Should I get life insurance if I plan to be single?

If youre not planning on having any dependents then ur need could be limited. Limited but Income protection would be extremely important, in case you fall sick (critical illness).

And a health plan for hospitalisation. Its really great being single because no one depends on you but the down side is that you won’t have anyone to depend on. Who’s going to take care of the hefty bills then?

And of course for retirement, you would want to still have a steady cash flow that keeps coming in.

Life insurance self insures after a certain time frame. Typically after 25 years. This is to avoid paying for insurance once you retire. Life insurance often combines disability and critical illness, which are what you need even if you are single.

Disability income criterias are not easy to hit, as such I suggest a lump sum payout instead. Get total permanent disability lump sum payout and add disability income as a rider if you really require it.

It depends really. I think it is a misconception that you don't need life insurance if you are single. This is because being single and having dependents have nothing to do with each other. Let me explain.

You could have dependents if you repaying a loan with some. Or if you are a joint debtor on your brother's/sister's mortgage. In case of an unfortunate event, would your loved ones be able to cover the monthly installments on their own? If you have a bunch of invidvidual loans but your assets are less than your total debt, the burden of repayments could be passed on to your next of kin.

Also, being single means you have to handle cost many costs on your own. What if you were diagnosed with a critical illness or accidentally become disabled? You could lose your income and lose the means to support yourself. In such a scenario, a life insurance plan with critical illness & disability coverage would help you out tremendously.

Moreover, what if a few years down the line you do decide to have a family. Then having a life insurance plan would become prudent, but it would also become more expensive. Not to mention, getting a plan could be more tedious as you would have to go through several medical tests to get coverage.

So if you do decide to buy a life insurance policy, you can read through this blog to help you choose the right plan: https://justpaste.it/2evp3​​​

Hi Anon,

You should be looking at getting coverage for Total Permanent Disability, Critical Illness and Early Stage Critical Illness, which a whole life insurance policy would provide coverage against it for the whole of life.

However though you would not require the death payout, most policies have that component inbuilt into them.