Why Singles Need Life Insurance Too
Single people tend to discount the importance of life insurance coverage, thinking that the policies are only necessary for people with spouses and/or children. Although married people and parents have an especially salient need for protection, singles can also benefit from coverage. Even if you have no dependents, purchasing a plan still makes sense in a number of situations. Read on to find out why singles need life insurance coverage too.
Capitalize on Affordable Rates
If you are young and single, your rates will never be lower than they are presently. Premiums are the most affordable for people in their twenties and thirties, so you may consider purchasing a policy at this age even if you’re single. By purchasing a permanent policy in your twenties, you can lock in these low premiums. Whole life policies have premiums that never increase, so the rates you pay when you purchase coverage will remain in force for the extent of the contract.
Redefining Dependents
The purpose of coverage is to take care of your dependents after you’re gone. When most people hear “dependents,” they automatically think of spouses and children. However, the real definition of dependents is much broader, which is another reason why even singles need protection. For instance, perhaps you’re a single adult, but you care for your aging parents. If your parents depend on you for care or financial assistance, you could name them as beneficiaries in your plan to make sure their needs are met if you die first.
Leave a Legacy
These policies don’t just apply to people either. You can name almost anyone or anything as a beneficiary to your legacy. For example, you can leave money behind for your business or your favorite charity. In this way, purchasing protection can help you keep your business afloat or promote causes that are important to you. You can also leave your benefits to a loved one as a final act of generosity, even if he/she doesn’t depend on you for financial support.
Accumulate Cash Value
Another reason singles should consider purchasing a plan is to begin building cash value as soon as possible. If you purchase permanent coverage, your policy will start accumulating interest immediately. The earlier in your life you purchase a policy, the more time your investments will have to build value. Even if you never have to use the death benefit, your plan will have accumulated significant value over the years that you can withdraw from to cover large expenses or fund your retirement later on.
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