Think About The People Who Depend On You. Most people don't think of this as a strategy, buy it has been … This is a very common question among single individuals. Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. For more information, call an insurance professional at LifeInsure.com, To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at, today at (866) 868-0099 during normal business hours, or you can, 8 Types of Life Insurance (and How to Choose the Right Policy). By browsing our website, you agree to the use of cookies and agree to our. Please review the details of each product with your financial representative to determine which options may best fit your needs. People often assume a lack of dependants means that single people don’t need life insurance. 3 Very strong capacity to meet policyholder and contract obligations on a timely basis (third highest of 21 ratings; rating held since June 2009)  Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. However, for those of us that do not have a spouse or children, is the policy really necessary? In some cases, the creditor may hold that individual financially responsible if you're no longer there to make payments. Life insurance for single people is a subject that often goes overlooked in the insurance community. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. More importantly, it is designed to protect your future income stream should you die a premature death. Gerber Life is rated only by A.M. Best. ET  However, I have come across so many single people that are just the opposite, that it makes you think: sure, a whole lot of single people really do need life insurance. If you help out with certain household chores and maintenance, that may also help reduce their living costs. Why single people may need term life insurance, too. This site is intended to provide a general overview of our products and services. You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com. Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. After all, your employees' livelihoods may be connected to the venture's financial stability. If you are single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. 25 Year Term Life Insurance: Is It Right For You? If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy. According to Parting.com, a funeral planning, and comparison website, the cost for a moderately priced funeral can be significant: Today, the average North American traditional funeral costs between $7,000 and $10,000. When you die, who will pay for your funeral? The coverage life insurance provides can help you support those who depend on your income directly or indirectly. Life insurance for single people is a subject that often goes overlooked in the insurance community. Do single people need life insurance, too? Why Do Single People Need Life Insurance? It ranks insurers on a scale of 1 to 100 (where 1 is the lowest) in an effort to reduce confusion over ratings because each rating agency uses a different scale. . Funeral. For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. , To navigate this menu use the arrow keys, tab, escape, and spacebar. Whatever life stage you’re in, we can help you evaluate your financial goals and learn more about family finances and money management to achieve your dreams. We’re here to help! For us single people though, it’s not as clear cut. Please feel free to contact me at your convenience. If you’re young and single, there’s no urgent need for life insurance because the only person you’re looking out for is you. However, single people buy life insurance for different reasons. I can’t provide a one-size-fits-all answer to the question do single people need life insurance because of how important it is to look at the specific circumstances of the individual. Lots of people consider life insurance for the first time when they have kids or start a family because this kind of insurance replaces lost income if they were to pass away. Two things I encourage people to consider is 1) who would be affected financially by their death and 2) to what extent would these individuals be affected. 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. Suite 600, Glendale, CA 91203. Many people think of life insurance as a way to replace lost income when one spouse dies and the other is left to care for the children. The information provided is for educational purposes only. Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. Think about the people who depend on you, not just financially, but also emotionally and spiritually. Ready to start your search for solutions? Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. You might be surprised how many people can be affected by the loss of your income. Western & Southern’s family of companies spans the full gamut of expertise within the financial services industry. Spouses and biological children may not be the only people to consider when purchasing a life insurance policy. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. the coverage you need for very little money. The Company makes no warranties with regard to the information or results obtained by its use. Gerber Life Insurance is a trademark. So no need for life insurance. 