Why you should consider life insurance even if you’re single

Life insurance isn’t the sexiest topic in your 20s. The last thing that you want to think about when you’re single is the idea of buying life insurance. You don’t want to imagine being old. You feel on top of the world. You love life. You have no worries or concerns.

I used to get offended when others told me about life insurance, or tried to convince me to buy a policy. Then I slowly figured out that I wasn’t going to be young forever. I know that you’re not looking for another expense, but there’s nothing better than protecting yourself.

Why should you still consider life insurance when you’re single?

You can get a lower rate

Your life insurance rates, especially for term life insurance, are lower when you’re 25 and healthy. Premiums go up by the time you’re 35 with two kids and a colossal mortgage. You can lock yourself in at a decent rate when you’re still in your 20s. You don’t want to wait until it’s too late. The insurance companies factor in everything about your health and your situation when they give you the rate. Grab that low rate while it’s still an option.

You might be supporting others

Do you still live with your parents? Does anyone rely on you financially? Just because you’re single it doesn’t mean that you’re totally off the hook. Your parents might need to depend on you financially. Try to think of the important people in your life. You don’t have to be married to have responsibilities.

Cover costs if anything happens

I don’t want to be morbid. I actually hate thinking about or talking about death. However, anything can happen at any time. Look at the news. I hope that you live until you’re 100 (that’s my plan), but what if you don’t make it that long? Funeral costs are very expensive. You don’t want to financially burden your family if a tragedy occurs.

Protect your family if they co-signed any loans for you

You don’t want your parents to be on the hook for any loans that they may have co-signed for you. Chances are that your parents helped you out with your student loans back when you were a teenage punk trying to get into college. If you don't protect yourself and something happens to you, then your family will be on the hook for everything.

I know that life insurance isn’t a priority when you’re dealing with student loans and finding a job that you like – all while you try to squeeze in some fun. However, now is the time to compare the best rates on life insurance and get the best deals. You don’t want to regret not protecting yourself one day in the future.