Life Insurance for Single People

sarahheller By sarahheller, 17th Jul 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/mb_ft4ea/
Posted in Wikinut>Money>Insurance

Life insurance is often recommended for people with young families. This type of insurance is designed to protect the loved ones who are financially dependent on the insured person. Single people, however, seldom type “instant life insurance quote” into an internet search engine. Many single people simply assume that life insurance is something they can go without.

Life Insurance


Many single people could benefit from looking for an instant life insurance quote, however. Any single person with children, of course, should definitely have life insurance. Single people who provide a good amount of the financial support for a child should also buy a policy payable to those children or their legal guardian. Keep in mind that not only does this apply to minor children, but adult children as well. Young adults who are still in college will need help not only with their educational expenses, but with additional travel and living expenses that they will incur after the death of a parent. An adult student who spends summer semesters at home may not have that option if their parent dies, making it necessary for that parent to have life insurance.
Single people without children to support may also need to look for an instant life insurance quote, too. Single people who have elderly parents and/or disabled relatives under their care will need to provide for these individuals in the event of their early demise. Life insurance can be made payable to these individuals or another legal guardian. A will can stipulate that the funds be used for their medical and incidental care expenses.
Even people who do not have anyone to care for probably need to buy a small life insurance policy. After a death, someone must be responsible for arranging and paying for the funeral. With a typical funeral these days costing well over $8,000, some money should be left by a single person to pay for these expenses. There are also additional expenses incurred by friends and family who must pay to take time off work and travel for the funeral. Finally, there are legal expenses, as well as the costs of cleaning out a house and distributing possessions.

Tags

Budget, Budgeting, Budgets, Life Insurance, Single, Single Parents

Meet the author

author avatar sarahheller
I am a freelance writer with over five years of experience in civil and mining engineering. The majority of my work focuses on college level topics in Physics, Environmental Science and Math (including Geometry, Algebra, Calculus, and Statistics), a...(more)

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