For people who are married or have children, the need for life insurance is pretty obvious. A responsible provider wants to make sure that the people that love him will be secure no matter what happens, and a life insurance policy can protect a family’s financial stability in an extremely difficult time. However, for a single person with no legal responsibilities, the motivation for buying life insurance requires a bit more thought.
While it is true that single people technically has no one else to worry about, ideally there are people that still love them because they are required to, such as parents and grandparents. Single people often end up responsible for the care of these loved ones in their advancing age, and their potential inability to work could spell disaster if something unexpected were to happen and there was no one left to look after them. A life insurance policy can provide funding for final expenses as well as outside care for a senior in need of assistance. Visit GIO at www.gio.com.au/personal-life-insurance, regardless of your marital status & learn more about their policies.
Another reason for a single person to have a life insurance policy is to cover any debts you may not live to repay. The people that love you have likely done a large number of very nice things for you over the years, and leaving them stuck with your mortgage payment and car note just because you’re not around to pay them anymore is no way to show your gratitude.
Even singles with less involved family lives can benefit from a life insurance policy. You love you even if nobody else does, and that means you’ll want to ensure your own financial security as much as possible before retirement. Some policy types allow the insured to draw cash value from the policy or double as investment tools that gain value the longer you hold them. Working every day until you collapse into the grave at 93 is no way to express your affection for yourself, and so a life insurance policy can be a worthwhile investment for a lone wolf as well.
A life insurance policy can have as much value to a single person as someone with a family of their own. There’s no time like the present and odds are you won’t always be single. The only difference is that by then, the rates will have likely skyrocketed. Nevertheless, even if you remain on your own and wonder why you would ever need life insurance as a single person, just remember: somebody loves you.