For a young single person, is there any reason to get life insurance? ? FEATURED QUESTION

Question

In general, people get life insurance to protect their dependents.  What other reasons are there to do so?

Answer 1

A single person may want to consider a life insurance policy so their family and/or friends are not burdened with the final burial expenses(typically $10K-$20K).

Answer 2

The single most important reason for a single young person to purchase insurance is the guaranteed insurability against heath issues that make them uninsurable at any cost, in the future.   Insurace is priced based upon attained age and health.  Premiums are less expensive for younger individuals.  Planning early in life removes some of the burdens that can occur later in life.

Answer 3

There are many reasone why someone gets life insurance. The first one of course would be to protect their family. They want to make sure that if something happens to them that they can financially take care of themselves after the person is gone. I have some clients that donate it to their favorite charity. I also have clients that purchase life insurance on their children. So god forbid something tragic was to happen the person that entrusted with the money can donate it to a foundation or charity in their child's name, and feel like they are contributing to a great casue,and it is a great rememberance for their child as well. People in general get life insurance for so many reasons you just need to decide which plan best fits your needs.

Answer 4

Life Insurance is very personal, needs change from situation to situation...reasons to buy when you are young without dependants...

1.  Cheaper premiums because of age, you can lock those in.

2.  Cheaper premiums because of better health, you can lock those in.

3.  Guarenteed coverage prior to becoming an uninsurable risk.  If you have serious health conditions that could be genetic, you definitly want to consider it then.

4.  You have debt...and morally/ethically, you want to settle that debt in case the unfortunate happens.

5.  You do not want to burden anyone with funeral expenses.

6.  You want to leave money to a charity you have a personal attachment to, ie..church, organization, charity, or foundation.

The statement "In general people get life insurance to protect dependants" is inaccurate.  There are litterally thousands of great reasons to get and obtain life insurance.  One thing however to be very leary of is...high commission products where the agent make a boat load of cash.  Not to say these cash value policies do not have very good purposes, just make sure you are not sold on the cash value portion.  You can buy term much cheaper, and save/onvest money in safer more efficient manner.

Answer 5

Well in general, people do get life insurance to protect their dependents and not leave financial burdens on family or friends if or when they die. Young people how ever are usually healthier and don't have dependants. So some would ask why would I get life insurance? The answer is you will probably at some point have dependants and you will always have leaving the financial burden of your final expenses to someone.

When your younger you can usually get a lower rate because of health and age. Also most companies will offer a guaranteed insurability clause which allows you to convert all of your insurance or buy more at the same health status when you opted in. So if you developed diabetes later in life, and can't get insurance now, you can still get insurance from the company you started with at a preferred rate. Also there are permanent life plans that can accumulate interest in an account to help keep the premiums low later in life. Some products will also allow the option to borrow against the cash value (accumulated interest in the account minus premiums) which will be much higher if you start the policy earlier in life.

Dave Maynard

Roselle, IL

www.farmersagent.com/dmaynard

Answer 6

There are lots of good reasons to buy life insurance while your young (lower price/protecting your insurability), but this is one of the best out there: Most single people don’t need life insurance because no one depends on them financially. But there are exceptions. For instance, some single people provide financial support for aging parents or siblings. Others may be carrying significant debt that they wouldn’t want to pass on to family members who survive them. Insurability is another reason to consider life insurance when you’re single. If you’re young, healthy and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance. If you anticipate a need for life insurance down the road (e.g., you’re the marrying type) and you can fit the premiums into your budget, it might make sense to lock in coverage while you’re young and single. Doing so can eliminate the worry of having to qualify for coverage when you’re older and maybe not as healthy as you once were.

Answer 7

If you died tomorrow, who would pay to bury you?  Will your family or friends be forced to ask perfect strangers to contribute to your burial fund?  What kind of a legacy would you leave behind?  Will you be remembered as a burden or a blessing?

If you got diagnosed tomorrow with a terrible illness like cancer, diabetes or kidney disease, who would insure you then?  Who would pay for the treatments and how?  Will your illness financially devastate your loved ones on top of the emotional devastation?

Answer 8

yes there is a good reasons ;)

Answer 9

Absolutely! Insurability and lower costs are two of the main reasons. I would recommend always looking into a 25 or 30 year term policy (premium stays constant for the term of the policy) that is renewable and convertable. This should also be supplemented with some type of "Cas-Value" policy like a Universal Life or Whole Life policy. Look into several options but whatever you do, in any policy, make sure you always ask for a Premium Waiver to be included. This endorsement will basically pay for your premiums if you are disabled (ask your life insurance professional for details).

One last thing, you should also consider a Long Term Disability policy and a Long-Term Care Policy regardless of your age. The best time to buy these policies was yesterday.

Answer 10

If you have lost a child and had to bury that child, you have also had to plan a funeral and pay for that funeral.     Losing a child way too young is heartbreaking enough; writing a check to a funeral home month after month for years is not only heartbreaking, but makes you relive that horrible moment you heard the words, "Your child is gone".