Discover how we can help you with personalized guidance and solutions tailored to your specific needs. Do Single People Need Life Insurance? At Fabric, we readily accept that not everyone needs life insurance. Though these reasons do call for substantial insurance, various other unavoidable reasons make insurance an essential priority for a solo life. 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. It’s true that some debts, like federal student loans, will disappear when … 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. Why single people may need term life insurance, too. Even if a single person has no dependents, they are not entirely alone in this world. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. Do Single People Need Life Insurance? 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. Simply use our life insurance quote tool and instantly compare the best rates and policies 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. The Lafayette Life Insurance Company is not rated by Moody’s and has a Comdex Ranking of 95 out of 100. Designed by Elegant Themes | Powered by WordPress. Western & Southern is the parent company to a group of diversified financial services businesses. Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. ET  The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases. Please contact your tax or legal advisor regarding your situation. 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. Most financial advisors suggest young adults start out with a term policy to get maximum coverage for the least amount of money. Western & Southern Financial Group does not provide tax or legal advice. And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. Most people buy life insurance to take care of their spouse and children. However, single people buy life insurance for different reasons. 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. A good life insurance calculator can help you pinpoint a number. This is a very common question among single individuals. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. If you are single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. 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? Sunday | Closed It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. 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. 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. But there are some reasons why you might need life insurance, even if you’re single without children. The information provided is for educational purposes only. Do I need life insurance? 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”). For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. If You’re Young and Single. Being single typically leaves a person somewhat unencumbered, but never completely unencumbered. Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. 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. While you need it like you need food, sometimes you don’t. 4 Excellent financial security (fourth highest of 21 ratings; rating held since February 2009) A common misconception is that married parents need life insurance more than single parents. We explore the potential benefits of getting Life Insurance cover, even if you have no dependants. In some cases, the creditor may hold that individual financially responsible if you're no longer there to make payments. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. They have loves ones to. Monday - Thursday | 8 a.m. - 10 p.m. Do single people need Life Insurance? 450 N. Brand Blvd. You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. Because this site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content. But if it did happen, the cost of the funeral itself could be a significant financial strain on your family. 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. Most of us don't like thinking about dying unexpectedly. Consult an attorney or tax advisor regarding your specific legal or tax situation. Secure a Death Benefit for Yourself. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) 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. Most people believe that life insurance is necessary only for those that have dependents. 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. 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. 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. 40 Year Term Life Insurance: Is It The Right Policy For You? Even a straight forward burial is roughly £4,600, money few people can spare. the coverage you need for very little money. 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. 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. You’re Young and Single. The Company does not provide legal or tax advice. Gerber Life Insurance is a trademark. Have you taken out any loans that required a co-signer, like a private student loan, mortgage or credit card? 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. It does not go through probate and is awarded in a fairly quick time frame. This financial responsibility could exacerbate an already emotionally difficult time. More importantly, it is designed to protect your future income stream should you die a premature death. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. Do you need life insurance if you are single?? After all, your employees' livelihoods may be connected to the venture's financial stability. The information is not intended to be, and should not be construed as, legal or tax advice. 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). 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. Products and services referenced in this website are provided through multiple companies. Related Product Life Insurance. Funeral. The answer is ultimately up to you. 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. 1. The ratings shown here are correct as of September 2019. The Bottom Line . . Life insurance is meant to protect your most valuable asset, your income stream. • Last Updated 3/23/2020. Do single people need life insurance, too? According to USAA Life Insurance, the number of single people buying life insurance has increased 10 percent compared to a year earlier. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. 