If you’re single and child-free, life insurance might not be on your radar — but that doesn’t mean it’s irrelevant. In fact, there are some strong reasons to consider getting coverage, even if no one relies on your income right now.
Final Expenses Aren’t Free
Funerals in Canada can easily cost $8,000–$15,000. Without insurance, those costs could fall on your parents, siblings, or other loved ones.
Co-Signed Loans Don’t Disappear
If someone co-signed your student loan, car loan, or mortgage, they could be left responsible. Life insurance can pay off those debts.
Lock In Low Rates While You’re Healthy
Premiums are based on age and health. Buying a term policy in your 20s or 30s locks in much lower premiums — and you’ll be covered if your health changes later.
Estate Planning or Charitable Giving
You can name a charity or organization as your beneficiary and use your policy to leave a lasting impact.
You Might Not Be Single Forever
Starting a family, buying a home, or starting a business can happen quickly. Having coverage in place ensures you’re prepared.
Final Thought
Being single doesn’t mean being without financial responsibilities — or goals. Life insurance can still play a smart role in your bigger picture. If you would like for a licensed professional to help you explore your options, fill in a quick form below to get connected to a Canadian Insurance Broker.
