life insurance

5 Reasons You Need Life Insurance as a Single Person

October 12, 2021

October 12, 2021: Many single adults believe that life insurance is unnecessary when they live alone and don't have dependents. However, that is just not the case. There are scenarios where life insurance is beneficial, even when you're single, including the following:

1. Lock in Coverage

Insurance costs more as you get older. When you are young, and in good health, it's easier and more affordable to obtain a policy. Therefore, it may be a wise move to purchase coverage at a low price while you are single.

2. Take Care of Your Debts

One of the biggest reasons for single people to obtain insurance is to prevent others from being saddled by their debt. These days, it's common for recent graduates to have student loan debts reaching six figures. You may not realize that private student loans are usually not forgiven, even if you pass away; they generally pass to your parents. If your parents or a sibling cosigned on your debt for a house or car, they would be responsible for those payments in the event of your death. A life insurance policy will protect your loved ones if something happens to you.

3. Grow Your Wealth

Permanent life insurance is a way to obtain a death benefit while accumulating tax-deferred cash value. This can be used while you're alive as a retirement supplement, to purchase a home, or as an emergency fund.

4. Leave a Legacy

Do you need life insurance if you live alone? When you don't have dependents, it's easy to say no. But life insurance allows you to leave a legacy to your future dependents or to an alma mater, charity, or religious institution to help a person or further a cause that's important to you after you're gone.

5. Cover Funeral Expenses

Most people don't like to think about their final expenses, but the fact is that dying is not cheap. You don't want your loved ones to worry about those costs at what is already a difficult time. Funeral costs can quickly escalate, easily exceeding $10,000*, including the following:

  • Embalming: required by many funeral homes if you will include a viewing
  • Caskets: costs range from $2000-10,000
  • Burial vaults or grave liners
  • Funeral fees
  • Transportation
  • Funeral services expenses for funeral home and graveside
  • Plot or mausoleum costs
  • Marker or monument

You don't have to be married with children to benefit from life insurance. Policies for single individuals can help build a savings account for flexible use later on that also provides protection for those you care about.

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About 1891 Financial Life

At1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. 

Our portfolio is extensive, ranging from various life insurance policies to our new MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.