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Life Insurance for Single Adults

Whether you’re just starting out or are a single parent with kids, living life on your own means taking charge of your financial future.

Whether you’re just starting out or are a single parent with kids, living life on your own means taking charge of your financial future.

Why Do Single Adults Need Life Insurance?

Life insurance is designed to provide financial protection for your loved ones in case anything happens to you. When you die, your policy provides a cash payout that can help cover funeral costs, student loans, credit card debt, or any other expenses.

While you may think that life insurance isn’t necessary if you’re on your own, there are still situations where you might need a financial cushion to cover costs you leave behind. If a partner or children are in your long-term plan, applying for a policy sooner than later can also be a smart move. Here are a few reasons why you may need life insurance while you’re single.

  • Lock in low rates: Buying life insurance now ensures that you have protection later when you need it. The younger you are, the lower your life insurance rates are likely to be. Rates generally increase by 8 to 10% a year, so it’s never too early to get started. Many people who plan to get married, start a family, or buy a house choose a 30-year term life policy, so they can make sure the money will be there to cover their future expenses.
  • Guarantee coverage for the future: Does your family have a history of heart disease, diabetes, or other health conditions? If you might be diagnosed with issues like these later on, be aware that they can increase your rates – or even prevent you from qualifying at all. Getting life insurance now while you’re healthy can save you money and stress.
  • Cover any debts: If you leave student loans or other debts behind, your family could be on the hook for them. The government may write off your federal student loans, but private student loans co-signed by your parents could be a different story. The same goes for other co-signed debts such as mortgages, auto loans, or jointly owned credit cards.
  • Supplement your coverage at work: Plenty of people choose to get covered through an employer, but group life plans may not provide the coverage you need. You can’t take group insurance with you when you switch jobs, and policy coverage amounts often aren’t high enough to meet all your expenses. Supplementing your employer-provided insurance with an individual policy can help make sure you’re covered when it matters.
  • It can pay for your funeral: No one likes to think about it, but if you die, someone will have to pay for your funeral. You wouldn’t want to leave your family struggling to meet your final expenses while they grieve. It’s always a good idea for single people to have at least enough life insurance to cover these expenses after they’re gone.

Life Insurance for Single Parents

For single moms or dads, life insurance is a crucial part of protecting your family. A policy can provide a financial cushion for your kids and their caregivers after you’re gone. When they’re older, the payout can help pay for their education or leave them with a legacy.

You also might want to consider adding a child rider to your policy. This optional feature covers your children until they become adults and pays out a small death benefit for final expenses if something happens to them.

Choosing Life Insurance as a Single Adult

When shopping for insurance, consider your current and future expenses. What has to be covered now, and what needs do you anticipate later on? The more you expect your expenses to grow over time, the more sense it makes to get coverage sooner than later.

Your life insurance options include:

  • Term life: Term life insurance is an affordable option that keeps you covered for a set length of time, usually anywhere from 10 to 30 years. People often use term life insurance for added protection as they pay off long-term expenses, like a mortgage. Locking in a long-term policy with an insurance company can help you gain financial security at a lower cost. 
  • Permanent life: A permanent life insurance policy offers lifelong coverage with an extra cash value component that increases over time, which you can borrow from or use as collateral for a loan. It’s more expensive than term insurance, but may be the better choice depending on your situation.

Not sure which route to go? Talk to an agent about your unique needs so you can make the right decision.

You’ve Got Questions. We’ve GotAnswers.

Life Insurance Quotes Through eFinancial

At eFinancial, our goal is to make buying life insurance easy, affordable, and convenient. We offer a variety of policies and products from more than 20 top-rated life insurance companies. Our expert team of agents is committed to supporting you through every step of the process and getting you covered and quickly as possible.

Want to learn more? Request your free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.