When it comes to life insurance, you might think that you only need it if you’re older, married, or have children. However, single people might still benefit from a life insurance policy.
With this in mind, here are a few of the definite times single people might consider life insurance, and how that can benefit you even when you’re still flying solo.
If you have a job, you might need employee life insurance
Whilst a personal cover life insurance protects your dependents financially in the event of your death, employee life insurance offers protection for both the company you work for and your family if you die whilst employed there.
Not only will your dependents be able to get a lump sum every month, but the company you work for, and your colleagues will be protected financially until they are able to recruit for the sudden vacancy.
Employee life insurance can also include employee benefits
Employee life insurance doesn’t just protect your family and your employer in the event of your unfortunate passing, but it might also reward you whilst you are living by providing employee benefits such as gift cards, discounts, and free trials from major brands.
Employee benefits can have a huge impact to your life, as they can even provide you with better access to GPs and mental health programs, as well as other things that you might not normally be able to afford. In fact, an average of 80% of employees would prefer additional benefits over a pay rise.
If you own a house and have a mortgage
Life insurance is commonly taken out to protect people from mortgage debts due to how expensive average repayments are every month. You can even set up to pay out a lump sum equivalent to your monthly mortgage payments in the event of the policyholder’s death.
As a single person, if you die before your mortgage is paid off, your bank or building society can seek repayment of the loan from your estate, within your collected assets, and so if you don’t have any financial protection, your property will have to be sold to pay off the mortgage.
Single people may still have people who depend on them
Just because you are classed as ‘single’ on any legal or technical documents, this doesn’t necessarily mean that you don’t have people who depend on you. Perhaps you have aging parents, young children whom you co-parent, or a disabled sibling that you take care of.
If you have anyone in your life that counts on you to make ends meet, whether you are single or not, you almost definitely will benefit from some form of life insurance.
Younger people may benefit from better prices
Life insurance prices are based on your overall health. For this reason, generally younger people usually get a better deal on, and find it easier to get, life insurance.
It might therefore be a good idea to take advantage of lower prices whilst you are young and take out life insurance now. This way you won’t be struggling to get life insurance later down the line if you develop a health condition.
As you can see, you still might need to consider life insurance even if you are single and healthy. Now that you know, you’ll be able to make sure that your finances are always protected.