6 Reasons Single People MayNeed Life Insurance

MARC FIRESTONE

When we are young and healthy and single, buying life insurance seems like the farthest thingfrom our minds. Why worry about purchasing life insurance when we are virtually invincible

and have no one to care for, right? Well, maybe not.The following are six reasons why purchasing life insurance is a good idea even for single people:

1) What You Get from Work Is Not Enough

Most companies will give their employees a life insurance policythat is equal to their yearly salary, or at most that doubles their

yearly salary. Financial planners recommend that a person’slife insurance policy be at least 10 times their annual salary.

2) You Can Afford It

The number one reason that people, especially young people, give for not purchasing lifeinsurance is that they cannot afford it. Many millennials mistakenly believe that life

insurance policies are a lot more expensive than what they really are. In most instances, a lifeinsurance policy is going to cost less than what you pay every month for your cell phone or for

your cable-television!

3) It’s Easy for You to Understand

Another objection people throw out when talking about getting lifeinsurance is that it is so complicated they will never understand it, and theydon’t want to throw their money away on something they don’t understand.But the truth is that insurance policies are very simple. Boiling down to themost broadest terms, when you buy insurance, you have two options. You can

either get permanent life insurance or term life insurance.

4) It’s Cheaper the Earlier You Start

The sooner you buy life insurance, the cheaper the policy is. If you buy a life insurancepolicy for a quarter of million dollars, it’s a 20 year term policy, and you are 25

years old, you’re going to pay in the neighborhood of $15 a month for your insuranceas long as you’re healthy. However, to buy that same policy at age 50 is going cost you

almost $50 a month. The older you are, the higher the premiums.

5) You Want to Protect the People You Love

Even single individuals have people they care about. Think about this, if your life was toend suddenly, who would have the responsibility of caring for your end-of-life needs? It

would fall on your parents, would fall on your friends, would fall on the people youlove? Do you really want them to be worrying about getting the money together to pay for

your burial and cover other expenses while at the same time grieving for your loss? Ofcourse not. For this reason, life insurance makes sense.

6) You Have Student Loans

Life insurance can help cover the debt you leave behind. Some loans, likegovernment provided student loans, may be discharged after death. But otherloans, like those taken from private institutions, may be assigned to your

parents, especially if they cosign for you.

When you buy life insurance, you show that you are a loving, caring,responsible adult. You protect the people you care about. You leave them with a

security net that they can use to go on with their life after you are gone.