On a recent trip to a convention in Sin City, the Capital of Insurance Conventions, my Lyft driver asked me what I did for a living. “I work in insurance”, I replied, and I saw his face tighten in the rearview mirror. It was late, and I was thoroughly exhausted, but the look on his face was too good to pass up.
I asked him, “Do people try to sell you insurance all the time”. He looked at me again and laughed, “Yes”, he finally gasped, “ALL THE TIME!” I feel like everyone I pick up is trying to convince me to buy life insurance. I chuckled and said, “Well let me NOT do that”, and I let the matter drop.
A few minutes later, maybe with a slight concern of a dwindling tip he said, “I’m single and it’s just not something I need.” I happily let him off the hook and changed the topic. I left the car thinking that of all the life insurance sales people this guy had encountered, not one of them had told him the value of buying life insurance when you are single.
Here are 5 good reasons for having a life insurance policy when you are single:
- Debt. Even though some debt dies with you, such as a federally-backed student loan, other debts may not. If your parents or other family member co-signed a personal loan or a car loan for you, they may find themselves paying back your debt.
- You live with someone, and leaving them without your portion of the rent would hurt them. They may be forced to move. If you care about your roommate, a life insurance policy would let them know that you consider them and the agreement important.
- You’re young and healthy now…but you won’t be forever! The younger and healthier you are the more affordable life insurance is. A healthy person under 30 could get a significant life insurance policy for less than $20 a month. Passing up your high-priced, name-brand coffee a few times a month could make that happen.
- You are helping someone financially now, or you may be soon. Remember, when your dad said YOU were his favorite…that means he might be moving in with you one day. Whether it’s aging parents or a sibling…someone may be depending on your financial support someday. Life insurance can provide that even if you may no longer be around.
- Final Expenses. Funerals cost between $5k and $7k or more depending on where you live and how expensively you want to exit. Don’t leave your family members with this burden along with their grief.
Check our life insurance page here and reach out to one of our specialists for more information.
