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Many people wonder if single people need life insurance.It’s easy to believe the answer is “no.” After all, the main purpose of life insurance is to provide cash to your family if you were to pass away. So it seems logical to think you don’t need life insurance if a spouse or kids aren’t depending on your earnings.However, there are definite times when single people need life insurance. Here are some of the most common reasons to consider life insurance if you’re flying solo. 7 Reasons Why Single People Need Life InsuranceYou have debt. Not saddling others with debt is a major reason why single people need life insurance. This is typically the case when there’s a cosigner on your loan or when you share a mortgage with a friend, relative or someone else.Private student loans can be especially burdensome to your cosigners. That’s because unlike federal loans, they aren’t discharged when you die. This could leave a cosigner like a parent on the hook for many thousands of dollars. Shared mortgages could also leave your fellow borrower in the same predicament. An easy and affordable solution if you have debt like this is to get term life insurance. It will step in and pay off your portion of the loan if you were to pass away prematurely. You have people who depend on you.Just because you’re single doesn’t mean people don’t depend on you. Perhaps you’re a single parent with young children. Or you have aging parents or disabled siblings who rely on you. If anyone counts on your income to make ends meet, you almost certainly need some form of life insurance.You own a business.In most cases, the financial institution that issues your business loan will require you to have life insurance. That’s to ensure they get their money back if you die before the loan is paid off.Life insurance is also needed when you have a business partner. Your death will probably leave the business in a lurch. Fortunately, there’s special insurance known as “key person” insurance that can help keep the business afloat in the event of your untimely passing.You want to pay for final expenses.Did you know that a funeral can easily cost more than $10,000? (The FTC outlines out all the costs of a funeral in case you’re curious.)A potential five-figure price tag for a proper burial is a big reason why single people need life insurance. Without it, your friends and family will be on the line to cover those costs. (Or you might not have the send off you would want.)You want to grow your wealth. Life insurance isn’t just there to take care of things if you’re not around. It can also benefit you while you’re living if you have permanent life insurance.Permanent life insurance gives you a death benefit while also accumulating cash value on a tax-deferred basis. You can use that accumulated cash to increase your personal wealth or to buy a home, supplement your retirement income, cover an emergency expense and more.You want to lock in coverage while you’re young and healthy. Your health affects whether you get life insurance and how much you pay for it. Generally speaking, younger people in better health have an easier time getting life insurance. They also usually pay less for it.For these reasons, it’s often a good idea to lock in coverage at an affordable rate when you’re young and healthy. If you wait until you develop a health condition, it can be difficult (if not impossible) to get life insurance coverage. This can be tough news to swallow if you have a partner or children depending on you by that time.You want to leave a legacy.Leaving money to a beloved school, religious organization, charity or person is another reason why single people need life insurance. Some or all of the policy’s proceeds could help further a mission near and dear to your heart. It could also help someone realize their dreams if you choose to give the money to someone you care about.These scenarios show why single people need life insurance. If any one resonates with you, show yourself some love by talking to an insurance professional about your options.We have helpful information on how to choose a qualified insurance professional. And you can easily find one in your area by using our Agent Locator.
Americans can no longer make excuses for why they haven’t purchased life insurance. According to the 2021 Insurance Barometer Study, those who are uninsured appear to want more convenience in the life insurance process, citing that they haven’t been approached about it (46%), it isn’t offered through their employer (42%), and they haven’t gotten around to it (62%) as reasons they don’t have coverage.But a silver lining to the COVID-19 pandemic is that obtaining life insurance has never been simpler. This means that no one—especially the 31% of people who say they’re more likely to buy life insurance because of the pandemic and the 47% who say they haven’t gotten around to it—has a reason to wait to purchase life insurance.Plus, our data shows that people don’t regret purchasing life insurance. In fact, they regret not purchasing it earlier, with 39% of those who have life insurance saying they wished they’d purchased it at a younger age.These findings are from the 11th edition of the annual Insurance Barometer Study released jointly by LIMRA and Life Happens, which examines the financial attitudes and behaviors of Americans, with an emphasis on life insurance.Heightened Interest, But Little ActionWe also found via the survey that interest in life insurance is at an all-time high. Currently, more than half (59%) of those who don’t own life insurance say they need it. For the uninsured, the top five reasons for not owning it include:It’s too expensive (81%)Other financial priorities right now (75%)Not sure how much I need / what type to buy (65%)Haven’t gotten around to it (62%)Don’t like thinking about death (51%)Results reveal that the obstacles stopping uninsured Americans from purchasing life insurance really shouldn’t be preventing them from getting it. Here’s why.Myths not Real RoadblocksOne of the biggest myths around life insurance is that it’s expensive. But more than half of people overestimated the cost of a term life insurance policy, believing it’s three times or more than it actually is. This was especially true for Millennials, with 44% estimating that the annual cost of 20-year $250,000 level term life insurance for a healthy 30-year-old