{"id":16752,"date":"2021-01-27T11:39:03","date_gmt":"2021-01-27T16:39:03","guid":{"rendered":"https:\/\/lifehappens.org\/?p=16752"},"modified":"2021-01-27T11:45:06","modified_gmt":"2021-01-27T16:45:06","slug":"why-single-people-need-life-insurance","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/why-single-people-need-life-insurance\/","title":{"rendered":"Why Single People Need Life Insurance"},"content":{"rendered":"\n[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.7.7&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.7.7&#8243; _module_preset=&#8221;default&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.7.7&#8243; _module_preset=&#8221;default&#8221;][et_pb_text _builder_version=&#8221;4.7.7&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p><span style=\"font-weight: 400;\"><span>Many people wonder if single people need life insurance.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s easy to believe the answer is \u201cno.\u201d After all, the main purpose of life insurance is to provide<\/span><span style=\"font-weight: 400;\"> cash to your family if you were to pass away. So it seems logical to think you don\u2019t need life insurance if a spouse or kids aren\u2019t depending on your earnings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are definite times when single people need life insurance. Here are some of the most common reasons to consider life insurance if you\u2019re flying solo.\u00a0<\/span><\/p>\n<h2><b>7 Reasons Why Single People Need Life Insurance<\/b><\/h2>\n<h2><b>You have debt.\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Not saddling others with debt is a major reason why single people need life insurance. This is typically the case when there\u2019s a cosigner on your loan or when you share a mortgage with a friend, relative or someone else.<\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\">Private student loans can be especially burdensome to your cosigners. That\u2019s because unlike federal loans, they aren\u2019t discharged when you die. This could leave a cosigner like a parent on the hook for many thousands of dollars. Shared mortgages could also leave your fellow borrower in the same predicament.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An easy and affordable solution if you have debt like this is to get <\/span><a href=\"https:\/\/lifehappens.org\/life-insurance-101\/what-are-the-different-types-of-life-insurance\/#term\"><span style=\"font-weight: 400;\">term life insurance<\/span><\/a><span style=\"font-weight: 400;\">. It will step in and pay off your portion of the loan if you were to pass away prematurely.\u00a0<\/span><\/p>\n<h2><b>You have people who depend on you.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Just because you\u2019re single doesn&#8217;t mean people don\u2019t depend on you. Perhaps you\u2019re a single parent with young children. Or you have aging parents or disabled siblings who rely on you. If anyone counts on your income to make ends meet, you almost certainly need some form of life insurance.<\/span><\/p>\n<h2><b>You own a business.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In most cases, the financial institution that issues your business loan will require you to have life insurance. That\u2019s to ensure they get their money back if you die before the loan is paid off.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Life insurance is also needed when you have a business partner. Your death will probably leave the business in a lurch. Fortunately, there\u2019s special insurance known as \u201ckey person\u201d insurance that can help keep the business afloat in the event of your untimely passing.<\/span><\/p>\n<h2><b>You want to pay for final expenses.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Did you know that a funeral can easily cost more than $10,000? (The FTC outlines out all the <a href=\"https:\/\/www.consumer.ftc.gov\/articles\/0301-funeral-costs-and-pricing-checklist\" target=\"_blank\" rel=\"noopener noreferrer\">costs of a funeral<\/a> in case you&#8217;re curious.)<\/span><\/p>\n<p>A potential five-figure price tag for a proper burial is a big reason why single people need life insurance. Without it, your friends and family will be on the line to cover those costs. (Or you might not have the send off you would want.)<\/p>\n<h2><b>You want to grow your wealth.\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Life insurance isn\u2019t just there to take care of things if you\u2019re not around. It can also benefit you while you\u2019re living if you have <\/span><a href=\"https:\/\/lifehappens.org\/life-insurance-101\/what-are-the-different-types-of-life-insurance\/#permanent\"><span style=\"font-weight: 400;\">permanent life insurance<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\">Permanent life insurance gives you a death benefit while also accumulating cash value on a tax-deferred basis. You can use that accumulated cash to increase your personal wealth or to buy a home, supplement your retirement income, cover an emergency expense and more.<\/span><\/p>\n<h2><b>You want to lock in coverage while you\u2019re young and healthy.\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Your health affects whether you get life insurance and how much you pay for it. Generally speaking, younger people in better health have an easier time getting life insurance. They also usually pay less for it. <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\">For these reasons, it\u2019s often a good idea to lock in coverage at an affordable rate when you\u2019re young and healthy. If you wait until you develop a health condition, it can be difficult (if not impossible) to get life insurance coverage. This can be tough news to swallow if you have a partner or children depending on you by that time.<\/span><\/p>\n<h2><b>You want to leave a legacy.<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Leaving money to a beloved school, religious organization, charity or person is another reason why single people need life insurance. Some or all of the policy\u2019s proceeds could help further a mission near and dear to your heart. It could also help someone realize their dreams if you choose to give the money to someone you care about.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These scenarios show why single people need life insurance. If any one resonates with you, show yourself some love by talking to an insurance professional about your options. <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\"><br \/> <\/span><span style=\"font-weight: 400;\">We have helpful information on how to <\/span><a href=\"https:\/\/lifehappens.org\/choosing-an-agent\/\"><span style=\"font-weight: 400;\">choose a qualified insurance professional<\/span><\/a><span style=\"font-weight: 400;\">. And you can easily find one in your area by using our <\/span><a href=\"https:\/\/lifehappens.org\/agent-locator\/\"><span style=\"font-weight: 400;\">Agent Locator<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"<p>Many people wonder if single people need life insurance. It\u2019s easy to believe the answer is \u201cno.\u201d After all, the main purpose of life insurance is to provide cash to your family if you were to pass away. So it seems logical to think you don\u2019t need life insurance if a spouse or kids aren\u2019t [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":16761,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[4],"tags":[146,35,210,36,37,103,176,86,198,14,61,70,366,34,50,98,234,20,346],"class_list":["post-16752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-beneficiaries","tag-beneficiary","tag-cash-value","tag-charitable-giving","tag-charity","tag-final-expenses","tag-funerals","tag-health-conditions","tag-health-issues","tag-life-insurance","tag-life-insurance-advice","tag-life-insurance-agent","tag-life-insurance-coverage","tag-permanent-life-insurance","tag-single","tag-single-parents","tag-single-people","tag-term-life-insurance","tag-term-policy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Single People Need Life Insurance &#8211; Life Happens<\/title>\n<meta name=\"description\" content=\"There are many scenarios when single people need life insurance. 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