Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. In some cases, the creditor may hold that individual financially responsible if you're no longer there to make payments. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. The Company disclaims any liability arising out of your use of, or reliance on, the information. After all, your employees' livelihoods may be connected to the venture's financial stability. Western & Southern is the marketing name for a group of diversified financial services businesses composed of Western & Southern Financial Group and its seven life insurance subsidiaries. 1 Six out of seven of Western & Southern Financial Group’s life insurance subsidiaries maintain a rating of A+ Superior ability to meet ongoing insurance obligations (second highest of 13 ratings; rating held since June 2009). We have every type of life insurance product available so we can find the appropriate solution to meet your individual needs and fit within your budget. All companies are members of Western & Southern Financial Group and are located in Cincinnati, OH with the exception of National Integrity, which is located in Greenwich, NY, and Gerber Life, which is located in White Plains, NY. The cost of life insurance is determined by age, health and lifestyle. Read on to know the reasons why single people must take insurance. Secure a Death Benefit for Yourself. Just like anyone else, the answer depends on your financial goals and situation. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. Most people believe that life insurance is necessary only for those that have dependents. Here are a few scenarios where life insurance for single people can help loved ones and others who rely on your well-being. Two things I encourage people to consider is 1) who would be affected financially by their death and 2) to what extent would these individuals be affected. This financial responsibility could exacerbate an already emotionally difficult time. According to financial expert Suze Orman , it is ok to have a life insurance policy in place until you are 65, but, after that, you should be earning income from pensions and savings. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. Gerber Life Insurance is a trademark. Taking out a policy on your life, along with establishing a succession plan, might help those successors continue to operate your business. For us single people though, it’s not as clear cut. A common misconception is that married parents need life insurance more than single parents. However, I have come across so many single people that are just the opposite, that it makes you think: sure, a whole lot of single people really do need life insurance. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. If people rely on your income, life insurance should be on the top of your to do list. It’s a common misconception to believe that life insurance is only for people with spouses that rely on their income. Think About The People Who Depend On You. To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at LifeInsure.Com today at (866) 868-0099 during normal business hours, or you can contact us through our website 24/7. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. We offer you dynamic career opportunities in numerous fields ranging from information technology, finance and accounting to business development and sales, investment management and marketing. The Best Life Insurance Quotes for People Over 50. It does not go through probate and is awarded in a fairly quick time frame. Life insurance and annuity products may be issued by The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company or Gerber Life Insurance Company. Federal and state laws and regulations are complex and are subject to change. Holidays | Closed. Why Do Single People Need Life Insurance? Most people buy life insurance to take care of their spouse and children. Life insurance for single people is a subject that often goes overlooked in the insurance community. Even a straight forward burial is roughly £4,600, money few people can spare. Most of us don't like thinking about dying unexpectedly. Do I need life insurance? The average expense for a traditional ceremony is more than $7,000, according to the National Funeral Directors Association. Western & Southern’s family of companies spans the full gamut of expertise within the financial services industry. If you own a small business, ensuring that your partners or loved ones will be able to keep it going — no matter what may happen to you — might be a goal of yours. The Bottom Line . Western & Southern is the parent company to a group of diversified financial services businesses. It's easy to think of life insurance as something for parents and married couples, but do single people need life insurance as well? I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. Please feel free to contact me at your convenience. For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. A good life insurance calculator can help you pinpoint a number. However, single people buy life insurance for different reasons. Friday | 8 a.m. - 6 p.m. Ready to start your search for solutions? After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. This site is intended to provide a general overview of our products and services. I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. The last thing you want to leave your parents or other surviving loved ones is a bill for $10,000 so you can be buried respectfully, especially while they are griving their loss. An attorney specializing in estate planning can help you draw up the proper legal documents in such cases. Here is an example of our rates for $250,000 in Term Coverage for a healthy  non-smoker: Notice how low the rates are when you’re young and healthy. But if it did happen, the cost of the funeral itself could be a significant financial strain on your family. The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party. Collectively, we provide you and your family with a broad range of life insurance, investments and retirement solutions. For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website. So, do single people need life insurance? For any single parent, the answer is probably yes, and anyone supporting other family members might want to consider it, too. We’re here to help! The Lafayette Life Insurance Company is not rated by Moody’s and has a Comdex Ranking of 95 out of 100. However, unlike whole life and universal life insurance, term life insurance will not build cash value over the course of the policy. While you need it like you need food, sometimes you don’t. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. . Related Product Life Insurance. ET  If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy. People often assume a lack of dependants means that single people don’t need life insurance. Designed by Elegant Themes | Powered by WordPress. Do Single People Need Life Insurance? Do you need life insurance if you are single?? The most effective way to cover for these inevitable expenses is by purchasing life insurance that will cover your final expenses. • Last Updated 3/23/2020. Even if a single person has no dependents, they are not entirely alone in this world. Each company has financial responsibility only for its own products and services, and is not responsible for the products and services provided by the other companies. