Most single people don’t need life insurance because no one depends on them financially, but there are exceptions. If you provide financial support for ageing parents or siblings, or have debt that you wouldn’t want to pass on to surviving family members if you were to die prematurely, you may want to consider it.
“What would happen if you were sick or injured and unable to work or earn an income?”
TRAUMA AND DISABLITYTrauma and/or Disability Income Insurance are also important considerations. What would happen if you were sick or injured and unable to work and earn an income? Who would you rely on financially if something like that happened? How long would you be able to meet your financial obligations?
That’s where both Trauma and/or Disability insurance comes in. These covers will provide funds for your recovery, to pay off sundry debt, replace a portion of your income, help fund a holiday, etc.
Being single you will want to consider having Health Insurance as it’s an important investment in peace of mind – giving you the confidence to handle the medical life’s ups and downs. Having private health cover is knowing you’ll be covered to take on any health issue that may come your way. There are many reasons why you would take out private health insurance.
Typically, its peace of mind – the security of knowing you can get immediate access to the right level of care and treatment that you require, while being financially protected. The focus should be on quality hospital cover, rather than the ‘extras’ like obstetrics, fertility treatment, prosthetics, hearing aids, GP and prescription costs, etc.
“Health insurance is an important investment in of mind.”
GROUP AND PRIVATE INSURANCEMany larger employers and some smaller ones also offer various types of insurance under a Group Plan. If you think you need more, it may be worth buying additional coverage through your employer, if available. Unlike group coverage, privately owned insurance stays with you even when you change jobs, but most group insurance plans allow you to “convert” your cover within 30 or 60 days if you leave your employer.
Regardless of whether you decide it’s best to have insurance or not, you’ll want to create an emergency fund equal to 3-6 months worth of basic living expenses. For help with building an emergency fund, visit the Sorted website.