Lauren Lewthwaite Last Updated On: August 20, 2024

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Here Are 4 Reasons Why You Should Get Life Insurance Even If You Don’t Have Kids

Life insurance is one of those things that’s easy to push to the back burner, and even more so if you don’t have kids. But the truth is that everyone can benefit from life insurance and the earlier you get it, the better. So, why get life insurance? Here’s four reasons why you should get a life insurance policy, whether or not children are in the cards for you.

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4 Reasons Why You Should Get Life Insurance Even If You Don’t Have Kids

Pay Off Debt: Life insurance doesn’t have to be just about leaving your loved ones a tidy sum after you pass. It can also be about simply not wanting to burden your loved ones with your debt. This can be leftover student loans, mortgage payments, credit card bills, and more.

To put it into perspective, the average American has over $90,460 in debt. Life insurance can help shield your family from having to figure out repaying your debt while grieving. It can also serve as a safety net should you incur any significant final expenses, like large medical bills, or if you want to ensure the cost of your funeral is taken care of ahead of time.

The reason why you get life insurance can be as simple as wanting to make losing you as easy as possible on your loved ones, without any added financial burden. And when the average funeral cost is almost $8,000, not leaving your loved ones to foot the bill can be a relief.
Lock in Low Rates: Why get life insurance at a high rate later, when you can save yourself thousands by getting it now? The truth about life insurance is that the best time to get it was yesterday. The second best time? Today. Rates are lowest when you’re young and healthy, which means locking in low rates now can seriously add up over time.

To put a number on it, term life insurance can cost a staggering 1,000% more for a 70-year-old than a 30-year-old adult. It’s never too late to get life insurance, but the sooner, the better.

If your situation changes and you do start a family, you’ll have peace of mind knowing you have life insurance already checked off your to-do list, at a great rate.
Build Cash Value: Many people see life insurance as a way to leave their loved ones some money, but what about you? Permanent life insurance comes with a cash value component that designates a portion of your premium to an investment account that can grow over the years. The death benefit is for your loved ones, but this cash value portion is designed to be used by you, during your lifetime. You can borrow against it for major life purchases, like a house, college, and more, or even use the interest to pay your premium.

Plus, if you’ve never been great at saving money (like the 51% of Americans that have less than three months of emergency savings), this is a great way to force savings without even thinking about it. Why get life insurance as a single person? So you can take care of yourself, it’s as simple as that.
You Have Dependents: Another reason why you can get life insurance is that people depend on you, even if you don’t have kids. Over one in five Americans are family caregivers to another adult, and this number is only expected to rise with an aging population.

Being a full-time caretaker is a major responsibility and passing away suddenly could leave your loved ones stranded. Even if you’re not the main breadwinner, you aren’t easily replaced. Having life insurance can help your loved ones better manage in the event of your death, during an already difficult time. Your life insurance policy could help them replace your caregiving, cover mortgage payments and living expenses, and more. Kids aren’t the only people that might depend on you, and life insurance helps recognize this.

Key Takeaways: Why Get Life Insurance

There are so many reasons why life insurance is a smart idea, and kids are only one aspect. If you don’t have kids, it’s still worthwhile to look into life insurance to help you and your loved ones have peace of mind. And if your family situation does change one day, you’re all the more prepared for it.

Ready to take the leap? ConsumerCoverage makes it easy by getting you access to free life insurance quotes, quickly.

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Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.