Single people may have no dependents but it is nevertheless a good idea
for them to have health insurance. If you are single, there are several
different types of insurance coverage you may want to consider:
• Health Insurance: Many people have supplemental health insurance on the job, but if you
are not one of those people, your first line of defense against dental and prescription drug costs as
well as other unforeseen medical costs is an individual health insurance
policy. With an individual health insurance policy, you can even get
a policy with no deductibles. You should choose a policy with large
maximum amounts of coverage and make sure that it covers the regular
expenses that you foresee yourself incurring, as well as the unforeseen
expenses. See an example of an enhanced
health insurance plan.
• Disability Iincome Insurance: This type of insurance
is often overlooked; however, disability insurance can replace a sizable
amount of lost income if you were unable to work because of an accident
or illness. You should check with your employer to determine if you
have long-term disability protection. If you don’t, talk to your
insurance agent about getting an individual policy that would replace
at least 60 percent of your income.
• Life Insurance: Even though you have no dependents at
this point in time, you may have dependents later on; therefore, it
is a wise idea to think about life insurance now. The good thing about
getting life insurance when you are young and healthy is that you can
get the lowest coverage cost including guaranteed insurability. Another
important long-term consideration is to start a retirement savings plan.
