A term life policy can help you out, even if you’re not married.
Cuffing season is long gone and meteorologists are telling us it’s gonna be one heckuva feral girl summer. How do we know this? Well, according to the Pew Research Center, 4 in 10 people in the US between the ages of 25 and 54 are single. “Single” here meaning you’re unmarried and not living with a partner. So if you’re single, feral girl summer means you might get to introduce a bit more good chaos into your life this sunshine season.
The flipside of this is you should probably think about preparing for when the chaos gets a bit much. Like think about your expenses, debts, etc—do you know what happens to those when you die? They don’t just go away. And others may end up having to take care of those in your absence. That’s where life insurance can come in.. Now, we know people tend to think if you’re single and without dependents then you don’t need a life insurance policy. But we at Wyshbox poo-poo that idea. Term life insurance is a tool. A tool that guarantees a payout to cover any outstanding expenses, if you were to die unexpectedly. Now if that tool might be useful, we think it’s worth looking into. So how much life insurance should a single person have? And what kind of things can it tackle?
The Wyshbox Blog
- Do I need life insurance if I’m single
- But is life insurance worth if it I’m single
Do I need life insurance if I’m single?
Maybe. In all seriousness, life insurance can only help as far as your needs go. Whether you need a little bit of help or a lot, a life insurance policy is to help tackle the expenses in your life. There are a number of ways to calculate the right amount of coverage. But single people may have a number of different areas they might focus on. So what kind of expenses could life insurance for single person households address?
Ways life insurance can help the single life
44.1 million American households are renters, and with the rising rent costs, it’s also likely that people have non-romantic roommates to help them out financially. If you bit the big one suddenly, that could leave your roommates in a financial tough spot. But a life insurance payout can act as an income supplement or even replacement, giving your roommates a decent enough runway. With a life insurance policy, you don’t have to worry about what your housemates would do about their living situation if you died.
Student loan debt
Ah, student loan debt, how no one loves you. If your parents or other legal guardians acted as co-signers on your student loans, and you die suddenly, they may be on the hook for paying that money back. Which isn’t a cool move to do to those people. But a delicious, delicious life insurance policy could ease things, tackling those pesky debts so your loved ones don’t have to worry about those.
Caretaking for family
Being single doesn’t mean you don’t have others relying on you. According to Caregiving.org, nearly one in five Americans provide unpaid care to an adult with health or functional needs. And not every caregiver lives with their recipient. If you’re single but still acting as a caregiver or financially supporting a family member, a life insurance payout could be used to cover caregiver services in your absence. Basically, even if you die suddenly, you can ensure your family member still receives the care they deserve and need.
This is for our entrepreneurs out there. A life insurance payout could go to your small business or startup. You can designate your business partner(s) as your beneficiary, who could use that money to put back into your business. And that money could go to fulfilling payroll, financing expansions or just taking care of general costs. If you’re a business owner, you know having a rainy day fund for when things go sideways is important. And waking up dead is about as sideways as things can go.
But is life insurance worth it if I’m single?
Look, we get it. You can do a lot of things with life insurance. But not everyone is a caretaker or a startup entrepreneur. Some people are just living life and don’t have debts or dependents. Maybe you’re a digital nomad, living the rich auntie lifestyle. However, we aren’t truly alone in this world. We have families, both biological and found, that can make the most of a life insurance policy.
For example, you can take a life insurance policy out on someone else. Obviously, the other person has to know about it, otherwise we’d all have policies looking over our heads. And you have to prove a financial stake in that person. But that can include your best friend or a platonic life partner. If you’d be in a financial tough spot in the wake of their sudden death, life insurance might give you both peace of mind.
Ultimately, life insurance is about your needs and what you want covered. If you want to set your loved ones up after you’re gone, then great. You could also leave a legacy, such as donating to charity or gifting someone the wedding day of their dreams. Being single doesn’t mean we don’t rely on each other. So while you’re having your feral girl summer, think about what you would want covered. And take a gander at our Wysh Builder to see what kind of coverage works for you.