Why Consider Life Insurance When You are Single?
Life insurance does not only provide valuable protection for people with a spouse and children that depend on them. Life insurance is also valuable single people that want to ensure their family do not have to endure financial hardship in the event that they pass away, suffer a serious medical condition or become permanently disabled.
But, surely nothing will happen to me?
If you are young and single, you may think that life insurance isn’t really necessary when you have no dependents. Consider the following events and the impact they would have on you and those around you.
- You are seriously injured or ill and unable to work for six months: Would be able to keep on top of your bills and maintain your lifestyle?
- You pass away suddenly: Have you considered how it would affect your parents or siblings? Not only would they have to deal with the grief your death, but also shoulder the financial burdens you left behind, such as home loan, personal loan, credit card payment, etc.
- You suffer a serious medical condition such as stroke or cancer: How would you keep on top of your financial obligations as you are unable to work and undergo extensive medical treatment? You never be able to work to the same capacity again.
- You become permanently disabled: You could suffer a great reduction in income as you are unable to work to your full capacity ever again. You have ongoing medical and nursing bills to cover and must make modifications to your home for your disablement.
No matter which life stages you are in – young singles, single parents, or singles with adult kids, life insurance can offer the peace of mind should anything happen to you with coverage for events such as death, temporary or permanent disability.
When you are young and your health is still in top shape, you can take advantage of lower premium rates in comparison to later stages of life when you are considered a greater risk to insurers due to the increased likelihood of pre-existing conditions.
Life insurance is not the type of product that you set and forget. It is absolutely essential to review your life insurance policy on a yearly basis and assess whether they still meet your needs. As you go through life, your needs will change and your life insurance policy should reflect those needs, so you won’t be caught off guard not having enough cover in place.
LIC offers various plan to help you get insured adequately. Call our authorized LIC Advisor at 07200039282 for free review on Insurance Planning.