Singles should also consider life insurance

May 09, 2011

Even singles should consider life insurance

People without dependents may think they don't need life insurance, but an expert says some sort of policy could be helpful for them as well.

Financial expert Dave Ramsey wrote in his syndicated column that a life insurance policy for a young, single person may be a smart idea to take care of any financial concerns they could leave behind them in the event of their untimely death. Even a single, 25-year-old person with no children could benefit from a smaller life insurance policy that would simply cover the cost of their burial and any outstanding debts, including student or auto loans or a mortgage.

Sometimes, singles may be offered the opportunity of adding a work-provided life insurance policy, said Ramsey.

"Many times, an employer will furnish you with life insurance equal to your yearly salary, or maybe twice that amount. In lots of cases, that alone will take care of things for young singles," he wrote.

A reasonably-priced life insurance policy could also get young consumers in the habit of making smart financial decisions, which can help them remain financially solvent in the long run, experts say.

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