If you’re single and have no children, insurance may be an afterthought. At first glance, it may seem unnecessary to purchase policies when you have no obvious dependents, especially if you’re young and healthy.
A closer look, however, reveals that particularly today, when so many people are emerging into adult life burdened with massive debt, getting covered makes more sense than ever. “Many people think, ‘I don’t have a family, so I don’t need insurance,’” says State Farm Agent Melanie Bakala. “What they don’t realize is that if they pass away in a car accident, someone in their family – their parents or their siblings – will incur expenses for burial or cremation.”
A few reasons for single people to consider insurance:
To protect yourself in the event of disability. If you become sick or injured, what happens if you’re unable to earn income for a prolonged period? Single people are less likely to have others in their lives they can rely on for financial support when times are tough. Disability insurance will replace a portion of income over time if you are unable to work.
You may be able to get partial disability coverage through a group plan with your employer. Independent plans are also available, with the advantage that privately owned insurance stays with you if you change jobs.
To make sure your debt ends with you. Currently, 44 million Americans owe $1.5 billion in student loan debt, at an average amount of $37,172. While it would be nice to assume that if anything happened to you, the debt would disappear, that’s not always the case. If your parents co-signed your loan through a bank, they would be responsible for the debt if anything happened to you. Insurance can protect against such eventualities.
If you take care of your parents or other aging relatives. In 2018, 34.2 million people nationwide were providing unpaid care for an adult in their lives, most often a close relative. Costs are not just financial; the loss of time and productivity that occurs as a result can also create a financial strain. If something were to happen to you, what would be the effect on those you care for? Life insurance, particularly a permanent policy, can ensure that there’s money in place to fund those needs in the future.
Your funeral expenses will be covered. It’s difficult for healthy young people to consider, but even dying costs money. In 2018, the national average cost of a funeral is between $7,000 and $10,000. Planning ahead and getting coverage can prevent your family from having to deal with financial pain on top of heartache down the road. “No one wants to leave a financial burden to their family,” says Bakala.
Learn more about your insurance options by visiting the Melanie Bakala State Farm website or calling 360-426-2428 (Shelton) or 360-972-7905 (Lacey).