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Personal insurance questions
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Do you need insurance if you’re
single?
As a single person, do you need insurance?
The answer is almost definitely yes, and here are a few kinds of insurance you should
consider:
Disability income insurance Frequently overlooked but very important, especially
for self-supporting singles. Without other people or sizable assets to count on, this
insurance can replace a good part of the income you’d lose if you were unable to work
because of an accident or illness. Check with your employer to see if you have long-term
disability protection. If not, talk to your insurance agent about an individual policy
designed to replace at least 60 percent of your income.
Life insurance With no dependents, you may not need life insurance to replace
your income after death. However, think twice before you dismiss life insurance
altogether. Life insurance, especially some of the newer interest-sensitive varieties, can
be an important part of your overall financial plan, helping you build your assets as you
look to the future. Also, you may later have dependents. If you buy now when you are
younger and healthier, you can "lock in" the lowest cost coverage, including
guaranteed insurability. Talk to your insurance agent about which policies may be
appropriate for you.
Health insurance You probably have on-the-job coverage—most people
do—but, if you don’t, an individual health insurance policy is your first line
of defense against ever climbing medical and hospital costs. With an individual policy,
keep premium costs down by choosing a large deductible, thereby "self-insuring"
as much as you can afford. Buying insurance to cover ordinary doctor visits and
run-of-the-mill illnesses can be expensive. Instead, choose the largest lifetime coverage
you can find, with a "stop- loss" provision to limit your share of overall
health care costs to a manageable sum.
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