It is a common occurrence that single individuals believe that they do not need life insurance (Lebensversicherung) . While this might be the case, there are many circumstances where an individual life insurance policy is a good idea. Let’s take a look at how having an insurance policy today, no matter what your marital status, can protect you and your loved ones now and in the future.

Dependents

Most people choose not to get life insurance if they don’t have any dependents, but they may be unaware of the people who will be depending on them in the future. Children are the obvious example of dependents that you will want to have protected with a life insurance policy, but older family members are potential dependents, as well. If there is the possibility of your mother or father needing help with medical bills or nursing home stay in the future, then an in inexpensive life insurance policy can be a way to make sure they are cared for if you are no longer there to help them.

Funeral Costs

In the event of your death, who will pay the funeral costs? Chances are that a family member will have to step in and shoulder those expenses. In this situation, a small life insurance policy can prevent the mournful timeframe after your death from becoming a financial burden on the ones who loved you most.

Joint Debts

Any debts that are strictly under your name will disappear after you are gone, but anyone who might have a joint debt with a family member or partner is doubling the other’s financial burden. Examples include co-owning a home with your sister, sharing a credit card with your boyfriend or girlfriend, or running a small business with an equal partner. In these situations, your death will result in them having to pay your share as well as their own. Naming them as a beneficiary in a life insurance policy can protect them when you are gone.

Lower Future Insurance Costs

Finally, term life insurance (lifeinsurance.org/term-life-insurance/) and other specialised policies can be more difficult and expensive to obtain later in life. This is especially true if there is a family history of illness, or you have any reoccurring health issues. Beginning a policy early, when you are more insurable, can save you money in the future. In addition, it will allow you to have insurance that might otherwise be denied to you later in life.

For all of the reasons stated above, an individual who is single needs a life insurance policy to protect themselves and the people they love.