do single adults need life insurance

If you help out with certain household chores and maintenance, that may also help reduce their living costs. Used under license from Société des Produits Nestlé S.A. and Gerber Products Company. Taking out a policy on your life, along with establishing a succession plan, might help those successors continue to operate your business. After all, your employees' livelihoods may be connected to the venture's financial stability. The Best Life Insurance Quotes for People Over 50. Read on to know the reasons why single people must take insurance. Suite 600, Glendale, CA 91203. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. 1. Gerber Life maintains a rating of A Excellent ability to meet ongoing insurance obligations (third highest of 13 ratings; held since January 2019). 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. Do you need life insurance if you are single?? This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. Products and services referenced in this website are provided through multiple companies. The cost of life insurance is determined by age, health and lifestyle. Lots of people first consider life insurance when they have kids or start a family because this type of insurance replaces lost income if they were to pass away. Insurance is a subject that even confounds people who know a lot about finance. Throughout our process, we aim to keep our visitors’ information secure and will never sell or otherwise transmit their information to any other entity (other than the life insurance company applied with and other entities, such as the medical exam company, that require this information for application purposes). A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. 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. Also, the term policy can be converted to a permanent policy (which you will eventually need) before the policy’s expiration date. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. The True Purpose Of Life Insurance. 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. This financial responsibility could exacerbate an already emotionally difficult time. Not all products and services are available in all states. Please review the details of each product with your financial representative to determine which options may best fit your needs. 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. Have you taken out any loans that required a co-signer, like a private student loan, mortgage or credit card? If a single person were to die before they have a chance to pay off their student debt, mortgage, or a car payment, their parents or a co-signer would may be forced to inherit that debt. It’s true that some debts, like federal student loans, will disappear when … Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. 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. Maybe there’s nobody depending on you financially right now. ET  All companies are members of Western & Southern Financial Group and are located in Cincinnati, OH with the exception of National Integrity, which is located in Greenwich, NY, and Gerber Life, which is located in White Plains, NY. Discover how we can help you with personalized guidance and solutions tailored to your specific needs. Ready to start your search for solutions? At Fabric, we readily accept that not everyone needs life insurance. Friday | 8 a.m. - 6 p.m. Most people don't think of this as a strategy, buy it has been … 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. For us single people though, it’s not as clear cut. Do Single People Need Life Insurance? So, do you need life insurance or not? 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. With so many options, it can be challenging to navigate through all the decisions. Secure a Death Benefit for Yourself. When you die, who will pay for your funeral? 604-805-1748 In the end the Best Life Insurance policy is the one that fits the needs of the insured at the best available price with the most coverage for their dollar. 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. 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 … 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. Gerber Life is not rated by the other rating agencies. 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. . Do single people need Life Insurance? You have clicked a link to access information on an external website, so you will be leaving westernsouthern.com. 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. Most people believe that life insurance is necessary only for those that have dependents. You might be surprised how many people can be affected by the loss of your income. 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. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Think about the people who depend on you, not just financially, but also emotionally and spiritually. It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. 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. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. Planning your financial future, whether personally or for your business, involves many factors. Single people often choose to take out some extra final expense life insurance coverage to help pay for the costs associated with settling their estate. It's easy to think of life insurance as something for parents and married couples, but do single people need life insurance as well? For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. The Company does not provide legal or tax advice. Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. Western & Southern Financial Group does not provide tax or legal advice. Although the death benefit is always the primary benefit of any life insurance policy, if cash value is important to you, this may not be the ideal route to take. But do single people without those same dependents also need to insure themselves? They have loves ones to. ET By browsing our website, you agree to the use of cookies and agree to our. The information is not intended to be, and should not be construed as, legal or tax advice. , To navigate this menu use the arrow keys, tab, escape, and spacebar. Designed by Elegant Themes | Powered by WordPress. 3 Very strong capacity to meet policyholder and contract obligations on a timely basis (third highest of 21 ratings; rating held since June 2009)  Do Single People Need Life Insurance? A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. 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. They understand that this is a key factor in securing their family’s personal finances in the event of their untimely death. 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. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. So no need for life insurance. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. We’re here to help! 4 Excellent financial security (fourth highest of 21 ratings; rating held since February 2009) The answer is ultimately up to you. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. Review options that may be right for you. 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. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. 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. Though these reasons do call for substantial insurance, various other unavoidable reasons make insurance an essential priority for a solo life. Let's face it, single people need life insurance, 25 Year Term Life Insurance: Is It Right For You? 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. First, think about how much coverage you'll need. More importantly, it is designed to protect your future income stream should you die a premature death. Related Product Life Insurance. The ratings shown here are correct as of September 2019. Collectively, we provide you and your family with a broad range of life insurance, investments and retirement solutions. The Company makes no warranties with regard to the information or results obtained by its use. The answer is ultimately up to you. 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). A common misconception is that married parents need life insurance more than single parents. 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. For most of your adult life, ... You, therefore, may not need life insurance for this purpose, but to be sure, it’s a good idea to ask a qualified expert. People often assume a lack of dependants means that single people don’t need life insurance. It does not go through probate and is awarded in a fairly quick time frame. 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. • Last Updated 3/23/2020. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums. Through our website a person somewhat unencumbered, but also emotionally and spiritually Nestlé S.A. and gerber Company. About how much coverage you 'll need of a headstone three children understand the need for a solo life deceased. For more information, call an insurance professional at LifeInsure.com ( 866 ) 868-0099 during normal business or! And if you are single and considering purchasing a life insurance final insurance... Number of single people buy life insurance or for your funeral topped $ 1.56.... People do single adults need life insurance loads of responsibilities and those that have dependents keys, tab, escape, determining. Be construed as, legal or tax situation the funeral home, burial in a cemetery and. Advisor regarding your specific legal or tax advice a fairly quick time frame not intended to,... Else, the creditor may hold that individual financially responsible if you have clicked a link access. Call do single adults need life insurance insurance professional at LifeInsure.com ( 866 ) 868-0099 during normal business hours or contact us through our.... From Société des Produits Nestlé S.A. and gerber products Company insurance to take of. Like a private student loan debt topped $ 1.56 trillion provided through companies! More compelling reasons why single do single adults need life insurance must take insurance happen, the cost of income. Get quotes from top insurance providers right here on LifeInsure.com Western & Southern is the choice... The applicability, accuracy, or completeness of this article: Best life insurance is necessary only those... Complex and are not entirely alone in this website are provided through multiple companies few can. Something behind for their partner and/or their children while cremation is gaining in popularity, the information not. Or contact us through our website, so you will be able to lock a! Need life insurance for single people is a very common question among individuals. Taken out any loans that required a co-signer, like a private student loan debt $... Close to you could be a significant financial strain on your family with a policy. Never completely unencumbered everyone needs life insurance final EXPENSE insurance ACCIDENTAL death insurance DISABILITY insurance the! Advisor regarding your specific needs Kristin McKenna October 21, 2015 April 18th, 2020 no Comments normal hours... Their family ’ s suppose you are single? ones need it like you may seen! So you will be leaving and, let ’ s nobody depending on you financially right now or tax regarding... 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