How Much Life Insurance Do I Need If I’m Single?

 

Life insurance is for everyone, and you certainly don’t need to wait for a spouse to set up your coverage. Discover 7 key reasons to start your life insurance policy today!


“How much life insurance do I need if I’m single?” is a question insurance reps don’t hear enough. Unfortunately, many folks (incorrectly) believe that life insurance isn’t important when they’re single and that it’s only necessary when they have a spouse that may one day depend on the payout from that policy. Nothing could be further from the truth.

Life insurance is for anyone (and everyone!) and is useful in many more situations than just providing a cushion for a spouse in the face of sudden loss. With the help of The Cincinnati Insurance Companies, here are seven reasons why you might need life insurance, even if you’re single. 

1) You have debt

Most Americans owe money for one reason or another. Whether it be a mortgage, car note, outstanding medical bills, or just a general loan, one of the questions concerning debt remains the same: Who would be responsible for paying it back in the event of your death?

2) People depend on you

Being single doesn’t mean people don’t rely on you. Maybe you’re a parent with young children. Maybe your own parents are getting older, and you take care of them or pay for them to have part- or full-time care. You may even have a disabled sibling or adult child who depends on you for care or stability. What would happen to them if you were no longer around?

3) You own a business

In most cases, a financial institution issuing a business loan will require a life insurance policy as collateral. Even if this is not the case, key person life insurance is always beneficial for business owners. Should you pass away unexpectedly, the death benefit from a life insurance policy can help keep the business afloat.

4) You want options while you’re still alive

Life insurance policies don’t just provide a death benefit. Permanent products, such as whole and universal life, grow cash value throughout the life of the policy. Term policies with a return of premium feature, also accumulate cash value, in addition to providing conversion options. The cash value can be withdrawn by the policy owner to do things like making a down payment on a home, supplementing retirement income, or covering an emergency expense.

5) You want to lock in coverage

Premium rates are based on age and overall health; therefore, the longer you wait to purchase a policy, the more expensive that policy becomes.

6) You want to cover your final expenses

Funerals are notoriously expensive, with even the most basic costing thousands of dollars. That could easily translate into debt for your loved ones.

7) You want to leave a legacy

You may wish to leave money to a beloved school, religious organization, charity, or individual. Some or all of your policy’s proceeds can be dedicated in whatever way you see fit.


Since insurance needs will be individual-specific and change over time, life insurance is not a “one size fits all” kind of deal. Your life insurance program can and should be designed to fit your specific needs and financial goals, as well as grow as your needs do. We invite you to contact the Feltner Group to discuss how much life insurance discuss which life insurance program best fits your needs.