I'm Young and Single, Should I Get Life Insurance? 5 Reasons You Need To

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66 billion US citizens have a life insurance policy. It's one of the most effective ways to protect your friends and family if anything happens to you.

A segment of the uninsured population is young and unmarried without dependents to name in a policy. This may lead them to ask, should I get life insurance? And the answer is yes.

Knowing why may help you make the right decision about buying a life insurance policy, so here are 5 reasons why you need life insurance when you are young and single.

1. You Should Get Life Insurance While It's Affordable

One reason for staying uninsured is assuming that life insurance is financially draining and best avoided unless absolutely necessary. Young people are especially apt to believe this myth. 44% of millennials estimate costs at 5 times the actual amount.

If you are single, young and healthy, you have a better opportunity to get a company’s best rate without needing to take a medical exam or go through any underwriting to get approved. 

The overall cost of life insurance depends on a variety of factors like health and age. While older individuals can still get an affordable policy, it's best to grab the best rates while you're young and healthy.

2.  Cover Your Debt and Expenses

Having life insurance in place, even if no one else is depending on your income, is a very important part of any sound financial plan.  Why? Because if you die unexpectedly, you are still likely to leave behind bills, like hefty student loans, credit card balances, medical expenses and let’s not forget the cost of your funeral. These expenses could be an unnecessary burden on your parents or siblings at what would already be a very difficult time.

3.  Save for Retirement

It's never too early to start thinking about retirement. In fact, the earlier you start saving, the more money you will contribute to your nest egg.

With whole life insurance, a portion of your monthly premiums accumulates as a cash value, which acts as a savings account. Your cash value will continue to grow with each monthly payment.

You can use your cash value as retirement savings. You can even borrow against the cash value tax-free for any reason. This is especially helpful if you want money for a down payment on a home or for an emergency.

You will have to pay back the loan with interest, but the interest rates are usually considerably lower than on a bank loan or credit card. Plus, you have no minimum monthly payment on the loan.

4.  Help Your Favorite Charity

There are many different ways you can give a donation to the charity of your choice. Some charities may have an online option or you can go the old fashioned route and mail a check. Another option that’s often overlooked is using a life insurance policy to make a charitable contribution.

Vantis Life offers a Charitable Giving Rider that attaches to your life insurance policy at no additional cost. When this rider is elected, the insurance company pays a percentage of the policy’s face amount (up to a certain amount) to the chosen charity as long as it meets the IRS definition of a nonprofit organization. The donation will not reduce the death benefit being paid to your beneficiaries, it’s in addition to it.

5. Protect Your Future

Another important reason to buy life insurance even without dependents is because you don’t know what the “future you” will look like.  You may not have dependents today, but as your life changes, there is a potential you may need to provide financial security for a love one in the future who may have grown to rely on your income.

Another reason you should buy life insurance when you are young and healthy is to protect your future insurability. You may become sick or disabled and that would make it very difficult and very expensive to get coverage.  By purchasing life insurance early, you will have the option later on to convert your policy at the end of its term into a whole life policy without having to go through any of the underwriting that would normally take place, guaranteeing future coverage.

Getting Life Insurance While Young and Single

There are financial and personal advantages to having life insurance while young and single.  Policies are more affordable and save you money in the long run. They also protect you no matter what the future brings.

It’s never too early to get the life insurance protection you deserve and it’s never been easier. Click here to quote and buy today!


Our content is created for educational purposes only. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Vantis Life encourages individuals to seek advice from their own investment or tax advisor or legal counsel.