Single Life from an Insurance Standpoint

In 2011, there were thirty-three million Americans living alone. Living the “single life” involves making your own decisions, especially when it comes to the protection of yourself and your future. Single & unmarried Americans have insurance and financial needs in order to live securely. The Insurance Information Institute suggests being aware of these six ways to do just that:

• Life Insurance – If you have dependents, then you should certainly have Connecticut life insurance in the event that your children have to live without you. However, even without dependents, life insurance can help to pay for final expenses or can be used to contribute to a charity. Finally, whole life or permanent life policies can create a “forced savings plan”, allowing for a cash value to be borrowed against or withdrawn from per the owner’s request.
• Disability Coverage – Imagine what you would do if you were unable to make an income due to an accident or illness. Some may be covered by insurance through an employer. If not, this may be another form of insurance to consider.
• Long-term Care – Now this isn’t necessarily a type of insurance to purchase in your 20’s, but you shouldn’t wait until you need nursing home, assisted living or home health care. This type of policy can help with the high cost of these services.
• Health Insurance – You should always prepare for the unexpected, no matter how healthy you are. These policies have lower premiums if you go through an employer. For those who are unemployed, self-employed, or students, individual health insurance policies offer the same choices.
• Homeowners and Renters Insurance – Although your landlord should have an insurance policy to protect the building itself, you need your own Connecticut renters insurance policy to protect you and your belongings. For those singles who own their own homes, it’s important to talk to an agent about a Connecticut homeowner’s insurance policy with the right type and amount of insurance. A homeowner’s policy type will vary for a house versus a condo. A condo will require you to have your own insurance policy, as well as a “master policy” from the condo board which covers areas that may be shared with other residents of the building.
• Retirement Income – Income from Social Security during retirement will most likely only be enough to pay for bare necessities. To ensure protection during your retirement years, start contributing to an employer offered 401(k) savings plan. Many employers will match a certain portion of your contribution. If 401(k) plans aren’t an option, you should start a tax-favored retirement savings plan as soon as possible. Post-retirement, you can purchase an annuity which will provide you with an income for the rest of your life.

If you have questions about which insurance policies will best fit your needs, your Connecticut insurance agent can certainly help. In addition to offering advice towards the best coverage for each individual, agents can make sure that you receive any available discounts from insurance companies, such as multi-policy or EFT discounts.