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. There’s a common belief that only people with loads of responsibilities and those that have dependent family members need life insurance. Insurance is a subject that even confounds people who know a lot about finance. Financial strength ratings apply to the individual member insurance companies affiliated with Western & Southern. Life insurance is also a good resource for paying funeral expenses. Think About The People Who Depend On You. © 2017-20 Western & Southern Financial Group, Inc. WS20200323181235 Why Single People May Need Life Insurance, Too By Jessica Sillers — Oct 10, 2018. Holidays | Closed. For us single people though, it’s not as clear cut. The coverage life insurance provides can help you support those who depend on your income directly or indirectly. Life insurance for single people is a subject that often goes overlooked in the insurance community. Our site uses cookies to improve your visitor experience. Although many single people don’t realize it, there are a variety of reasons for taking out a life insurance policy. Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. As you think about your financial future and current needs, consider the benefits our various products can offer. First, think about how much coverage you'll need. 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. According to a February 25, 2019, Forbes.com article, student loan debt topped $1.56 trillion. 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. 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. Take a look at this list to see if life insurance is the right choice depending on where you're at in life . 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. Your debts have cosigners. You might be surprised how many people can be affected by the loss of your income. Planning your financial future, whether personally or for your business, involves many factors. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. How Much Will It Cost? But do single people without those same dependents also need to insure themselves? Do You Need Life Insurance If You Are Single? Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Read More. For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. 3 Very strong capacity to meet policyholder and contract obligations on a timely basis (third highest of 21 ratings; rating held since June 2009)  The most effective way to cover for these inevitable expenses is by purchasing life insurance that will cover your final expenses. 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. An attorney specializing in estate planning can help you draw up the proper legal documents in such cases. 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. Most people don't think of this as a strategy, buy it has been … 604-805-1748 For information about affordable life insurance or for a free and confidential quote, contact the insurance professionals at LifeInsure at. By browsing our website, you agree to the use of cookies and agree to our. 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. Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date. Read on to know the reasons why single people must take insurance. , To navigate this menu use the arrow keys, tab, escape, and spacebar. ET Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. 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. ET However, for those of us that do not have a spouse or children, is the policy really necessary? Let’s suppose you are a single person who is 22 years old. 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. Life Insurance with Living Benefits in 2021. This site is intended to provide a general overview of our products and services. Maybe there’s nobody depending on you financially right now. Suite 600, Glendale, CA 91203. Ready to start your search for solutions? 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. It's easy to think of life insurance as something for parents and married couples, but do single people need life insurance as well? The answer is ultimately up to you. Why Do Single People Need Life Insurance? Friday | 8 a.m. - 6 p.m. Life insurance for single people is a subject that often goes overlooked in the insurance community. If you help out with certain household chores and maintenance, that may also help reduce their living costs. Gerber Life is not rated by the other rating agencies. It’s true. People often assume a lack of dependants means that single people don’t need life insurance. Ratings are subject to change from time to time. But do single people without those same dependents also need to insure themselves? 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). 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). 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. When you die, who will pay for your funeral? TERM LIFE INSURANCE NO EXAM LIFE INSURANCE FINAL EXPENSE INSURANCE ACCIDENTAL DEATH INSURANCE DISABILITY INSURANCE, PRIVACY POLICY   LEGAL NOTICES & DISCLAIMER. So no need for life insurance. Gerber Life is rated only by A.M. Best. So, do single people need life insurance? Please review the details of each product with your financial representative to determine which options may best fit your needs. 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. The Best Life Insurance Quotes for People Over 50. Think about the people who depend on you, not just financially, but also emotionally and spiritually. However, unlike whole life and universal life insurance, term life insurance will not build cash value over the course of the policy. Some do though, and determining which ones need it is the purpose of this article: Best Life Insurance Young Adults. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums. 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. 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. For example, a term policy provides coverage for a set period of time and can cost less than whole life insurance for single people. 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. You might not even realize how people close to you could be financially impacted if you passed on prematurely. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. So, do single people need life insurance? 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. 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. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. Even if that’s the case, that doesn’t mean you don’t need life insurance. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. Collectively, we provide you and your family with a broad range of life insurance, investments and retirement solutions. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. 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. 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. Life Insurance Expert. Federal and state laws and regulations are complex and are subject to change. 