Some may think a term life insurance policy only suits someone with a family and children, but a report says even singles ought to consider purchasing the coverage.
Experts told Daily Finance singles can often feel an air of invincibility when they are young and healthy. However, that feeling belies the need and advantages of a life insurance policy, said the report, since it's valuable for anyone if they intend on leaving a legacy. Aside from taking care of end of life expenses such as mortgage, auto or student loans and burial costs, a life insurance policy can also allow singles to hand money down to relatives, charities or other beneficiaries.
Additionally, buying a life insurance policy while young and single can ensure consumers are covered for later in life, when health complications or other factors may make certain expenses difficult to keep up. And certain types of life insurance can form the foundations of an investment vehicle for singles, said the report.
Some singles "simply don't consider that there is a need, and in a fact, a long-term benefit, to considering how life insurance fits into their financial security planning early on," Todd Laszewski, a financial executive, told the source.
With long-term care coverage available through some life insurance policies, singles may also use them to insure against an unforeseen incident that leaves them with high medical bills or care expenses.