I’m Single — Do I Need To Buy Life Insurance?

Here’s the general rule of thumb when it comes to making a life insurance purchase: make the move when you have loved ones who would be financially affected by the loss of your income. Be that as it may, there is something to be said for planning ahead.getting a life insurance while young

Everyone’s financial situation is different – some have money saved up and ready to go towards something important, some just get by, and some can’t imagine shelling out for another expense at the end of the month, as they have a hard enough time with what they have.

If you’re single, and currently don’t have any family who depends upon you financially, your financial situation is really the determining factor when it comes to preemptively buying life insurance – also, your age is a huge factor. You can find out more about Suncorp’s life protect options at http://www.suncorp.com.au/insurance/life-insurance/Life-Protect-Insurance

They are offering different insurances that could suit your needs and expectations, specifically to those in Australia and New Zealand. Currently, Suncorp has over 9 million customers and you could be one of them just visit the link above and make yourself insured as soon as possible.

Purchasing Life Insurance When You’re Young & Single

Typically, one of the last things that young, single, adults think about is life insurance; however, not all of them – some plan ahead. As you get older and possibly accumulate health problems, life insurance rates go up and up and up – even if you don’t acquire any health problems, the rates will still go up solely because there’s a greater chance that they can occur with age.

With this in mind, many single adults will go ahead and purchase a term life insurance policy and be set up with super low premiums for next 30 years and everything that comes along with them. For someone in their early 20’s planning on getting married and having a kid before their 30, this would set them up until after that kid is off to college.

How Affordable is Life Insurance for a Young Adult?

Let’s put it this way – the quotes a young adult can get would make anyone just over the age of 35 green with envy, and that’s not even that big of a time gap. Rates for a 20-something young adult can come out to around $350 to $400 per year and this is on the high end.

Other than price, another advantage to purchasing life insurance when you’re young and single is that you’ll set yourself up for perfect timing. Your policy will expire right when your kids are heading to college and when your assets will have changed considerably. As soon as the term life policy is up for renewal, you can make some changes, shift some numbers, and renew at a time when you’re still low on health problems and when you know exactly what you need going forward.

For example, perhaps your child is off at college, but has his entire college tuition being paid for through some means – whether it be from your own sound financial investments, from scholarship, or from some other means. Now, you can check that off of your list of things that need to be covered by your life insurance policy and substantially lower that amount, lowering your premiums in the process.

What Happens When You Wait

LIMRA – an insurance industry dedicated research outfit – conducted a study in 2012 that determined the percentage of families within the United States who didn’t have life insurance; only 36% were covered. That’s 64% left completely vulnerable to financial ruin, or at the very least a significant stunt, should their primary income provider die prematurely.

Why is this number so high? Because people wait. They wait too long to obtain affordable life insurance policies – they rack up the health problems, the debts, and mismanage their income, resulting in an inability to pay the higher premiums available to them, so they just go without and hope for the best. Chances are, they’re not able to invest money in other investment opportunities either, so what happens to those families when tragedy strikes?

Stay Ahead, Stay Informed, & Get Help

Best thing that you can do when you’re young and single is meet with a certified financial advisor that can walk you through exactly what you need to do to set yourself up correctly. You can have everything that you’re dreaming about and you can take a lot of the financial headaches out of the equation, simply by getting ahead of the game.

Why not? Right now, it’s cheaper than it’s ever going to be.

Disclosure: This article is a sponsored post
Photo Courtesy of flyzipper
About the Author

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.


  1. I believe most young adults can benefit from some form of insurance be it life or term insurance. At the end of the day the peace that comes with knowing you have a cushion in case things go haywire is comforting and plus, as you point out, the premiums are lower when you start and the benefits can be rolled over later in life.

  2. jefferson @See Debt Run says:

    Personally.. I just don’t see it. I wouldn’t consider buying life insurance in any form until I was married. Of course, once you have kids, it becomes an absolute necessity.

  3. Until I was married WITH kids I wouldn’t bother. In my case I had all of my debts individually insured incase something happened to me but now that I have a kid I NEED to get on this asap!

  4. I recently purchased life insurance based on my future goals and I’m 26 years old. I will have a foundation in the near future and that will require some form of income to sustain itself if I were to pass. I also live well below my means and invest in my 401(k) as well as a mutual fund account through Northwestern Mutual. I think if a young person can afford a life insurance they should definitely buy in their young and the cost is lower.

  5. Don’t forget that you have to pass underwriting in order to get a policy. Many people decide to wait thinking they can somehow foresee exactly when a major illness is about to hit. They will just buy a policy right before feeling poorly, going to a doctor, and getting diagnosed.

    This of course is folly. The big advantage to buying when young and healthy is you get issued a policy. Too many people wait until after getting sick. They either pay a much higher premium, or get rejected.

  6. I think we should include this in our budget especially if we have a family. We do not know when emergency will come our way and it is better to be prepared by means of having insurances. Having a peace of mind that everything will be all right if something goes bad would be a relief.

Comment Policy:Your comments are going to be reviewed, so make sure to only use your real name and limit the links that you're going to submit. It must be relevant to the topic and helpful for your fellow readers as well.

Speak Your Mind


CommentLuv badge