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Many people think life insurance is only for married individuals or those with dependents. Singles often prioritise other financial goals and consider insurance an unnecessary cost. However, this approach could put their long-term security and their family’s future at risk.
In reality, life insurance is for everyone, regardless of marital status, age, or existing responsibilities. It acts as a financial backbone during critical situations while also serving as an effective tool for wealth creation and tax savings.
Key Takeaways
Life insurance is essential for singles to cover liabilities and protect their parents or future spouse.
Buying life insurance at a young age ensures lower premiums and better coverage options.
It can help pay off debts like education loans, relieving family members of repayment burdens.
Life insurance offers significant tax benefits under Section 80C and 10(10D) of the Income Tax Act.
Plans like iSelect Smart360 Term Plan by Canara HSBC Life Insurance provide comprehensive life cover with flexible benefits for a secure future.
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Why Do Singles Often Ignore Life Insurance?
Most singles ignore life insurance because:
They do not have immediate dependents.
They think the health cover offered by their company is enough.
They assume it is an expense with no returns.
They want to prioritise investments that offer liquidity.
But this mindset overlooks the holistic purpose of insurance: financial security, wealth creation, debt management, and mental peace.
Why Should Unmarried People Buy Life Insurance Plans?
As stated above, many individuals believe that life insurance for singles is a waste of money. Hence, after hearing this a million times, the most common question arises in individuals' minds: Is life insurance worth it for a single person?
Mentioned below are some of the prominent reasons why single people must consider buying life insurance.
Helps in Starting a New Business- To start a new business, people always require a large pool of funds. Also, if you start a business with your partner, and something unfortunate happens, it may result in a financial setback for your organisation.
However, with a life insurance coverage plan, you don't have to worry about these issues, as it can help your business and your partner financially and mentally. Furthermore, if your business is in debt or has financial problems, a life insurance plan may be an effective way to solve these problems.
Helps in Increasing your Wealth- There are two different types of term life policies: universal policies and whole life policies. The whole life policy places more emphasis on the long term with fixed premiums and death benefits. On the other hand, a universal policy is more flexible in terms of payments and benefits.
Also, the additional advantages of these two policies are the accumulation of wealth. The accumulated money can then be used to augment your wealth or put into a pension plan.Helps in Securing the Future of your Parents or Future Spouse
If you are a single person who wishes to safeguard your parents and your future spouse, then owning a life insurance policy can be the most beneficial thing. Taking a life insurance policy will ensure that in case anything unfortunate happens to you, the money from the insurance will be given to your future spouse or parents so that they can meet all their financial obligations with ease.
In addition to this, you must further ensure that the policy amount you choose is sufficient to cover all the future expenses of your loved ones in your absence.
Help to Pay your Student Loan- A life insurance policy also assists you with your student loans during your studies. If you took out a private loan, then the debts might not be forgiven even after your demise.
Therefore, it's a good time to purchase a life insurance policy if you have a student loan. In addition, you are always advised to opt for a coverage amount that is higher than your education loan sum so that you don't run out of repayment money.
Premium Would be Less- In terms of expenditures, young people today are extremely careful. So, when talking about purchasing a life insurance policy, they consider it a waste of money. However, if they don't buy term insurance at the right time, they may need to pay more than they need to pay now to acquire term insurance, as the amount of premium for older people is more when compared to youngsters.
You will Get Tax Benefits- A life insurance policy covers a person's life and protects their finances by offering many tax benefits according to the tax laws. According to section 80C of the Indian Income Tax Act, premiums paid into an insurance policy are eligible for tax relief of up to ₹1.5 lakhs. Also, the biggest advantage of having life insurance is that you will have peace of mind about your and your family's security.
Life Insurance Also Covers Your Health- Previously, the term "disease" was commonly associated with elderly people. However, in today's modern world, where modernisation has become a driving force in many people's lives, the mortality rate for all age groups is steadily increasing. According to a recent study, 28 percent of heart attacks occur in Indian men below 40 years.
The fact that disease knows no age applies accurately here. Hence, it is advisable to purchase life insurance to avoid future troubles. iSelect Smart360 Term Plan by Canara HSBC Life Insurance is another term insurance plan that is the most preferred choice of investors due to its assured returns and affordable premiums.
Did You Know?
The origins of modern insurance can be found in the London Fire of 1666. Due to the severity of the fires, insurance became essential rather than optional.
Source: Investopedia
How to Choose the Right Life Insurance Policy as a Single Person
Listed below are some of the ways in which you can choose the right life insurance policy:
Assess your liabilities like loans, future marriage expenses, and parental care
Determine your long-term goals, like business setup, retirement, and property purchase
Calculate the required coverage, such as at least 10-15 times your annual income
Choose riders wisely from the available options, like critical illness, accidental death, and premium waiver
Compare insurers based on claim settlement ratio and service experience
Consult a certified financial advisor or connect with Canara HSBC Life Insurance for personalised recommendations.
Glossary
Sum Insured: Sum insured is the maximum cap on the costs you are covered for in a year against any unfortunate event. It is applicable to non-life insurance policies like home and health insurance.
Sum Assured: Sum assured is the amount the life insurance company pays to the nominee if the insured event happens (death of insured). This term is used in life insurance policies.
Maturity Value: The amount of money paid out when a life insurance policy matures is known as its maturity value.
Risk Transfer: Risk transfer is a strategic method where a pure risk can be contractually shifted from one party to another as part of risk management and control.
Final Thoughts
Being single should never be a reason to overlook life insurance. Whether it is about protecting your parents from financial burdens, ensuring your future spouse is secure, paying off your student loans, or simply building disciplined wealth for your long-term goals, life insurance serves as a strong financial backbone at every stage of life. Buying it while you are young ensures affordable premiums and broader coverage benefits.
The iSelect Smart360 Term Plan by Canara HSBC Life Insurance secures your life while providing enhanced protection options to meet your evolving needs. Investing in life insurance today is an investment towards peace of mind, stability, and a confident future, regardless of your marital status.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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