Co-Founder, Coastal Financial Partners Group, California
It depends on several factors such as your age, goals and objectives. Many people who are single now expect to have a family sometime in the future. Or, they have extended family members in their care. One's insurability can change in the future so starting now while younger and insurable is sensible.
Founder, Protection From Life, Founder of Protection from Life - Insurance a Better Way
Do you need life insurance? No! If you never plan on getting married or starting a family you don't need life insurance.
However let's think outside of the box. What do you care about? Think about the impact you can have by buying a policy and having it benefit a charity or research, perhaps a scholarship. Something to think about.
Anyone can help make their passing less stressful on survivors by having life insurance, at least enough to pay off the funeral and pay off debt. If you have a business, there are a number of ways life insurance can be used to transfer your business interests to prospective buyers. Whether the death benefit goes to a funeral home, charity, relatives, or business partners, life insurance is a smooth and tax friendly way of handling end of life issues.
A single man may need life insurance to pay off bills, a mortgage or loans. Having life insurance to cover funeral expenses is especially helpful for a single man, as there will not be a spouse who is there to take care of that obligation. A single man may also want to leave money to relatives or charity, which is easy to do with life insurance.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
A single person may have immediate or related family members, business partners or favorite charities that he or she wants to protect and/or transfer assets to when he or she dies. Life insurance can also be a tax advantaged supplemental retirement plan that designed correctly may generate tax free distributions in the future.
That is a great question! I guess the answer really depends upon you, and your view of your future. I'm assuming that though you aren't married, that you still have family that is alive, and that may be burdened with the expense of your funeral arrangements? If so, you might think about a policy to spare them those expenses, they will be burdened enough with their grief. Are you planning one day to marry? If so, then you've already taken steps to provide for your future wife and children. I hope that helps, thank you for asking!
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Whether a person NEEDS life insurance or not, (single, married. male, female - whatever), really depends on what that person's financial condition is. Whether a person WANTS, (or should want), life insurance is related, but has many other determining factors. As has been mentioned above - if a person has family or charities they want to leave a legacy to; If a person has financial obligations that would fall on family members if they should become disabled or die, these are good REASONS to purchase life insurance.
If a person has enough wealth in liquid assets to cover any eventuality and protect loved ones from liability, then, no - there is no NEED. But even in such a case a wise person would WANT to have a Whole Life policy with a Mutual company that pays dividends to the policy holders.
.JPG){kind=avatar}
However let's think outside of the box. What do you care about? Think about the impact you can have by buying a policy and having it benefit a charity or research, perhaps a scholarship. Something to think about.
If a person has enough wealth in liquid assets to cover any eventuality and protect loved ones from liability, then, no - there is no NEED. But even in such a case a wise person would WANT to have a Whole Life policy with a Mutual company that pays dividends to the policy holders.