Life Insurance for Singles?
Although life insurance is generally popular among men and women with children and dependents to care for, a new report from the Insurance Information Institute reveals that life insurance can also be useful for those who are living single.
With Unmarried and Single Americans week set for September 16 through 22, I.I.I., the nonprofit communications organization supported by the insurance industry, highlighted how life insurance is important for just about everyone, as nobody knows exactly what the future holds.
Staying Single Is a Growing Trend
There are numerous advantages of being single, including not having to look out for anyone else's finances, and that could be part of the reason why 33 million people in the United States lived alone last year. Fifty-three percent of unmarried residents in the United States older than 18 were women and 47 percent were men, the U.S. Census Bureau states.
The U.S. Census Bureau data also revealed that there were 13.6 million unmarried parents living with children last year.
"As a single parent it is crucial to make sure your dependents will be financially secure in the event of your death, so life insurance should be a key element of your financial plan," the I.I.I. states. "However, even if you do not have dependents, life insurance can be an excellent way to pay your final expenses or leave a significant contribution to a charity you want to support. Furthermore, whole life or permanent life policies create a cash value that, if not paid out as a death benefit, can be borrowed against or withdrawn on the owner's request, creating a kind of 'forced' savings plan."
Long-Term Care Needs Are Important as Well
Growing old can be scary, but the right life insurance policy can go a long way as far as peace of mind is concerned. Long-term care is another area that individuals must think about as they grow older. With quality of life and longevity increasing as technological and medical advancements are made, the need for quality long-term care increases as well.
Unfortunately, not everyone is going to be able to live and take care of themselves into old age. Setting aside the appropriate funds for housing in a nursing home or assisted living facility is key for anyone who wants to continue to live comfortably even into old age.
Comparing life insurance policies online can go a long way in determining how much a policy will cost, given the number of factors that go into deciding rates.
