When talking about life insurance, it seems that we should always be thinking about insurance for married families with children. With this entry we will see, in the case of a single person (without children, of course), what insurance needs he/she might have.
Life insurance for a single person?
Life insurance can protect us against death and disability, from any type of accident or illness that we suffer, as policyholders of that policy.
For this reason, thinking of a single person, without family “burdens” (children, marriage…), should he/she have a life insurance policy?
There are several views on the matter:
- The classic conception that, for that simple reason, there is no need to make sure of anything.
- The more conscientious version: precisely because we have no one to take care of us if something serious happens to us, it would be convenient to have this insurance. Even more so, considering that our income is greatly reduced and our expenses increase considerably.
Disability as the main concern
Single people are characterized by their independence, something they do not want to lose in any way. For this reason, the contingency that worries them most is not death, but permanent disability: that which can take them away from the professional world, making them dependent on the help of third parties, both physically and financially.
For this very reason, a life insurance policy covering permanent disability will allow us to maintain that financial independence, covering the costs of care, rehabilitation and medical tests, so that we do not have to depend on anyone.
In the case of the self-employed, this is exacerbated by
In the case of self-employed workers, this argument is even stronger, due to their usually low Social Security contributions, which statistically leads to much lower disability pensions for self-employed workers.
Failure to anticipate these events, on many occasions, has meant that a person in his 30s, 40s, fully independent with his own job, has had to return to live with his parents or aunts and uncles or other relatives, because he could not manage on his own.
That would be the most common example. However, there is also that person with siblings, with a special affection for their nieces, nephews or friends’ children, who request a life insurance policy to leave them money for their education or a better future, in case they are no longer around. This would be another relatively common case that would justify taking out a life insurance policy with a death guarantee for a single person.
If you want us to help you in this decision, or simply need a quote with solvent life insurance companies, contact us.