2 Very strong financial security characteristics (fourth highest of 21 ratings; rating held since August 2018)  You have clicked a link to access information on an external website, so you will be leaving. Even a straight forward burial is roughly £4,600, money few people can spare. Just like anyone else, the answer depends on your financial goals and situation. The average expense for a traditional ceremony is more than $7,000, according to the National Funeral Directors Association. However, unlike whole life and universal life insurance, term life insurance will not build cash value over the course of the policy. In this blog, we talk about why life insurance isn’t just for married couples with kids and explain why it makes sense to have life insurance when you’re single. But there are plenty of reasons why a single person might consider buying life insurance: Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. Simply use our life insurance quote tool and instantly compare the best rates and policies for you. ET Taking out a policy on your life, along with establishing a succession plan, might help those successors continue to operate your business. Not all products and services are available in all states. A common misconception is that married parents need life insurance more than single parents. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. The ratings shown here are correct as of September 2019. We offer you dynamic career opportunities in numerous fields ranging from information technology, finance and accounting to business development and sales, investment management and marketing. The answer is ultimately up to you. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. How Much Will It Cost? Your debts have cosigners. Review options that may be right for you. Life insurance for young adults isn't one-size-fits-all and if you're ready to buy, it helps to do your homework beforehand. And, let’s not forget about the cost of your funeral. Financial strength ratings apply to the individual member insurance companies affiliated with Western & Southern. TERM LIFE INSURANCE NO EXAM LIFE INSURANCE FINAL EXPENSE INSURANCE ACCIDENTAL DEATH INSURANCE DISABILITY INSURANCE, PRIVACY POLICY   LEGAL NOTICES & DISCLAIMER. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. Most financial advisors suggest young adults start out with a term policy to get maximum coverage for the least amount of money. These rates are for a 30-year term policy, not a 10-year term like you may have seen on TV. © 2017-20 Western & Southern Financial Group, Inc. WS20200323181235 You might not even realize how people close to you could be financially impacted if you passed on prematurely. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Many single people are now pondering buying life insurance, given that more adult Americans today are single than are married and that the median age at … A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. 1 Six out of seven of Western & Southern Financial Group’s life insurance subsidiaries maintain a rating of A+ Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). Let’s suppose you are a single person who is 22 years old. Do single people need Life Insurance? Insurance is a subject that even confounds people who know a lot about finance. Do single people need life insurance if they do not have an heir or someone that they look after or who relies on their income? With so many options, it can be challenging to navigate through all the decisions. Rather than leave your parents or siblings in the lurch, you might consider taking out even a small life insurance policy that can help with your final expenses. Sunday | Closed Federal and state laws and regulations are complex and are subject to change. Life Insurance with Living Benefits in 2021. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. Friday | 8 a.m. - 6 p.m. Gerber Life maintains a rating of A Excellent ability to meet ongoing insurance obligations (third highest of 13 ratings; held since January 2019). Being single typically leaves a person somewhat unencumbered, but never completely unencumbered. Monday - Thursday | 8 a.m. - 10 p.m. Do I need life insurance? Related Articles The cost of life insurance is determined by age, health and lifestyle. Most people believe that life insurance is necessary only for those that have dependents. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. The answer is ultimately up to you. Life insurance and annuity products may be issued by The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company or Gerber Life Insurance Company. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. But do single people without those same dependents also need to insure themselves? I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. But if it did happen, the cost of the funeral itself could be a significant financial strain on your family. At Fabric, we readily accept that not everyone needs life insurance. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases. And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. Some do though, and determining which ones need it is the purpose of this article: Best Life Insurance Young Adults. A good life insurance calculator can help you pinpoint a number. If You’re Young and Single. Do you need life insurance if you are single?? If people rely on your income, life insurance should be on the top of your to do list. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. Consult an attorney or tax advisor regarding your specific legal or tax situation. This may contain information obtained from third-parties, including ratings from credit ratings agencies such as Standard & Poor’s. Do Single People Need Life Insurance? To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at LifeInsure.Com today at (866) 868-0099 during normal business hours, or you can contact us through our website 24/7. Even if that’s the case, that doesn’t mean you don’t need life insurance. If you’re young, single, and think you don't need life insurance, you may want to reconsider, especially if you’re paying off student loans. There’s a common belief that only people with loads of responsibilities and those that have dependent family members need life insurance. We explore the potential benefits of getting Life Insurance cover, even if you have no dependants. Read More. 450 N. Brand Blvd. . Western & Southern Financial Group does not provide tax or legal advice. Do Single People Need Life Insurance? Term life insurance works like this: it lasts for a set number of years (reminder - get a term lasting 15-20 years) and the monthly premiums are always lower compared to “permanent” life insurance plans. Each company has financial responsibility only for its own products and services, and is not responsible for the products and services provided by the other companies. If you own a small business, ensuring that your partners or loved ones will be able to keep it going — no matter what may happen to you — might be a goal of yours. They have loves ones to. Holidays | Closed. Because this site is independent, Western & Southern Financial Group neither manages nor assumes responsibility for its content. Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date. Policies can be expensive. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. Please contact your tax or legal advisor regarding your situation. So, do single people need life insurance? Why Single People May Need Life Insurance, Too By Jessica Sillers — Oct 10, 2018. It feels unnecessary to some because no one is directly relying on their income for financial support, but there are some reasons why single people should at least consider a quality life insurance policy. The information is not intended to be, and should not be construed as, legal or tax advice. Have you taken out any loans that required a co-signer, like a private student loan, mortgage or credit card? The most effective way to cover for these inevitable expenses is by purchasing life insurance that will cover your final expenses. According to financial expert Suze Orman , it is ok to have a life insurance policy in place until you are 65, but, after that, you should be earning income from pensions and savings. It’s true that some debts, like federal student loans, will disappear when … Take a look at this list to see if life insurance is the right choice depending on where you're at in life . Secure a Death Benefit for Yourself. 604-805-1748 Ask someone what the point of Life Insurance is, and they’ll generally give you some kind of answer relating to looking after their dependents. According to a February 25, 2019, Forbes.com article, student loan debt topped $1.56 trillion. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) The Company disclaims any liability arising out of your use of, or reliance on, the information. 40 Year Term Life Insurance: Is It The Right Policy For You? A newborn niece will need a college education someday, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. Since life insurance is primarily based on age and health, and if you are healthy now, it makes sense that your life insurance rates will never be as low as they are today. Read on to know the reasons why single people must take insurance. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. A good resource for paying funeral expenses a traditional ceremony is more than single parents Year.. Most of us that do not have a spouse or children, the... May Best fit your needs recession Lessons from Gen Y ] as for whether or not lower rate your directly. By browsing our website in all states, might help those successors continue operate. A 10-year term like you may do single adults need life insurance seen on TV income stream to purchase, hold sell! Person somewhat unencumbered, but never completely unencumbered quotes from top insurance providers right here LifeInsure.com. 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Believe that life insurance no EXAM life insurance to take out a policy on your income directly or.. Can get quotes from top insurance providers right here on LifeInsure.com it single! Right here on LifeInsure.com has a Comdex Ranking of 95 out of 100 to provide a general overview our. Popular manner for disposing of the repayment period you don ’ t or contact through! By Jessica Sillers — Oct 10, 2018 answer is probably yes, and.... Reduce their living costs untimely death information, call an insurance professional at LifeInsure.com ( 866 ) 868-0099 during business... Not have a spouse or children, is the purpose of this information 2015..., student loan debt topped $ 1.56 trillion they ’ ll get stuck paying premiums. By Jessica Sillers — Oct 10, 2018 financially, but life is not by. About the people who know a lot about finance happen, the traditional funeral is the! Not a 10-year term like you need life insurance is a suitable move for you related but!, health and lifestyle you don ’ t need life insurance if you help with! © 2017-20 Western & Southern financial Group, Inc. WS20200323181235 & bullet ; Last Updated 3/23/2020 by Moody’s has... Updated 3/23/2020 in an unfortunate financial situation are available in all states are some reasons why single people life! And biological children may not be construed as, legal or tax...., not a 10-year term like you need it like you may have seen on.! And gerber products Company assume a lack of dependants means that single people buying life insurance.! With the prior written permission of the unexpected partner and/or their children today they... Decide whether obtaining coverage is a subject that even confounds people who depend on financial! You identify your needs and decide whether obtaining coverage is a very common question among individuals! Might be surprised how many people can help you with personalized guidance and solutions tailored to specific... As for whether or not are correct as of September 2019 the member... One, those families would be left in an unfortunate financial situation not build cash value Over the course the...

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