Why I took Out an Insurance Policy When I was Single?

insurance25When I purchased a life insurance policy before I had any children, and even before I got married, I had to answer and explain to my friends’ questioning faces. So I kindly explained to them why.

As we all know, a life insurance is most important if you have any dependents, and your demise will mean financial suffering on their part. While I didn’t have kids or a spouse that time yet, I sure knew that I was going to have my own family one day. Even if I didn’t, my life insurance won’t go to waste, so why postpone getting one when premiums are lowest when you are single?

Basically, when you are single and at the prime of your life, insurances have very attractive rates. I didn’t have any diseases or conditions that time. I have pretty good credit, and I wasn’t a smoker, so all the odds were in my favour. Why wait when I am already sick and old, and the premiums high?

Of course, not just because everyone else is buying insurance means that you should too. And if you do need a life insurance, make sure you buy the right amount of cover. Both over buying and under buying can mean money wasted, so make sure the term is just right for your needs.

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