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. 40 Year Term Life Insurance: Is It The Right Policy For You? 2 Very strong financial security characteristics (fourth highest of 21 ratings; rating held since August 2018)  Spouses and biological children may not be the only people to consider when purchasing a life insurance policy. Any of these scenarios can easily become reality and therefore, a compelling reason to buy affordable life insurance, especially while being young and healthy. Ratings are subject to change from time to time. Funeral. , To navigate this menu use the arrow keys, tab, escape, and spacebar. Do You Need Life Insurance If You Are Single? Most adults around the age of 45 with a wife and three children understand the need for a solid life insurance policy. ET It’s true that some debts, like federal student loans, will disappear when … Do single people need life insurance, too? According to USAA Life Insurance, the number of single people buying life insurance has increased 10 percent compared to a year earlier. But do single people without those same dependents also need to insure themselves? You’ve got a girlfriend, or a boyfriend, or both (yep - sign of the times.) Ask someone what the point of Life Insurance is, and they’ll generally give you some kind of answer relating to looking after their dependents. For most of your adult life, ... You, therefore, may not need life insurance for this purpose, but to be sure, it’s a good idea to ask a qualified expert. ET The True Purpose Of Life Insurance. Your debts have cosigners. You might be surprised how many people can be affected by the loss of your income. But there are plenty of reasons why a single person might consider buying life insurance: Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. Life insurance for single people is a subject that often goes overlooked in the insurance community. These rates are for a 30-year term policy, not a 10-year term like you may have seen on TV. Although the death benefit is always the primary benefit of any life insurance policy, if cash value is important to you, this may not be the ideal route to take. Do Single People Need Life Insurance? First, think about how much coverage you'll need. Financial strength ratings apply to the individual member insurance companies affiliated with Western & Southern. Life insurance is meant to protect your most valuable asset, your income stream. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. I can’t provide a one-size-fits-all answer to the question do single people need life insurance because of how important it is to look at the specific circumstances of the individual. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. According to a February 25, 2019, Forbes.com article, student loan debt topped $1.56 trillion. Most financial advisors suggest young adults start out with a term policy to get maximum coverage for the least amount of money. You’re Young and Single. If You’re Young and Single. Why Single People May Need Life Insurance, Too By Jessica Sillers — Oct 10, 2018. . Being single typically leaves a person somewhat unencumbered, but never completely unencumbered. If you have parents or other loved ones who you support in some way, you may want to take out a policy that could help benefit them. The answer is ultimately up to you. If a single person were to die before they have a chance to pay off their student debt, mortgage, or a car payment, their parents or a co-signer would may be forced to inherit that debt. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. Feel more confident about personal finance by exploring Western & Southern’s financial tools, educational articles and interactive calculators. The information is not intended to be, and should not be construed as, legal or tax advice. Please contact your tax or legal advisor regarding your situation. For each dependent, consider his or her other sources of income — including Social Security, investments and savings — as well as the local cost of food, shelter, health care and other needs. Though these reasons do call for substantial insurance, various other unavoidable reasons make insurance an essential priority for a solo life. The coverage life insurance provides can help you support those who depend on your income directly or indirectly. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Think about the people who depend on you, not just financially, but also emotionally and spiritually. The Company does not provide legal or tax advice. Recession Lessons From Gen Y]As for whether or not single people need life insurance, the answer is sometimes. Term life insurance works like this: it lasts for a set number of years (reminder - get a term lasting 15-20 years) and the monthly premiums are always lower compared to “permanent” life insurance plans. In this blog, we talk about why life insurance isn’t just for married couples with kids and explain why it makes sense to have life insurance when you’re single. Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). 5 The Comdex Ranking is a composite of all the ratings a company has received from the major rating agencies. Western & Southern Financial Group does not provide tax or legal advice. If you help out with certain household chores and maintenance, that may also help reduce their living costs. A newborn niece will need a college education someday, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. By Kristin McKenna October 21, 2015 April 18th, 2020 No Comments. If your budget is currently challenging and you feel there’s not enough room for a monthly insurance payment on top of everything else, fear not, term insurance can provide the coverage you need for very little money. A financial representative can help you identify your needs and decide whether obtaining coverage is a suitable move for you. Not all products and services are available in all states. © 2017-20 Western & Southern Financial Group, Inc. WS20200323181235 The ratings shown here are correct as of September 2019. And, regretfully, there’s always the chance that you may be less healthy in the future when you decide to purchase life insurance. As you think about your financial future and current needs, consider the benefits our various products can offer. This is a very common question among single individuals. The information provided is for educational purposes only. By browsing our website, you agree to the use of cookies and agree to our. More compelling reasons why single people need life insurance. Designed to protect your future income stream should you die, who will pay for your funeral do need! Children understand the need for a traditional ceremony is more than single parents but life is rated... Resource for paying funeral expenses able to lock down a lower rate third-parties, ratings... Lack of dependants means that single people need life insurance young adults start out certain! Stuck paying higher premiums policy today because they want to leave something behind for their and/or! Personal finance by exploring Western & Southern financial Group, Inc. 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