Life Insurance Needs for Single People

June 24, 2013



Many single people are under the impression that they do not need life insurance, however, even though they do not have dependents, they may have someone in their life who is dependent on them for support.

For instance, some single people may have purchased a piece of property jointly with someone else,  Often, people who co-habitate may decide to buy a house together.  In this instance, if both are contributing to the mortgage payment, and if one dies, the other would have difficulty making the payments on their own.  In this instance, each would need life insurance on the other, naming each other as beneficiaries.  This would enable the survivor to continue paying the mortgage, pay final expenses for burial, and living the life style he/she was accustomed to living before the death of the partner.

Life insurance is less expensive in the early years, and therefore, it would be beneficial for single people to purchase life insurance before a decision to marry or have children.  If they are helping to support a family member, that family member will miss the support, if the single person were to die. 

A single person may not want to leave the family with large debts upon an untimely death, especially if they saw another family member experience hardship as a result of the loss.  Therefore, if they are have outstanding college loans or mortgage payments, and want to leave the family with enough to pay their final expense benefits, they can purchase enough life insurance to cover these debts if they die prematurely.

Finally, life insurance is another way to save money on a tax deferred basis.  After three years, the whole life policy would have cash value that the single person could use to begin a retirement plan or college fund.  With variable life insurance, they could accumulate higher amounts of cash value.

When to Consider Buying Life Insurance

February 8, 2013


There are life events which should encourage families to consider buying life insurance. Unfortunately, life insurance is not a priority in the lives of many young families, as younger people tend to believe that they have many years ahead of them. However, the prudent thing to do would be to purchase life insurance to cover a loss of income in the event that something happens to one or both of the parents or if they become disabled.

They can purchase enough life insurance to cover college costs as well for the children. In the case of younger parents, life insurance is very inexpensive in the earlier years and parents would be able to afford to buy higher amounts of insurance coverage.

Newly weds should consider buying life insurance on themselves to protect their incomes in the event that something happens to them. If husband and wife are working, both can purchase life insurance on themselves. In this way, both can continue their normal lifestyles in the event of death or disability of the spouse.

When couples purchase a home, one thing that needs to be done is to purchase mortgage insurance to cover the mortgage in the event of death or disability of one of the partners. Many people suffered a loss of their properties during the economic crisis because they were not adequately insured. Some people may not be able to purchase enough to cover the entire mortgage, but any amount which they can afford would help their family.

When families experience financial hardship, the insurance is usually the first thing to go. Now, with the changes that insurance companies have enacted, families can continue their life insurance coverage in the event that the policyholder is disabled, unemployed, or when the family suffers a natural disaster.

In conclusion, families need to consider purchasing or increasing life insurance when they marry, purchase a home, or begin to have children, if they care about making sure they are protected in the event of death or disability. If you would like a review of your situation, feel free to contact me.


The Tulip Bulb Bubble

May 9, 2011


The Tulip Bulb Bubble


Tulips were in great demand in Holland so much so that people sold their valuable property and invested in them….(to read more, click onto the above link.)