Think Singles Don’t Need Life Insurance? Think Again

A lot of people assume life insurance is something you don’t need to think about until you’re married or have kids. However, this outdated view doesn’t reflect the responsibilities and relationships experienced by many of today’s single adults.

Consider Friends – the iconic sitcom about a group of single twenty-somethings. Each character has good reasons to have life insurance, which we saw as their stories unfolded over 10 seasons.

Whether you’re a Monica or a Phoebe, a Chandler or Joey, a Rachel or a Ross, if you’re single, you, too, probably have good reasons to have life insurance.

So Many Singles

America has more single adults than ever before. According to the U.S. Census, 45.2 percent of U.S. residents age 18 and older are single, compared to 28 percent in 1960. This means America has more than 110 million single adults.

Furthermore, those who do get married are waiting longer to do so. The average age of first marriage for women is 27.4 years, and for men it’s 29.5 years. That’s the longest Americans have ever waited to get married, and reflects a big historical shift. In 1960, the average age for first marriage was 20.8 for women and 23.2 men. In 1980, it was 22 for women and 24.2 for men.

Adding to this picture of what it means to be single is the fact that 47.6 percent of U.S. households are headed by an unmarried adult. That’s nearly 60 million singles with all the responsibilities of running a household.

Bottom line: being single doesn’t mean flying solo. Most of America’s 110 million single adults should have some level of life insurance to protect the family and friends who count on them. How much coverage is required depends on every person’s situation.

Looking Out for Friends and Family

One of the reasons Friends was so engaging is they support, encourage and comfort each other through life’s ups and downs. If you remember, Ross was the first friend who became a parent. And while having a child is a compelling reason to have life insurance, it’s certainly not the only reason.

Life insurance can cover funeral costs and other final expenses. Joey has a big loving family, but life insurance would relieve them of this financial burden. By contrast, Phoebe doesn’t have much family – her friends would likely have to handle any final expenses if she were to die. Once again, life insurance can keep these costs from being a burden on those left behind.

Many single people also have living situations where they are financially dependent on each other. When they were roommates, could under-employed actor Joey have paid rent without Chandler? Could Rachel get by without Monica, or vice versa? Life insurance can cover housing and other shared expenses for a period of time after an untimely death, so that roommates aren’t left facing eviction or dealing debt collectors.

Even before plot lines involved having more babies and other big life events, all the friends on Friends  have good reasons to get life insurance. Each character finds themselves in situations where they have new responsibilities where life insurance makes sense.

Be a Smart Single: Lock in a Lower Rate

If you’re young and healthy, locking in term life insurance now can save a lot of money. The reasons to have life insurance will only increase as you get older, so you can meet your current life-insurance needs and future-proof your needs by obtaining coverage today.

Real-Life Reasons to Insure Your Life

In TV-land, the struggling singles on Friends somehow afford to live in giant New York City apartments. Here in the real world, life insurance may feel like one more thing you can’t afford. But even in their most broketastic moments, any of the Friends could have paid a monthly life insurance premium for the price of a few lattés and muffins at the Central Perk. Especially when you’re young, life insurance is affordable, and the peace of mind it can give you is priceless.

If you’re single, take a look at your circumstances, plans and goals for the next 10 years and consider the following:

  • If something happens to you, who will pay for the funeral and other final expenses? Funeral costs start at around $7,000 and settling your estate – even if you have modest assets – can be costly. Could life insurance lighten this financial burden for your family or friends?
  • Do you have a long-term roommate who may not be able to cover your portion of the rent?
  • If you live with your significant other, could your partner afford to pay the rent/mortgage, car payment or other living expenses without you?
  • You may not have a pet monkey (like Ross) but if you do have a pet, is there a plan for who would care for it if you were no longer around? Have you made financial provisions for ongoing veterinary care and the other expenses involved with pet ownership?
  • Do you have an aging or ailing parent, a special-needs sibling, or another person in your life who counts on you as a caregiver, or whom you help out financially? Or do you anticipate providing this kind of support in the future?
  • Are you an aunt or uncle? Although you might not be a pregnancy surrogate and give birth to your own nieces and nephews like Phoebe does on Friends, perhaps you do have nieces or nephews whom you want to help out by contributing to their education or giving them opportunities to travel. Life insurance can make sure this desire comes true, no matter what.
  • Do you currently have a child? Or do you have plans to become a parent? Life insurance really is a no brainer with a kid in the picture. The sooner you lock it in, the more affordable it will be.  
  • Do you own a home or other assets? If your estate is sizeable or complicated, and depending on the laws in the state where you live, it may take months for things to work their way through probate court. Life insurance can provide immediate financial support to your executor and loved ones until your estate is settled.

Nobody likes thinking about death. But having life insurance is the grown-up thing to do. Like going to the dentist or paying taxes, buying life insurance is important.

If you’re single with people (or pets) who depend on you to be there, life insurance is a powerful plan. Call SelectQuote to help you get the coverage you need at the best price. Having life insurance could be one of the greatest gifts you ever give, making the Friends refrain of “I’ll be there for you” a lasting promise.

 

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