Life Insurance for Singles

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Young Single AdultsIt should come as no surprise that young, single adults just starting out on their own are not spending much time thinking about life insurance. Ironically, this may be the best time for people to begin comparing life insurance plans and planning for the future.

The younger a person is when he or she purchases life insurance, the more advantageous the decision can be down the road. Although retirement is decades away, being young and most likely in excellent health means you may be able to purchase life cover at a great price, and then maintain that policy for years to come. At, you can easily compare life cover plans available though a wide variety providers.

For instance, a single person under the age of 30 is most likely going to find a good variety of life insurance packages to choose from, at a premium that would most likely be more expensive to purchase when you get older.

Of course, no one is immune from illness or injury, which is why life insurance is important at any age. When you’re young and healthy, it’s easy to believe that you are immune from the unexpected events that make life cover so important. But if you were to become seriously ill, or be severely injured in an accident, how would your bills be paid if you were unable to work? Would you be forced to depend on your family for financial help with bills and medical treatments? If you were to die, would your family be able to pay your funeral expenses?

Many young adults believe they have no need for life cover if they have no dependents, but don’t consider the consequences of their own financial security if suddenly they were unable to work due to illness or injury.

Consider that in 2002, an estimated 30,000 Australians were injured seriously enough to require hospital treatment as a result of motor vehicle accidents. More than 60 percent of Australians face more than one month of disability during their working lives, and 25 percent will be disabled for more than three months.

Almost 24 percent of new breast cancer victims diagnosed in 2001 were women aged 20 – 49.

And despite these harrowing statistics, a survey of young single adults earning more than $50,000 per year, only 20 percent had life insurance; and only 11 percent had critical illness or trauma insurance. These figures contrast dramatically to the 44 percent of the same surveyed group who had comprehensive car insurance4.

Naturally, young adults are focused on establishing their careers and enjoying the perks that go along with being young. It also means there will never be a better time in life to include personal insurance in your budget.  Your monthly premiums will most likely be quite affordable, and the benefits of establishing a life cover plan that will provide financial security if the unthinkable happens should be reward enough.

Securing a term life insurance policy when you are young, healthy and fit will most likely begin at an affordable rate, and just as important, you won’t be at risk for future exclusions or limitations being placed on your policy. Once you have been accepted for a life insurance policy, you usually have been accepted for the life of the policy, no matter what happens. Preparing for the future may not be a priority for many young people, but it should be.

A term policy means you may be able to lock in rates at a young age, and convert the policy into a whole life insurance policy if your needs change as you get older. It is important to discuss your options with a qualified advisor in order to determine which life insurance plan suites your particular needs.

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