A Single’s Life Revisited
Ah.. the single life. Freedom, glorious freedom. No chains of responsibility, not a care in the world. Drinking till 3 in the morning, knowing that the weekend is all yours to spend as you wish. Ordering dominos and staying in front of the computer all day. Those were the days.
But I digress.
You’re single and you figure you don’t have a care to worry about. Maybe you’re young and just starting to make your way in the world. You could have just finished school and embarked on a new career.
Or, maybe you’re pushing middle age and simply prefer to stay single.
Whatever your circumstances you might be wondering why in the world would you need to buy life insurance since you might not have any responsibilities to worry about.
It might not seem that way now, but I assure you, you might not be thinking of the big picture just yet. Permit me to ask you a few questions:
- Do you have any student loans?
- Do you have any credit cards?
- Is there a car loan that you took?
- Do you have any personal loans?
- Do you have any housing loans?
- Are you planning to get married in the future?
Hey hey guess what? You’ve got responsibilities! Add all of these debts up and how much do you plan to splurge on your funeral (great brainstorming exercise).
Now lets try to answer this question: Who is going to pay for all these if you drop dead right now?
I don’t suppose you think all the debts are going to vanish into thin air, someone is going to have to pick up the tab. This is where you have a choice. Will it be your parents? Your grandparents? Siblings?
Decency dictates that every grown person bears responsibility for their own financial liabilities. Do you really want to saddle the people you care about with your own financial mess?
But who has the money to spend on Insurance?
You might throw up your arms in the air and say: Life Insurance is too expensive! That sort of thinking went out of style somewhere in the early 80s, and we dispel that myth in this post here.
As long as you have a mobile phone, or watch movies regularly, or subscribe to cable tv – you will always have enough for life insurance. It is least expensive when you are young, and costs balloon as you age.
Staying Single Forever?
You might be single now, but there’s a good chance you’re going to meet that special someone and get married, have some kids, buy a house. And, you’re going to need life insurance to make sure your family is able to maintain their standard of living.
Life insurance is also sexy! Okay! Maybe I’m exaggerating a bit, but if you do plan to get married, then you can bet your spouse is going to insist you buy a policy especially if you are planning on having a family. A potential spouse is going to be impressed with the fact that you were savvy and responsible enough to have already bought a policy. I’m not saying that having a life insurance policy is going to get you girls, but it could give you a few extra points with that special someone.
How do I start acquiring Life Insurance?
Glad you asked. Its simply a matter of either:
- Asking an agent to plan out everything for you
- Doing your own research and comparing your on plans here
- A mixture of both.
We highly recommend choice 3 because it will always be better to have your own input as well as listen to what an agent has to offer. He or she might point out to issues that never crossed your mind, and doing your own learning and research also allows you to access the capability of the agent.
Ok I’m sold. Who do I name as a beneficiary?
Good question! If you’re single and do buy a life insurance policy, you have to name a beneficiary. It could be one person you nominate, or it could be several. You could choose either your parents or a sibling(s). Naming a beneficiary isn’t carved in stone as you can change the beneficiary as your circumstances change.
All you have to do is contact the insurance company that sold you the policy and ask for a “Change of Beneficiary Form”. It’s that simple. So if you name your parents now, and get married later on, then all you have to do is request the form to re-name your spouse as beneficiary.
If you really can’t think of anyone suitable for a beneficiary, just name me.
So all you singles out there, you owe it to yourself to take action. And pronto!
What sort of insurance do you think is especially important for singles? Share with us in the comments below!
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.