Many people think that life insurance is for the married and not for singletons. While it seems logically right that single people do not need life insurance, there are 5 good reasons it makes sense to buy life insurance when you are single.
It is cheaper when you are young
Life insurance is cheaper to buy when you are young. Life insurance premiums are directly proportional to age. The older you are, the higher the premiums. Lock in a protection plan, like a term life insurance plan, at a lower price when you have the advantage.
You will have a family
Although you are single today, going forward, you do plan to have a family, don’t you? Everyone does. The day you have a family, your expense may rise and you may not have enough surplus funds to foot the insurance premium. So, make sure that you are able to pay for the insurance premiums till you can. Also, buying insurance at a later stage will anyway be costly. If you are going to buy it, you might as well buy it now at a lower premium. This brings us to the next point .
Your family members will be secure
If and when you have a family, securing their future becomes a commitment from your side towards them. If anything untimely were to happen to you, who would take care of them? How would they cope with the loss of a loved one coupled with the lack of financial security? Make adequate provisions today so that they are financially equipped to cope with your untimely loss.
You may be the only earning member in the family
If you get married and decide to start a family, your spouse may need some time off from work to tend to your children. In such a scenario, you will be left with a single income to take care of the household. If you meet with an untimely demise and your support is taken away from them, what happens then? This brings us to the reality of the next point.
You will have liabilities in life
With a family in place, you will be having liabilities like a home loan, education loan for your children etc. If something were to happen to you, your family will have to fend for themselves. You would definitely not want your family to cope with a bereavement and meeting financial obligations together. As a matter of fact, going forward, you may have to take care of your aged parents.
In the light of the above, it is prudent to take out a term insurance plan like Edelweiss Tokio Life MyLife+ to safeguard the future of your family members at a cheaper cost when you are single.
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