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Being single can be exciting. You get to learn about yourself, grow at your own pace, and enjoy the freedom of making choices that align with your goals. But being single also comes with responsibilities, especially when it comes to financial planning. At some point, you become more intentional about your future, your money, and the lifestyle you want years from now.
Is Life Insurance Worth It if You’re Single?
The short answer is yes, but the real answer depends on your goals. To decide, you need to understand what you want your future to look like and whether life insurance fits into that picture.
Understanding Your Goals
There are numerous benefits to life insurance, and even more when you add riders such as accident, disability, or long-term care coverage. Life insurance is not only about protecting loved ones. It can also serve as a strategic financial tool that supports your long-term plans, particularly in areas such as budgeting, debt management, and retirement planning.
For this example, I focused on retirement planning because, as a single woman, preparing for retirement has become one of my top priorities. Planning ahead gives peace of mind and helps maintain consistent savings habits.
Everyone Has Different Goals
Every person has a different lifestyle, long-term plan, and financial situation, which means no single product fits everyone. That is why it is critical to clearly understand your goals, calculate how much money you might need for the future, and create a realistic budget. We all carry different expenses and levels of debt, so knowing your own needs first helps you make better decisions. When you work with an agent, they are there to guide you, explain your options, and answer any questions along the way.
Running the Numbers
To get a realistic view of my retirement needs, I used the Schwab Retirement Calculator. I entered my current savings of about $3,000, plan to save around $5,000 per year, and have a target retirement age of 63. Based on these numbers and my lifestyle goals, the calculator estimated that I would reach $307,900, with an aggressive moderate investing style of 80% Stocks, 15% Fixed Income, 5% Cash Investments, enough to retire comfortably.
Because I’m still paying down debt and also supporting my parents, I’m not ready to take on another monthly bill just yet. I plan to finish paying off my debt, then redirect those payments into other investments. Once I build a stronger financial cushion and create more breathing room in my budget, life insurance will be the next step in my long-term strategy. Life changes, and so do your goals. Don’t be afraid to recalculate your needs each year.
How Life Insurance Supports Retirement
Many people are unaware that certain life insurance products can support retirement planning. Permanent life insurance, for example, builds cash value over time. With the right riders, you can access that cash value for emergencies, long-term care, or even supplemental retirement income later in life.
For someone single, these benefits are especially valuable because you’re building security for yourself, not relying on a spouse’s income, and protecting your financial future in advance.
Life insurance isn’t just about what happens after you’re gone. When structured thoughtfully, it becomes part of your long-term financial strategy, giving you security, flexibility, and peace of mind for whatever the future holds.
Life Insurance Questions?
We hope that this information on Is life insurance worth it if you’re single? is useful to you. If you want to learning more about planning with life insurance read our article, The Importance of Life Insurance and Final Expense Planning.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.
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