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If you're single, do you need insurance?

Updated: May 31, 2022

A solid financial security plan revolves around your income. It’s important to think about your financial goals, like owning a house, having kids and enjoying a comfortable retirement. Getting your investments up and running today is vital to growing wealth.

Critical Illness & Disability Insurance

Accidents happen and they could prevent you from working for a few months or even years. Being prepared for a serious health issue is also important. The probability of either situation happening to you in your lifetime is greater than you might think. You can address those risks with individual disability and critical illness insurance. If you are unable to work due to a serious illness or injury that is covered by your policy, disability insurance provides you a stream of replacement income. If you experience a critical illness that’s covered by your policy, critical illness insurance pays a one-time lump sum amount when you need it most. This allows you flexibility and choice to help fund uncovered healthcare expenses, seek the best medical care possible and replace lost income. Both types of insurance can be important parts of your financial security plan and help you continue to achieve your goals if something unexpected happens.

Employee Benefits

Many young working adults today know they face a different career path than their parents. Rather than working the same job for decades, the reality is that people will switch employers every few years. While this isn’t necessarily a bad thing, it does mean you’ll likely lose the insurance provided by your employer each time you change jobs, and a new employer may not offer the coverage you require. It’s also important to remember that the insurance you get through your workplace normally provides basic coverage and benefits from a set menu of options.

On the flip side, many people today are self employed, or work contract jobs, which offer zero health, dental or insurance benefits. Ensuring you have individual coverage is key.

Buying Insurance Young

Buying personal insurance at a young age generally means you’re getting the lowest possible premiums, since risks increase with age. Many policies also allow you to renew your coverage without additional medical exams. Better still, coverage is guaranteed and, as long as premiums are paid as required, only you can cancel a policy.

Permanent Insurance

Without a spouse or kids, it may seem odd to purchase life insurance. However, there are reasons to buy this kind of insurance coverage while you’re young and single. Consider participating life insurance (one type of permanent life insurance), a powerful tool for retirement and estate planning. Yes, there’s a death benefit but also a guaranteed amount of money that grows inside your policy, combined with the investment performance of the participating account that can increase the value of your death benefit. It can also help pay for goals like an education fund, starting a new business, or supplementing your retirement income. Keep in mind what you take out can be taxed. Permanent life insurance can play a central role in a financial security plan. 


People depend on you, even if you don’t have a spouse and kids. Here are some other instances where life insurance makes sense:

  • You have a family member with special needs

  • You took out a personal or business loan that a family member co-signed

  • You want to leave money to loved ones

  • You want to leave a large donation to a charity or cause

There is a misconception that life insurance, critical illness or disability insurance is only for those with a spouse, partner or child. Clearly you can see the need for insurance varies much wider than that.

If you think you are lacking coverage, protection or have questions, let's discuss your options.

Nicole Marques

Independent Insurance Advisor


The information contained in these articles are for general information purposes only. Nicole Marques assumes no responsibility for errors or omissions in the contents of the Service. In no event shall Nicole Marques be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the information provided in this article. Nicole Marques reserves the right to make additions, deletions, or modifications to the contents on the Service at any time without prior notice. The information provided above is for general information only. It is not to be relied upon as providing legal or tax advice. You are encouraged to consult with a professional tax and/or legal advisor and/or financial advisor about your particular circumstances.


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