Life Insurance Needs For Established Singles

A “Established Single” is someone over 30 who has no live-in partner, spouse or children, although they may be divorced. They rent or own a home or condo, but they live alone or with a roommate, instead of a romantic partner. They generally have established careers, have advanced beyond entry-level incomes and have significant financial responsibilities. If that describes you, read on to learn more about life insurance for established singles.

singles life insurance

What Insurance You Need:

  • If no one depends on you financially, you may not need life insurance. However, if you provide support for siblings or aging or sick parents, Life Insurance is worth looking into.
  • If you have a small amount of life insurance through work, you are probably well covered. If you don’t, you should consider private coverage through AMA.
  • Because no one is depending on you financially, you probably don’t have anyone to depend on financially either, so Disability insurance is important (probably even a priority over life insurance). This ensures you can take care of yourself if you can no longer work.
  • The same line of thought goes for Critical Illness Insurance – if you’re on your own, you want to make sure you have the financial support you need if you’re facing a critical illness, such as cancer.
  • As you get older, you might need more medication (or at least more massages). If your workplace doesn’t have a plan, consider a private Health and Dental Insurance plan through AMA. This can save you significant out-of-pocket expense.
  • As you are aging, you might want to look into long term-care insurance also. Nursing homes and home care are both expensive. Those costs can quickly eat up your retirement savings, so it’s best to get coverage.
  • Often, established adults without children have the luxury to travel frequently. You will probably want to look into Personal Accident Insurance (PAI) as well as Travel Insurance.

IN REVIEW, consider:

  • Getting Disability Insurance
  • Getting Critical Illness Insurance
  • Getting Health and Dental Insurance
  • Look into Long Term Care Insurance
  • Getting Personal Accident Insurance (PAI), especially if you travel

Contact a Life Advisor

Other things to consider as an Established Single:

  • If you haven’t already started, you should begin saving for retirement. Make sure your retirement investments are well diversified. Many workers unwittingly allow their own company’s stock to take up a dangerously large portion of their retirement accounts.
  • You might also want to consider pet insurance! Pets become part of the family, and vet bills can be shockingly high. AMA does not offer this product, but the CAA does.

Other Life Stages
See Established Couples >>
See Seniors & Retirees >>