Life insurance policies, life cover, term insurance and other such phrases are ones that tend to be ignored by young people on the whole.
The assumption is that insurance is not something you need to bother about when you are young.
It is circumstances rather than age however that determines whether or not life cover is a requirement for you and in this article we will try to answer "does a single person need life insurance?" Though the term life insurance is well-known - it seems a lot of people are not quite sure what the point of having insurance is.
There are generally two reasons for having your life insured - 1) To avoid putting any financial strain on your family in the event of your death 2) As an investment tool So does a single person need life insurance? Well that really depends on your situation.
Being single doesn't necessarily mean being young.
To help you evaluate whether you do need life cover or not, you'll need to think about a few things.
Are you young, free and single without any worries or is anyone depending on your income? Have you any children that you are providing for? Are you currently contributing towards nursing home costs or medical bills for your parents? If you were suddenly not around and there was no income, who would foot the bill? In essence, is anyone relying on your salary or have you any debts that would have to be picked up by another family member should you die prematurely? Life can be tough at times and no one would willingly bring any financial burden to bear on someone they love however this type of thing happens continually when people fail to examine their circumstances and clarify for themselves whether or not they need actually do need insurance.
Though single, if you are dating or have plans to start a family, then a life policy is a good idea especially as the younger you are when you purchase, the better rate you get for the term.
Does a single person need life insurance? In a nutshell, if you have any kind of financial responsibility to anyone else, then you need to be insured.
The assumption is that insurance is not something you need to bother about when you are young.
It is circumstances rather than age however that determines whether or not life cover is a requirement for you and in this article we will try to answer "does a single person need life insurance?" Though the term life insurance is well-known - it seems a lot of people are not quite sure what the point of having insurance is.
There are generally two reasons for having your life insured - 1) To avoid putting any financial strain on your family in the event of your death 2) As an investment tool So does a single person need life insurance? Well that really depends on your situation.
Being single doesn't necessarily mean being young.
To help you evaluate whether you do need life cover or not, you'll need to think about a few things.
Are you young, free and single without any worries or is anyone depending on your income? Have you any children that you are providing for? Are you currently contributing towards nursing home costs or medical bills for your parents? If you were suddenly not around and there was no income, who would foot the bill? In essence, is anyone relying on your salary or have you any debts that would have to be picked up by another family member should you die prematurely? Life can be tough at times and no one would willingly bring any financial burden to bear on someone they love however this type of thing happens continually when people fail to examine their circumstances and clarify for themselves whether or not they need actually do need insurance.
Though single, if you are dating or have plans to start a family, then a life policy is a good idea especially as the younger you are when you purchase, the better rate you get for the term.
Does a single person need life insurance? In a nutshell, if you have any kind of financial responsibility to anyone else, then you need to be insured.
