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Reasons To Get Life Insurance Even As A Young, Single Person

01 Feb 2021
Happy young woman by the sea protected by Gibraltar BSN insurance

It may seem odd to be told that you need life insurance, even when you are young and don’t have a spouse or children. After all, isn’t life insurance only for families or married couples? 

Not really. 

While it’s true that not all young and single people need life insurance, there are scenarios which provide compelling reasons as to why you should consider getting one. 

Woman did not know young people should seriously consider getting GIbraltar BSN insurance

Source: Schitt’s Creek

1. Your age

When it comes to life insurance premiums, young and healthy = cheaper. 

When you are young and healthy, you qualify for lower premiums, because it’s less likely that an insurance company will have to pay you a claim. 

With each passing year, insurance premiums become more expensive, as your chances of developing health problems increases as you get older. In fact, depending on the situation, you may not even qualify for a plan.  

So, the younger you are when you sign up for a life insurance plan, the more affordable your premiums will be. And this can save you lots of money. 

Man worried about his age and insurance premium wants to get insured by Gibraltar BSN insurance

Source: Giphy

2. Your family has a history of significant health issues 

If your close family members have underlying health conditions such as diabetes, breast cancer or heart disease, your risk of developing that particular condition increases as you get older. 

This is why it’s best to get a life policy now while you are still young and healthy. Don’t wait until a health issue or age puts life insurance out of your reach.

Parents trying to take care of ther baby the best they can with food and Gibraltar BSN insurance

Source: The Boss Baby

3. You plan on starting a family someday

It may not be on your mind now. But somewhere down the line, you will probably want to settle down and start a family of your own. 

Once again, with your age and health as your advantage, getting your life insurance in place now is the best thing you can do for your future spouse and children. 

4. Your parents depend on you financially

Some young adults still rely on their parents for their financial needs. But the opposite is also true - there is an increasing number of young adults who have become the primary financial provider for their aging parents. 

If you are among the latter, you should definitely consider signing up for a life insurance policy with your parents as the beneficiaries, especially if they don’t have their own financial protection. 

Should the unthinkable happen, your policy will act as a safety net for your parents’ healthcare and other living expenses. 

Reckless man burning his credit card should start should start making better financial decision such as getting insured by Gibraltar BSN


5. You have debts 

Debts are common and can be expensive. Most people have some form of car loan, mortgage and credit card debt. If you are a young graduate, you probably have a student loan to pay off too. If you launched your own business, you would have most likely taken a loan to grow your business and perhaps used some of your personal or family assets as collateral.  

Should something happen to you, your loved ones will be burdened with your debts and may even lose their assets. Your finances could also suffer, causing your business partners or employees to lose their jobs. 

That’s not the kind of legacy you want to leave behind. Having a life policy will protect them from this unnecessary financial risk, ensuring their livelihoods can continue.  

As you can see, it’s never too early to be prepared, because we can never predict what life throws at us. As the saying goes: “It's better to have it and not need it, than to need it and not have it.”

So, take the first step to secure your financial future. Check out i-Care, our very affordable life insurance plan that offers you protection for as low as RM9.75 a month!  Get a quote from our website, or leave your contact details and one of our agents will be in touch with more information.