Single, young professionals with no dependents often say they don’t need yet to be insured because they are young, healthy, and have no dependents. That isn’t true because life is full of uncertainties.
Allow us to give single people the practical reasons why they have to get themselves insured and other than the “obvious” car insurance quotes for the drivers among you, get yourselves some life insurance quotes as well and buy a policy that fits your budget and needs. Even if you are not married yet. Below are the main reasons:
Single or not, we all get sick. One way or another, there is always that day that a person will be hospitalized. Because in reality, illness doesn’t choose age, gender, nor marital status. Anyone, even those living a healthy lifestyle, gets sick. What more if cancer or hypertension or asthma runs in your blood? Who do you want to pay for your hospitalization bills?
Oh, so you have a health card with $10,000, which is the max annual limit. Well, you think government aid plus your health card limit is enough so you can have the best treatment in the best facility? Or would you instead settle for a public poor treatment service? Think again. Because fact checks, a cancer treatment that requires chemo sessions and radiation costs around $50,000 a year, which is way beyond the average annual income. Thus, health aid plus a health card limit fully utilized can leave the patient with $10,000 out of pocket expenses. How are you going to settle that if you are single?
Your mom or your sister? Don’t tell me your boy or girlfriend? Fortunately for you, if they do, but what if they won’t? What options are left for you? Sell your car or pawn your jewels? Is that how you want to deal with it? Or would you instead save monthly for life insurance, while you can still afford it and while you are still insurable? So, when the day comes that you’ll need life insurance covering hospitalization expenses, that insurance provider will pay for all the treatment you need. Well, if you’ll ask me, I’d like the latter so that I can focus on my fast recovery and get back on my foot quicker rather than divulge in medical debt.
2. Permanent or total disability
Single young professionals, especially the fresher ones, have that “you only live once” or YOLO, as many call it, life outlook. They are earning but have fewer obligations, and thus, can afford to try life-threatening hobbies or get into extreme sports. They are the ones prone to getting into an accident while trying to live their lives to the fullest, which might end them up getting disabled. If that happens to you, how can you work and earn a living? Who will pay for your rehabilitation, which runs from $20,000 to $60,000 depending on how severe the treatment will be? How are you going to pay for your bills if you can’t work? The same questions and answers applied when you got critically ill. I’d still rather have the insurance company pay me my disability benefit when the unfortunate happens to me. My rehabilitation treatment will be covered with that money, my bills paid, food on my table, and me focusing only on my recovery.
Nobody expects to die, especially at the age of 20-30, the age many remain single and focus only on getting ahead with their lives. However, death is uncertain, but we can prepare for it. Prepare for what? Many young adults may be thinking that if they die, they will not leave any dependent behind. That is true, but how about death expenses like a funeral, burial, services, and the like? Who do they expect to pay for those? How about if they have loans or mortgages, will you pass it on to your parents or siblings? Of course not! The only one who can settle those is life insurance.
How about bank deposits? They are frozen when the depositor dies. It will only be released to heirs if there will be excess after liabilities are settled. But if liabilities are greater, the heirs will inherit debt. So, what legacy would you like to leave behind? The non-taxable insurance money or burden?
So, hello again, singles out there, wake up! Our parents or siblings are not our emergency fund, and so much more than our nephews and nieces or future children are not our retirement fund. We don’t want to scare you here; we want your tranquility refurbished and help yourself learn more about life insurance and start getting your life insured.