For new single majority, life insurance can be a good partner.
Creating a solid foundation when you are A sole provider.
In 2014, the US crossed a milestone: The majority of adults in the US were single. That’s right—single Americans made up more than half of the adult population for the first time since the government began compiling statistics in 1976.1 Financially speaking, if you are part of the new majority it means that financial stability rests squarely on your shoulders.
It’s all on you.
Whether it’s saving for an emergency fund, putting money away for retirement, or protecting your financial future, the burden of managing your money is on you.
One good place to start is with life insurance. Why? It’s the one product that can play many roles in helping you protect your future.
Single with no children.
Even if you’re single with no kids, you may be providing financial support to aging parents or siblings, and life insurance can help ensure that their future is secure. It can also help prevent passing substantial debt on to surviving family members when you die. With the average student graduating in 2016 with a loan debt of $37,172,2 it may be worth your while to make sure that you don’t burden your loved ones with any of your debts.
Single with children.
As a single parent, your kids depend on you for nearly everything, and the consequences of being uninsured could be devastating. Life insurance can help provide your kids with the resources they would need to maintain their lifestyle if you die.
By replacing some or all of your income, life insurance can help fund college tuition, a wedding—even your kids’ first home—or eventual retirement. And, life insurance can help pay off debts and cover your final expenses, so your loved ones will face the future free from financial burden.
Remember, the earlier the better.
Buying a life insurance policy when you’re young will likely ensure your future eligibility, even if you have a change in health. That’s because you “lock in” the rate when you purchase it, as long as you continue to pay the premiums.
As a single person, it’s also important to consider products that can help you plan for the costs of long-term care, and for you to share your end-of-life plans with the people you love.