold that individual financially responsible if you're no longer there to make payments. When you die, who will pay for your funeral? Maybe there’s nobody depending on you financially right now. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. If people rely on your income, life insurance should be on the top of your to do list. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. This may contain information obtained from third-parties, including ratings from credit ratings agencies such as Standard & Poor’s. Have you taken out any loans that required a co-signer, like a private student loan, mortgage or credit card? , To navigate this menu use the arrow keys, tab, escape, and spacebar. You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com. Let's face it, single people need life insurance, It’s true. • Last Updated 3/23/2020. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. © 2017-20 Western & Southern Financial Group, Inc. WS20200323181235 One approach you might consider is to take out a term life insurance policy for the duration of the repayment period. Life insurance is also a good resource for paying funeral expenses. Most people buy life insurance to take care of their spouse and children. Throughout our process, we aim to keep our visitors’ information secure and will never sell or otherwise transmit their information to any other entity (other than the life insurance company applied with and other entities, such as the medical exam company, that require this information for application purposes). . The average expense for a traditional ceremony is more than $7,000, according to the National Funeral Directors Association. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. Rather than leave your parents or siblings in the lurch, you might consider taking out even a small life insurance policy that can help with your final expenses. They want to leave something behind for their partner and/or their children - p.m... Popular manner for disposing of the related third-party do single adults need life insurance — Oct 10, 2018 your. We can help loved ones and others who rely on your well-being understand that this is a subject that goes. Very common question among single individuals and services referenced in this world purchase a life insurance if you at... Laws of a headstone overview of our products and services are available all. A co-signer, like a private student loan debt topped $ 1.56 trillion insurance more $! Belief that only people with spouses that rely on their income might help those successors continue to operate your.! 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