Life Insurance Needs for Young Singles

A “young single” is someone under 30, who has no live-in partner, spouse or children. They are typically still students or early on in their career. They may still live at home, or be renting. Some may own a home or condo, but they live alone or with a roommate, instead of a romantic partner. If that describes you, read on!

What You Need:

• If no one depends on you financially, you may not need life insurance.
• If you have a small amount of life insurance through work, you are probably more than covered.
• However, if you provide support for siblings or aging parents, or if you have debt you don’t want to pass on in the event of your death, Life insurance is worth looking into.
• Because no one is depending on you financially, you probably don’t have anyone to depend on financially either, so Disability insurance might be a better investment than 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.
• When you are first starting out, you might have a limited income. The last thing you’ll want to spend your money on is medication. If your school or job doesn’t offer Health and Dental insurance plans, consider investing in one yourself.

Other things to consider as a Young Single:

• If you have started your career, this is also a good time to start making contributions to your savings accounts and start paying off debt and student loans. Consider products like a TFSA to help with saving. AMA does not offer these services, so check with your current financial institution for guidance. You could also consider opening a savings account at AMA’s bank, Bridgewater Bank.

Other Life Stages
See Young Couples >>
See Established Singles >>

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