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Does a 30-year term life insurance policy make sense for single people?
Term life insurance is one of the most common types of life insurance and is a great option for those who only want coverage for a specific period of time. Term policies can range from a 10- to 30-year policy, with 30-year policies typically being the longest term length people purchase. If you’re single, a longer term policy may make sense for you for several reasons, including if:
- You have a young child or other family members who rely on you for support
- You have long-term expenses like a mortgage or student loans
- You own a business
Why is life insurance important for single people?
Life insurance is not one-size-fits-all, and the reasons for purchasing life insurance vary by personal situation. Life insurance can benefit single people by providing protection for their loved ones and their assets. Single people may want life insurance to plan for final expenses, to avoid leaving loved ones with their debt or to plan for medical costs if they have a family history of illness. You don’t need a spouse or children to benefit from life insurance—life insurance for single people can provide peace of mind and make sure those who matter most in your life are taken care of.
What other term lengths may make sense for single people?
If a 30-year term length isn’t the right fit, there are several other term lengths that may make sense for single people.
- A 10-year term or 15-year term is a good option for those close to achieving financial goals like paying off a mortgage or reaching retirement. If you’re close to milestones like no longer needing to work or make mortgage payments, a shorter term length can keep your loved ones protected until you’re free of those obligations.
- A 20-year term or 25-year term makes sense for single people who want financial security for their loved ones for a longer period of time. Because your life insurance policy should typically last the length of your longest financial obligation, 20- or 25-year terms are a good option for single people who are still paying off a mortgage, paying off debt or investing in retirement.
Looking for the right term life insurance policy as a single person? SelectQuote is here to help.
Whether it’s a 30-year term or other term length, life insurance can provide financial security and peace of mind for single people. SelectQuote’s experienced licensed insurance agents can quickly and easily search trusted carriers, comparing plans and quotes to help you find the right coverage for your situation. Let us do the legwork of finding a policy that meets both your needs and your budget, all in just minutes.
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