Do I need life insurance if I’m single?

Do I need life insurance if I'm single? Read more ...
woman and insurance

If no one depends on you financially, you may not need life insurance. However, it also means that if the unforeseen were to happen, you may not have someone to rely on for support—financial or otherwise. That’s why it’s worth thinking about life and disability insurance.

Protect What You Have

Most single people don’t need life insurance because no one depends on them financially, but there are exceptions. If you provide financial support for parents or siblings, or if you have debt such as credit cards and a homeloan – these are things you probably wouldn’t want to pass on to surviving family members if you were to die prematurely.

Disability insurance is also an important consideration. Who would you rely on financially and how long would you be able to meet your financial obligations? Take a look at some of Simply’s FAQ about disability insurance here.

Many larger companies and some smaller ones offer some disability coverage to employees through a group plan. If you think you need more, it may be worth buying additional coverage through your employer’s group plan, if available. You can also buy a disability insurance policy independently. Unlike group coverage, privately owned insurance stays with you even when you change jobs.

If You’re Just Starting Out

Putting off the basics when you’re just starting out like reducing debt, starting a savings program and planning for retirement only makes things more difficult down the road. The sooner you start, the better off you are.

See more here about SAVINGS. And remember, time is on your side with compound interest. It’s never too late to start saving.

Compiled from LifeHappens

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