Why Even Those that are Single Need Life Insurance

Many young, single people with no children have little or no life insurance. Unfortunately, this is not always the best course of action. There are actually several reasons for someone who is single and without children to have life insurance.

Many young people are still accumulating debt and purchasing homes. If a single, childless person buys a home, the beneficiary inheriting that home will be responsible for the mortgage. For many people, paying a second mortgage simply will not fit in the budget. They may be forced to sell the home quickly, at a price far below the market value.

Another reason for a childless single person to purchase life insurance is to plan for the future. People do not stay single and childless forever, and as people get older, the cost of life insurance rises as well. By securing a policy while young, the rate for that policy is secured as well. That rate will not change just because a person gets married or starts having children. A person who has planned ahead by purchasing life insurance early, may save themselves money in the long run.

Life insurance can be viewed more as an investment, which is why it is such an important decision. By purchasing it early, a person can save themselves money, and should the policy be needed, his or her family will have a means to pay for a funeral and the mortgage on any property they inherit. 

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