Life Insurance for the Single Person

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Putting a life insurance policy in place is a selfless act – there are very few circumstances where you benefit personally from it.

For those with a family, it makes sense to put aside the money to protect them financially, but what about those millions of people who are not parents, not married or in a relationship?

What about the single person?

6 Reasons to Get Life Insurance When You’re Single

1 – The earlier and healthier, the cheaper

Life insurance premiums are guaranteed and ‘locked in place’ based on the facts about you at the time of taking out the policy. In real terms, this means that if you were fit and healthy at 25 and took out a life insurance policy then, the amount you pay monthly will always reflect that version of you – if you let yourself go, become a heavy smoker and drinker and put on ten stone by the time you are 30, your life insurance premiums won’t care (though you might!).

But when you go to take out life insurance at 30, with all the smoking and the impressive beer belly, it’s not going to be as cheap as the deal the 25-year-old-you would have managed.

And 40-year-old-you is going to wish that you’d had the policy in place from 30!

2 – You won’t always be single

Assuming you don’t want to be.

Life changes and romance blossoms – chances are pretty high that at some point you are going to find that special someone and maybe even start a family. It’s at that point that most people first start to really think about life insurance, and by then the cost of a policy has increased due to age and health factors.

Or something could happen in the early stages of settling down together, before you’ve had time in the whirlwind to put a policy in place, and a new family is left doubly devastated.

3 – Funeral costs

While the usual beneficiaries for a life insurance policy are the dependants in our family that we leave behind, do not forget you have other loved ones, such as parents, who will be devastated by your loss, and will also have some financial responsibilities to take care of if you were to suddenly pass away.

The main one is the funeral costs - dependants or not, you are still leaving a sizable bill behind you.

Of course, this can be worse if you die with any joint debt responsibilities, though for the most part, debts are not passed on to next of kin and instead settled from your estate with the remainder left unpaid.

4 – Business responsibilities

If you own or have a share in a business, your death could have a significant impact on your business partners and employees.

A life insurance policy in place with the specific intention of helping the business to succeed should you pass away is a responsible thing to do as an entrepreneur and should definitely be considered.

5 – You can always change it later, but you can’t go back in time

Should you find the policy you took out in your early 20s stops being relevant or right for you, it is easy to change it, replace it with something more suitable, or even just cancel it.

Most insurance policies allow for free changes during “life events” (such as getting married, buying a house, or having a child), and will update without requiring a re-evaluation of your health. This enables you to adapt the cover you began with to a more appropriate policy as your life changes.

The opposite is never true, however – no matter how hard you try, you can’t go back and put something in place that was never there!

6 – Charity

It may seem unusual, but making a final donation to a charity is a valid use of your life insurance. Should you have no dependants or other beneficiaries who you would want to give the money to, naming a charity as the beneficiary is possible.

Whatever your questions regarding taking out a life insurance policy as a single person are, from the best deals to advice on later changes, give our advisors at Quick Quote Protect a call today.