- Do I need life insurance if I’m single with no children?
- July 10, 2015
If you were to ask a single person if they have purchased life insurance, do not be surprised if they look at you blankly. It is true that singles who are young and healthy rarely think about their own mortality.
Tom Currey, President of the National Association of Insurance and Financial Advisors (NAIFA) understands this trend.
“The fact is, young people don’t feel they need life insurance,” Currey said. “It’s better to take a longer view because if you decide to get married in your thirties, you could have a health condition by then that may affect your life insurance rates. Also, you would not want the financial burden of your burial to fall on your family in the event of your death.”
Term is best
“Young singles should consider at the very least purchasing a term policy with guaranteed renewal,” suggests Al Lurty, Senior Vice President of Business Development at ING. “Term life insurance is still very affordable even though there has been a slight upward movement in rates recently. You can get rates that are .20 to .25 per $1,000 of coverage for a young, healthy single female on a 10-year plan.”
Brant Spesshardt, CFP and financial advisor for Dave Ramsey ELP, said that singles without children should not consider life insurance unless there is a legitimate need.
“If their debt would fall on someone else who shares financial responsibility with them, then that would be a good reason to purchase life insurance. Also, if someone is relying on them financially [this doesn’t necessarily have to be a child] then they should have a term policy,” Spesshardt said. “If none of this applies to their situation, they should focus their efforts on becoming debt-free rather than paying into an insurance policy they really don’t need.”Pages: 1 2 3
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