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How Much Life Insurance Do I Need If I Am Single?

By on March 6, 2014 in Insurance, Life Insurance

How Much Life Insurance Do I Need If I Am Single?Life insurance is a critical piece of the financial puzzle if you have other people relying on your income. If you die, they’ll be sad but be able to cope a lot better with a check from the life insurance company to replace your income over the next several years.

That having been said, should you even get life insurance if you don’t have other people relying on your income? Do single individuals need the financial protection that life insurance offers?

Life Insurance for Single Individuals

Having life insurance is never a bad thing as long as you are getting a good value for the premium you are paying. A solid 30 year term life insurance policy would provide the average single individual a majority of the coverage they will need in their entire life. But is life insurance really necessary?

You Need Some Life Insurance

The bottom line is you do need some life insurance. The exact amount really depends on your specific situation, but someone is going to have to arrange your funeral. And funeral costs won’t be going down anytime soon.

Most people think you need life insurance to cover your debts when you die. This isn’t the case: your debt is yours alone. Any money and assets you have will be sold to pay off as much debt as possible and handed back to your creditors in equal percentages until your estate runs out. After that all debt is forgiven.

Nonetheless having even a minimal policy that will pay for a funeral can ease the burden of your death on any of your relatives that will end up having to deal with the problems you leave behind.

The Benefit of Additional Life Insurance Coverage

Just because you only need a minimal term life insurance policy doesn’t mean that is the only coverage you should get. Most single individuals should get a substantial term life policy just as if they were married.


There is no time like the present to get the best term life insurance rate. Every day and year that goes by means your premium is going up in price. You are much better off getting a 20 or 30 year term life insurance policy at 25 than at 30, 35, or 40. The costs are significantly lower the younger you are.

Also, getting a life insurance policy when you are single doesn’t mean you will be single the rest of your life. If you get married in the future you will need life insurance as part of proper estate planning. As mentioned above it will be cheaper to get a life insurance policy today than it will be in five years when you get married. Even if the policy you get today doesn’t meet 100% of your future life insurance need, you can always add an extra policy on top of your current policy. Having an older policy with a new, smaller policy on top of it will be less expensive then waiting to get a much larger policy at that future date.

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