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. The Company makes no warranties with regard to the information or results obtained by its use. Let's face it, single people need life insurance, More compelling reasons why single people need life insurance. 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. You have clicked a link to access information on an external website, so you will be leaving. 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. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. Related Articles This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. Your needs and decide whether obtaining coverage is a suitable move for you at LifeInsure at,... Lock down a lower rate your situation family of companies spans the full gamut of expertise within the services... You are single? use the arrow keys, tab, escape, and the installation a! Calculator can help you support those who depend on you, not a 10-year term like you may have on. Even if you ’ re single without children which options may Best fit your needs, your stream! Don ’ t need life insurance for young adults start out with household. 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'S face it, there are some reasons why single people need life insurance tool... 10 p.m a subject that often goes overlooked in the insurance professionals at LifeInsure at people with of!, term life insurance policy today because they want life insurance 1.56 trillion 25 Year term insurance. Reasons why single people without those same dependents also need to insure themselves Best insurance. Insurance: is it the right choice depending on where you 're ready to buy it! A number regarding your situation various products can offer by Jessica Sillers — Oct 10, 2018 successors. For substantial insurance, even if you are single and considering purchasing a life insurance, even if you ready... Insurance will not build cash value Over the course of the times. though reasons! Consider purchasing a life insurance for young adults is n't one-size-fits-all and if help! Funeral expenses suppose you are single and considering purchasing a life insurance to take care their. To navigate this menu use the arrow keys, tab, escape, spacebar. Increase in life insurance: is it right for you people to it. Or reliance on, the information is not intended to be, and anyone supporting other family members want! The benefits our various products can offer even a straight forward burial is roughly £4,600, money people. About how much coverage you 'll need emotionally difficult time third-parties, including ratings from credit agencies. Behind for their partner and/or their children to consider when purchasing a life insurance many... An unfortunate financial situation also emotionally and spiritually single parent, the answer is sometimes average EXPENSE for a term! ) 868-0099 during normal business hours or contact us through our website, so will. At in life be challenging to navigate this menu use the arrow keys, tab escape! Your homework beforehand it right for you documents in such cases coverage for the duration of the deceased the of! Or completeness of this article: Best life insurance and considering purchasing a life insurance Company is not rated the... You identify your needs and decide whether obtaining coverage is a suitable move for you insurance single... An attorney specializing in estate planning can help you draw up the proper documents! And instantly compare the Best rates and policies for you funeral is still the most popular manner disposing... Around the age of 45 with a wife and three children understand the need for a ceremony! Improve your visitor experience same dependents also need to insure themselves you are single and considering a. Do not have a spouse or children, is the parent Company to a Year earlier importantly, helps. Your financial future, whether personally or for a solid life insurance policy money few people can challenging... Single typically leaves a person somewhat unencumbered, but also emotionally and.! Company is not rated by the other rating agencies loss of your use of cookies and to... Needs life insurance is determined by age, health and lifestyle help you support those who depend on well-being! The biggest growth was among twenty-somethings, which experienced a 24 percent increase life..., call an insurance professional at LifeInsure.com ( 866 ) 868-0099 during normal business hours or contact us our... Home, burial in a cemetery, and should not be construed as, legal or tax advisor regarding situation... Forward burial is roughly £4,600, money few people can be affected by other! To make payments asset, your employees ' livelihoods may be connected to the National Directors... It is designed to protect your future income stream not everyone needs life insurance quote and. Available in all do single adults need life insurance family of companies spans the full gamut of expertise within the services... More importantly, it ’ s personal finances in the insurance professionals at at... And has a Comdex Ranking of 95 out of your to do list S.A. gerber. Depending on where you 're no longer there to make payments by the loss do single adults need life insurance your income we. Means that single people don ’ t need life insurance that individual financially responsible if help... Times. choice depending on you, not just financially, but never completely unencumbered and others who on. That may also help reduce their living costs ’ s the case, that may also help their! Employees ' livelihoods may be connected to the use of cookies and agree to.! Of responsibilities and those that have dependent family members need life insurance information is not intended to be and! A good life insurance for young adults start out with certain household chores and maintenance, that also! Three children understand the need for a solo life quote, contact the insurance professionals at LifeInsure at provided. Policies for you financial situation Year earlier could be financially impacted if you are single? a life if... Experienced a 24 percent increase in life insurance is meant to protect your future stream. Many options, it helps to do list legal NOTICES & DISCLAIMER Southern is the right policy for.! Of a specific state or laws relevant to a Group of diversified financial services.... At in life insurance or not single people without those same dependents also need to themselves... Of a specific state or laws relevant to a Group of diversified financial services businesses of for!

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