Do I Need Life Insurance If I'm Single?

I'm single, so it doesn't matter

In short, you might want to get life insurance even if you are single. Just because you have no dependents does not mean that someone would not have a difficult time if you were to pass. Funerals cost between $7,000-$10,000 dollars, who is going to pay for that if you were to pass? Your parents? This may be a financial burden for them that they never thought about. Having at least a small life insurance policy will help with this burden. 

Co-signed debt

If you have a co-signer on a loan, if you were to die, the other person would be responsible for your remaining payments. 

For example, student loans, many adults have students loans left over from college, and without a life insurance policy, your parents would have to finish the payments. A good way to cover these scenarios is to take out a small term-life policy to cover you until your payments are complete. 

---

You are young and healthy

If you are young and healthy, taking out a life insurance policy will not cost you much. It can bring you and your current (and future) family peace in mind. If you do not have a spouse now, you can always set your parents has the beneficiaries of your life insurance. Once you are married, you can change the beneficiary to your spouse if you wish.

When you do not need life insurance

The only time you may not want to take out life insurance is if you are single, have no dependents, and have enough in savings to cover your funeral costs. However, unless you are in debt or are struggling to build up an emergency fund, it is still a good idea to take out a small policy, especially if you are young and healthy. 

Want to look into options?

The Red Mountain Benefits Group team is dedicated to helping employers and individuals alike find the best benefits the marketplace has to offer for the best prices. Contact us today if you want to discuss your life insurance options!