Single and don’t have kids? You might be surprised to learn that life insurance is still a great idea.
If you’ve ever thought “life insurance isn’t for me – I’m single with no dependants,” you wouldn’t be the first. But here’s the truth: being single doesn’t mean you don’t need life insurance.
Whether it’s shielding your loved ones from debt, locking in a lower premium (yes, more on that later!) or simply leaving a meaningful gift, life insurance isn’t just about spouses and children. It’s about you – and your future.
Singles Have Responsibilities Too
Even without a partner or kids, you may still have parents, siblings, or extended family that rely on you in some way. These are the people who could end up being burdened with unexpected costs if you passed away. After all, your debt doesn’t die with you. However, if you have a life insurance policy, it ensures the people you love won’t end up having to scramble during an already difficult time.
Funerals Are Expensive
People often joke about being “single and dying alone” but the fact of the matter is that we’re all going to pay away one day and, regardless of our relationship status, a funeral is going to be expensive. Fortunately, all MiWayLife policies include an accelerated funeral cover benefit that pays out 10% of your life cover amount (capped at R50 000) within days of a successful claim.
Life Changes, So Can Your Life Insurance
Just because you’re single now doesn’t mean you always will be. If you had to meet that special someone or start a family, you’d want them to have a financial safety net. Still, the younger and healthier you are when you buy a life insurance policy, the lower your premiums are likely to be. That’s why it’s smart to take out cover sooner rather than later – so you can secure a lower premium now, choose a cover amount that fits your budget, and adjust your cover as your responsibilities grow.
Protect Your Life and Your Legacy
While we’d all like to think we have all the time in the world to increase our savings, none of us know which day could be our last. However, if you have life insurance, you’ll have full peace of mind knowing you can leave something behind – whether that’s a donation to a cause that’s close to your heart or a financial gift to a niece, nephew or godchild. By naming a beneficiary, you get a chance to create a legacy that speaks to who you are.
The Bottom Line
It’s easy to think of life insurance as something you’ll worry about “later,” or only once you have a partner and kids. But your life has value right now. Your goals, your assets, your loved ones – all of that deserves to be protected. You also don’t know what life holds for you later on. By buying a life insurance policy now, you’ll enjoy lower premiums and, as your life evolves, your policy can change with you. So, why not get a quick quote from MiWayLife today?
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
