Why Singles Need Life Insurance Too

Being a singleton is fun. You don’t have to consult with anyone when making plans. And you have the opportunity to do what you want to do at a time that suits you. But singles need life insurance too.

Plus you don’t have to pretend interest in the mundane activities that others expect.

Overall – it’s a time to be incredibly selfish. You also don’t have to manage joint finances together with someone else. And that means that there is no need for long-term insurance right?

Well, being single doesn’t necessarily mean your death won’t have a financial impact on others. Yes, you are young and healthy, but that does not make you invincible. There is a very real need and in fact a long-term benefit. Just consider how life insurance can fit into the early stages of your financial plan. That is assuming you have put one in place.

Research shows that young adults today are waiting longer to buy homes or have children. Those are life changes that typically elicit the purchase of life insurance. In fact, in South Africa the average Singles Need Life Insurance Toomarrying age for women is 29 and for men it’s 32 to 33.1

If this is the case, then ask the obvious question. Why should you consider life insurance while you’re still single? The answer is simple. It is because the plans you make today, change the lives of those you care for most in the future.

Singles Need Life Insurance – Reason 1:

Unlike short-term insurance, it is more cost effective to buy a policy when you are still young. That is because you are relatively healthy and less prone to chronic ailments. These include heart conditions and osteoporosis. These ailments are factored into the cost of life insurance, making it more expensive as you get older. It’s a natural process that, as you age, you encounter more health risks, so waiting until you are older can mean you’ll pay significantly more when you do eventually take out a life policy.

Singles Need Life Insurance – Reason 2:

Are your parents standing surety for a loan you took out? If so, in the event of your passing, or even if you become disabled and unable to work, they will be responsible for the amount owed to the banks. In this economy, the last burden a grieving family member needs is to be harassed to make payments that they may not be able to afford. Remember if you have a loan, you can expect to pay almost double the amount across the full term of the loan, so ensure that your family is protected from your long-term financial commitments, should anything happen to you.

Singles Need Life Insurance – Reason 3:

According to research, around half of South Africa’s population rely on their family to support them during their retirement due to poor saving habits2. Knowing this then, even if you are single, you may still have family who depend on your income and see you as the breadwinner. If you have to provide long-term financial assistance for your parents, it is imperative to plan now so that you aren’t jeopardising your own financial future with uncertain future events.

Determine how much life insurance you need, not only to help your family pay off any long-term debts you may have, but also to ensure that monthly bills such as school fees, groceries and municipal bills can be paid if you are no longer around. For example, if you contribute R10 000 towards the household, then, if you die, your family will still have to pay the expenses that this R10 000 covered.

Singles Need Life Insurance – Reason 4:

If you own a business and share the liability and profits with partners, a Key Man insurance policy can be taken out. This will protect the company against financial losses that could arise from your death or disability.

Singles Need Life Insurance – Reason 5:

Managing the costs of a funeral can be extremely stressful, especially when emotions are still running high. A simple cremation can cost over R7 000, while a low budget funeral costs over R10 000. Life cover that includes an accelerated funeral benefit will go a long way towards covering the high costs associated with arranging a funeral.

The benefit can also be used to cover costs such as the transportation of the body to the place of burial, a memorial headstone, groceries to accommodate people attending the funeral, or immediate cash that may be needed by your family in the first few days after death.

Being single has many perks – tomorrow could be the day you meet the love of your life, the day you choose to take a trip around the world, or make a huge change to the way you live. The possibilities are endless, as long as you remember to plan ahead and get the right cover to secure both your own financial future as well as the future of those you love most.


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All info was correct at time of publishing