It’s still baffling how many people think that getting life insurance is not necessary if you’re single and already have some emergency money set aside. They think of insurance as just an extra expense that only individuals with higher incomes can afford.
But the truth is, insurance can support you in retirement and serve as your family’s protection in case you pass on. No matter how healthy you are or how much savings you have in the bank, you still wouldn’t be able to tell what the future holds. Some people die prematurely from illnesses or accidents, and it will surely devastate your loved ones if you happen to be the breadwinner.
Who would pay the bills that would arise after you’re gone? Would your family have the money to pay for everything without struggling? Or would they have to scrimp and save for months – or even years – just to get these bills paid off?
Your sudden absence would be hard enough for your loved ones, and to put added financial pressures on them would bring unnecessary problems to an already-distraught family.
What if you’re single?
In blogs, posters, and life insurance ads online, we commonly see photos of families and children, perhaps implying that insurance policies are meant only for those who are married and/or have children.
That is not the case though.
Life insurance is for everyone. Whether you have your own family or are still single, you need to have life insurance because of the many benefits this gives you as a policyholder.
To help you understand more, here are some of the reasons why you should get life insurance for yourself:
- Retirement – They say the best time to get life insurance is when you’re young. Life insurance rates are less expensive if you purchase it when you’re young and healthy. Whether we like it or not, we will come to a point when we’ll have no choice but to let go of work. Having a whole or permanent life insurance policy that has a cash value will help cover some of your retirement expenses in the future.
- Accident – If you get into an accident, you’ll have to spend a huge amount of money on all sorts of bills. Hospital expenses for injuries (not to mention car repair bills!) can get hefty, so having a policy that also covers permanent disabilities due to accidents should come in handy.
- Illnesses – The last thing anyone wants is to become a burden to anyone. A critical illness requires extensive treatment and medical care which can drain your savings quickly. Not everyone has medical or emergency funds to use in situations like this. By getting life insurance with terminal illness benefits, you protect yourself and your loved ones from such expenses.
- Debt – Life insurance can help cover outstanding debts after you pass on. If you’re paying for a mortgage, car loan, or similar expenses, your loved ones (or co-debtor, if any) can use your insurance benefit to keep up with such payments.
- Death and burial expenses – The main purpose of life insurance is, of course, to make sure that your loved ones will be financially cared for even after you’re gone. Whether you are single or have a family of your own, death can be costly and if you don’t have life insurance, someone will have to cough up money to pay for your funeral and burial expenses. Death benefits, no matter how small the policy is, can be used to cover these costs.
Getting the right policy
There are many different kinds of life insurance and knowing the benefits of each of them will help you decide which one to get for yourself. Here are some tips to help you find the right policy for your needs:
- Define your priorities – When choosing life insurance, it is important to know your priorities. Getting yourself insured regardless of the specific provider or insurance product is generally a smart move. However, tailoring your search according to your priorities will help you maximize the benefits of your policy. Whether you want to get a policy to ensure that your future children will be provided for long after you’re gone, or you want to make sure that your parents or anyone else in your family will not have to suffer from financial loss from hospital bills related to your death, there is a suitable policy for you.
- Shop around before signing a contract – Insurance companies offer different types of coverage. As such, getting overwhelmed with the sheer number of choices available on the market is not unlikely. If you are unsure about your options, take your time shopping around and comparing policies before finally signing a contract. Don’t let any agent or company pressure you into purchasing a policy before you’re 100% confident that what you have in hand is the right policy for you.
- Review what is covered and not covered by the policy – Your insurance provider should explain to you the things that are covered and not covered by your policy. Understanding the coverage of your contract will save you (or your loved ones) from stress later on. Remember, the last thing your family needs during a dire situation is even more frustration from your insurance policy.
The bottom line
Always bear in mind that there is no such thing as a second chance after you’re gone. What you can do for your loved ones, you must do as soon as you can. Delaying getting life insurance for yourself to next year, next month, or even next week exposes you and your family to unnecessary financial risk.
Besides, with so many insurance providers out there competing with one another, it’s a great time as a consumer to get the absolute best policy you can get within your budget. Comparison sites like Rate Genie, for example, provide an easy-to-use and convenient platform to compare different insurance products. With just a few clicks, you’ll gain access to useful information about the best life insurance policies out there. Best of luck!
