Life Insurance for Singles - Here’s Why Insurance is Important!

Living the single life? Here’s why insurance is important!

As a single person, you probably have a long list of items on which you spend your hard-earned money. However, you should also look at putting some of your salary away for emergencies. The question is, where?

Should single people buy life insurance?

Some people view life insurance being solely for married people or those with children. But did you know that life insurance plans can enable you to build a corpus, provide for your dependents and even help you to avail tax benefits? In fact, if you’re a single person, a life insurance plan could be the smartest way for you to invest your money.

4 great reasons why life insurance plans work for single people:

1. Repayment of loans
   It would be a good idea to invest in a life insurance plan if you’re going abroad for your studies and have taken a student loan. This can save your loved ones a great deal of hardship if something unforeseen should happen to you during your studies. A good life insurance plan can ensure that no one is burdened with the repayment of your student loan.
   As for a business loan; we often hear that a business shuts down with the demise of one partner as the other partner was burdened with debt. A life insurance plan can help the business stay afloat financially in such a scenario.
2. For your dependents
   If you are single and taking care of your parents, siblings or even your own children as a single parent; then a life insurance plan becomes a vital necessity as it provides for your dependents in case of your untimely death. The loss of your income would be replaced by a good term plan and your family would be secure.
3. You don’t intend to stay single forever
   If you intend to get married and start a family in the future then getting insured while you are single is the best gift to give yourself before starting the new chapter. With marriage and children come greater responsibilities. To raise a child especially requires judicious planning and investing. Every milestone needs a certain amount of money. A life insurance policy offers just the support you need at every step. You could build your corpus with a variety of funds such as Term Plans, Endowment Plans and others. Don’t wait till the last minute, start building your corpus with a variety of funds and get financially secured before you take the next step.
4. Age is on your side
   All life insurance companies take health and risk of death into consideration when calculating the premium. Young people are generally healthier and the risk of death is far lower. So, you can buy life insurance plans at a lower premium and get a higher maturity amount as this fixed premium gets locked throughout the policy tenure.

To know more about Term Insurance browse the website for various Term Plans offered by PNB MetLife