Many people assume singles don’t need term insurance. They believe that term insurance is only for married individuals. People think that marriage comes with a lot of financial responsibilities, and hence, buying term insurance becomes necessary. Those who choose not to marry, therefore, often think of forgoing the added expense of buying term insurance.
It’s true that marriage brings
with it a number of responsibilities, but there are enough reasons to
buy term insurance even if you are single.In this article, let’s take a
look at three reasons why singles should consider buying a term insurance policy.
- You have financial dependents
Just because you are single does not mean you don’t have family members who depend on you. Perhaps, you are a single parent with children. Or you have parents who are about to retire, or younger siblings who rely on your income for their lifestyle.
Imagine the financial hardships your family might have to go through in case you pass away unexpectedly. Most likely, your parents, who have recently retired, or your sibling, who might still be in college, will be obliged to work in order to manage the family’s expenses.
If you don’t want your financial dependents to go through such difficulties, you should consider buying a term insurance plan. It will ensure your family has adequate financial stability in your absence.
2. You have debt
You may have unsettled liabilities like a home loan, an education loan for your young sibling or children. The burden of these loans would fall on your family members if you pass away before settling them. And, they will have to deal with the stress of repaying the debt. It would be ideal to buy a term insurance policy to avoid putting your family through stressful situations and to ensure that your loans / liabilities do not burden your loved ones.
3. You are a single, adoptive parent
As a parent, you’d obviously want your kids to get the best possible care as they grow up, receive a good education, and have the most promising future possible. You’d also want to ensure that you fulfil every single one of your child’s dreams, both in the short term as well as the long term. These dreams could include getting an education from a foreign university, receiving some training from a renowned institution etc.
Now, there’s no guarantee you’ll be around forever to see your kids achieve their dreams. If you don’t want your children to compromise on their dreams in your absence, you should consider purchasing a term insurance policy. It will provide them with financial resources so that they don’t give up on their aspirations.
A term insurance policy is as valuable for singles as for those who are married and have children. If you're a single, adoptive parent, it will ensure your children don't have to compromise on their dreams while you’re away. Further, it will also cover your loans/ liabilities, and ensure your dependents have financial protection in your absence.