Life insurance for singles
Key takeaways
- Even if you don’t have a spouse or dependent, you may want to purchase life insurance to help with final expenses or to settle debts after you die.
- Your premiums will likely be lower when you are younger and healthier, making it a good time to purchase life insurance.
- Term or whole life insurance can meet your needs if you are single, and both can be customized with riders.
Why should singles have life insurance?
If you are single, should you have life insurance? Many single people assume they don’t need life insurance, especially if they don’t have any dependents.
However, there are many good reasons for single people to buy life insurance.
Reasons single people should have life insurance
Being single doesn’t mean you don’t need life insurance. Life insurance provides important protections beyond income replacement to care for a spouse or child. There are important financial protections for individuals, too.
Lock In Financial Protections While You’re Younger and Healthier
Some people wait to buy life insurance until it’s needed to protect a loved one. However, if you are young and healthy, buying a policy now can help protect you (and them) down the line. In general, premiums increase as you age and your health changes. Waiting also increases the chance you could be diagnosed with a severe medical condition, which may further limit your options or increase your premiums.
You might select a term life policy to keep premiums more affordable. You can determine your term length (10, 15, 20, or 30 years) based on your personal circumstances and plans. Explore term life options from Fidelity Life .
Access Benefits in Case of Terminal Illness
If you were to get a diagnosis of terminal illness, having a life insurance policy with the right kind of additional coverage in place could prove invaluable. Purchasing a terminal illness rider, also called an accelerated benefits rider, allows you to tap into a portion of the death benefit early to help ensure you are well taken care of at the end of life.
Explore a terminal illness rider from Fidelity Life.
Settle Your Debts
Handle Final Expenses
Leave an Inheritance or Gift
Even if you don’t have children, you may want to leave behind an inheritance to another family member, close friend, or other loved one. A death benefit from your policy could help ensure your nieces or nephews get to go to college. A best friend listed as your beneficiary could be comforted with the knowledge of how deeply you valued their friendship. If you have a favorite charity, you could leave a legacy behind in the form of a benefactor donation.
Best types of life insurance for singles
If you are young and have limited funds, but are healthy, a term life insurance policy could be the best option for you. Add riders if you can, such as terminal illness rider . This will protect you in case you become terminally ill or disabled and cannot work or pay your premiums.
Want to learn more about term life insurance policies? Fidelity Life offers two term insurance policies finalexpensedirects Life and finalexpensedirects Senior Life Term.
If you are older and more established, you may want to set up a permanent life policy that provides you with a cash value option. You can draw against the cash value of your policy in later years to accomplish goals like paying off your home or make dreams like traveling the world come true.
Want to learn more about permanent life insurance policies? Fidelity Life offers two permanent policies finalexpensedirects Senior Whole Life and finalexpensedirects Final Expense .
