Term Life Insurance Articles
I'm Single - Is Term Life Insurance For Me?
2009-09-10
It is a wonderful thing that, as young people, we feel indestructible and carefree. This feeling, though, often leads to the misconception that term life insurance is unnecessary for a single person. Most people do not even begin to consider getting a term life insurance quote or comparing term life insurance rates until after they are married and sometimes even later. But, there are actually some rather important reasons to consider taking out life insurance while still young and single.
Term life insurance is the most reasonable type of insurance for a single person to get into. This sort of coverage, as the name suggests, is taken out for a specified period of time, after which it can either be renewed (at a new rate) or it will end. One good reason to invest in it early is that term life insurance rates can be quite low, particularly when a person is young and healthy. In addition, it is even more important for a young person to consider getting life insurance if they have any hereditary diseases running in the family. Should a person develop a condition later on and then try to take out a term life insurance, policy the rates will be much higher, that is if he/she is not denied altogether.
Possibly the most important reason a single person should consider term life insurance is because funeral costs can be very steep and will be left to any remaining family members if should something happen. For a single person who has a mortgage, there is extra concern. If a single person dies without insurance, the bank would take back the home and sell it right away in order to recover as much of their losses as possible. With the right term insurance policy, a single person's family could afford to either keep the house or sell it themselves. Additionally, if a single person is responsible for the care of a child, parent or grandparent, there needs to be a financial plan in place to ensure that care is maintained should the single person pass away.
While life insurance is certainly not something that any of us like to think about, it is clear that it is worth investing some thought and money into - even for those who are unattached. Rates and terms do vary, so spending some time investigating and getting a term life insurance quote from several providers is the best course of action before making a decision. When all of the decision-making is done, the solo fun can resume, with the peace of mind that everything is taken care of should the unexpected happen.
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It is a wonderful thing that, as young people, we feel indestructible and carefree. This feeling, though, often leads to the misconception that term life insurance is unnecessary for a single person. Most people do not even begin to consider getting a term life insurance quote or comparing term life insurance rates until after they are married and sometimes even later. But, there are actually some rather important reasons to consider taking out life insurance while still young and single.
Term life insurance is the most reasonable type of insurance for a single person to get into. This sort of coverage, as the name suggests, is taken out for a specified period of time, after which it can either be renewed (at a new rate) or it will end. One good reason to invest in it early is that term life insurance rates can be quite low, particularly when a person is young and healthy. In addition, it is even more important for a young person to consider getting life insurance if they have any hereditary diseases running in the family. Should a person develop a condition later on and then try to take out a term life insurance, policy the rates will be much higher, that is if he/she is not denied altogether.
Possibly the most important reason a single person should consider term life insurance is because funeral costs can be very steep and will be left to any remaining family members if should something happen. For a single person who has a mortgage, there is extra concern. If a single person dies without insurance, the bank would take back the home and sell it right away in order to recover as much of their losses as possible. With the right term insurance policy, a single person's family could afford to either keep the house or sell it themselves. Additionally, if a single person is responsible for the care of a child, parent or grandparent, there needs to be a financial plan in place to ensure that care is maintained should the single person pass away.
While life insurance is certainly not something that any of us like to think about, it is clear that it is worth investing some thought and money into - even for those who are unattached. Rates and terms do vary, so spending some time investigating and getting a term life insurance quote from several providers is the best course of action before making a decision. When all of the decision-making is done, the solo fun can resume, with the peace of mind that everything is taken care of should the unexpected happen.
