What is Single Life Insurance?
Single person life insurance is a policy in which the whole life of an individual gets insured. According to policy rules, a round sum amount of money is paid to loved ones of the person, who dies in time of the insurance contract.Single life insurance is very popular among unmarried. People living alone are not likely to choose between single life insurance and joint-life insurance because there is no other person who can share the cover.
Why a single person requires an insurance policy
Most people get insured to secure the future of their loved ones, after their demise. But here arises a question that why a single person requires insurance policy. The answer is that getting life insured has its bounties and individual enjoys many benefits.
Firstly, if a person got a loan, and dies without repaying it, through the claim, the loan can be repaid. Similarly, if a person dies before they can pay off their student loan, mortgage or car payment, their parents or co-signers will be forced to inherit the loan. In addition to mourning the loss of a loved one, those families are left in an unfortunate financial situation.
Secondly, it is suggested that a person buy life insurance coverage to avoid financial difficulties and receive proper funerals. If a person has no financial obligations and only needs life insurance to cover the costs of the funeral, a lower amount of life insurance benefit can be purchased.
Thirdly, life is hard to plan and as a result these days single people can marry and create a family in the future. However, the health of the person at that time makes him unbearable or he has to pay very high premiums for the insurance provider.
Pros of Single Life Insurance
There are also some perks of single person life insurance.
- The death benefit pays for the death of an insured person.
- The single life insurance allows you to avoid an unpleasant situation, such as terminating life insurance in the event of a divorce.
It is a good alternative for people who live alone.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00