would be more than $1,000, when it’s closer to $165.Despite these myths and reasons for not owning life insurance, the pandemic did lead some to purchase life insurance for the first time, with Millennials (24%) and Black Americans (17%) the most likely to have done so in the last year.Another myth is that it’s difficult to obtain life insurance. In the past year, in response to the pandemic, life insurance companies pivoted to help consumers expedite the buying process online, from their homes. Streamlining the process with simplified underwriting has also influenced the consumer’s likelihood to buy coverage: 48% of people said that they are more likely to buy via simplified underwriting, with the top benefits of this process being that it’s fast and easy (64%) and avoids the medical exam, blood and urine samples (56%).The Financial Gender GapThe Barometer findings show more men than women agreed with common myths around life insurance. In particular, men (35%) believed the myth that life insurance coverage through an employer is generally enough, 13% more than women (22%). Additionally, just 22% of women said they were very or extremely knowledgeable about life insurance compared with 39% of men. This may contribute to why only 11% of women obtained life insurance for the first time in 2020 with the impact of COVID; instead, paying monthly bills (29%) and saving money for an emergency fund (26%) ended up being the top concerns for women.Shifting Priorities and New ConcernsCOVID-19 has changed the financial concerns and priorities of all Americans. The research shows 42% of Americans would face financial hardship within six months if the primary wage-earner were to die unexpectedly. This just underlines how critical adequate life insurance coverage is in protecting a family’s financial future. As people’s overall financial concern continues to rise—up 20% over the past two years—life insurance can be a source of security. With nearly have (45%) saying that they have put off purchasing life insurance, it’s clear that there is no better time to act than right now.We All Have Our ReasonsIn recent years, there have been changes in why Americans say they own life insurance, with the most common reason for owning life insurance—burial/final expenses—showing a sharp decline in 2021 to 83% from its peak of 91% in 2018. At the same time, supplementing retirement income increased to 63%, along with transfer of wealth/inheritance, which came in as the second most popular reason for owning life insurance at 68%.More findings from the 2021 Insurance Barometer Study can be viewed here.Study MethodologyIn January 2021, LIMRA and Life Happens engaged an online panel to survey adult consumers who are financial decision makers in their households. The survey generated over 3,000 responses. The results were weighted to represent the U.S. population.
The majority of small businesses would like to offer health insurance to their employees as it allows them to attract and retain high-caliber talent. But the expense involved can be a major constraint.
The National Small Business Association's (NSBA) 2015 Health Care Survey found that only 41% of firms with zero to five employees offer health care benefits, down from 46% a year ago. The situation is slightly better when all firms with less than 500 employees are considered with 65% of employers in this category offering insurance benefits.
Rising costs and the complexity of the health care system are among the reasons for the reluctance of small business owners to provide this essential benefit.
But it is possible for companies to reduce their expenses on insurance.
Check out group insurance vs. the cost of individual plans - The age profile of your employees and the pre-existing conditions they have will determine which of the two options is more economical. A group rate may be cheaper as the premium you have to pay is based on the rate applicable to people with the same demographic profile. You will be better off with this option if your employees are more susceptible to chronic diseases.
On the other hand, staying with individual plans may cost you less if each of your employees attracts a lower premium.
There is no simple formula to determine whether a group plan or a bunch of individual plans will save you more money. The best way to find out is to ascertain the insurance premium payable under each option.
If you are of the view that you don't have the number of employees that are necessary to qualify for a group, don't worry. Even two employees are enough.
Remember to negotiate - Many small business owners think that the annual premium figure cannot be lowered. But this is not true. Health insurance premiums can be negotiated, especially by firms that have between 50 to 99 employees.
When an insurance company raises rates, they usually refer to the fact that all the employees have become a year older. Employers should point out factors in their favor. They may have implemented an extensive wellness plan in the last 12 months which could have resulted in healthier employees. Some older employees may have retired or resigned.
Brokers can play an important role - Don't underestimate the benefits that health insurance brokers can bring to the negotiating table. They would be aware of the latest developments in the various laws and regulations governing the health insurance industry. They would also have extensive knowledge about the various plans available with different insurers.
You may be eligible for tax credits - Raise this point with your tax consultant. Employers with less than 25 full-time employees who earn an average of $50,000 or less are eligible under certain conditions. These include contributing at least 50% of the total premium cost and obtaining coverage through the Small Business Health Options Program (SHOP).
Make bringing insurance costs down your priority
Bringing down health insurance costs should be a prime concern for every private firm. According to the findings of the NSBA's survey, 90% of small business owners reported paying increased health plan premiums at their most recent renewal. Rising health insurance costs prompted slightly less than half of the respondents to defer salary increases.
If small businesses are to remain competitive they should take every opportunity to deliver the most appropriate health insurance policies to their employees at the lowest possible cost.
