Recommended Uses of Life Insurance when Single with No Kids
Clearly the need for life insurance is not as urgent when you do not have others relying on you financially. If you are single without children, that is probably your scenario. I highly recommend establishing a tax-free, self-directed, privately-owned, savings plan as soon as possible. Enjoy stock market gains without stock market risks. Click here for more details.
Many popular suggestions include a 10 year term life policy, 20 year term life policy or 30 year term life policy. There is now a 40 year term life policy available. Inexpensive protection for 40 years. Nice option, depending on your age.
Did you know there is no medical exam needed up to 1M in life insurance protection (depending on your age)? Additionally, if you desire a policy that creates a cash value, we recommend an index universal life (IUL) policy. Give us a call today for a personal review of your needs. 1.800.277.3098.
There are several critical reasons to purchase life insurance when single.
- 1Name your parents or sibling as beneficiaries to help them out financially.
- 2Life insurance will pay for your final expenses.
- 3Youth and health. Lock in low life insurance rates while you are young and healthy. Your rates will last a lifetime (permanent insurance) or decades (term insurance). Taking advantage of your youth and good health is a wise financial move. Life insurance rates only increase as we get older and our health is generally at its optimum while we are younger.
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