10/12/2024
Does a single person need a life insurance plan?
Yes, because the law provides that every person has an insurable interest in his own life and health.
Section 10 paragraph (a) of the Insurance Code states that "Every person has an insurable interest in the life and health: (a) Of himself, of his spouse and of his children;"
The law does not distinguish whether you're single or married at all.
The next question is, what is insurable interest?
In the case of Violeta Lalican vs Insular Life (G.R. 183526, August 25, 2009), an insurable interest is that interest which a person is deemed to have in the subject matter insured, where he has a relation or connection with or concern in it, such that the person will derive pecuniary benefit or advantage from the preservation of the subject matter insured and will suffer pecuniary loss or damage from its destruction, termination, or injury by the happening of the event insured against.
In other words, interest becomes insurable only if that kind of interest over the subject matter would benefit or provide an advantage to the insured or if the damage, loss, or injury would actually damnify or pertain to liability on the part of the insured.
Hence, everyone can claim an insurance policy for himself because we each have an insurable interest in our own lives, and we have that instinct of self-preservation.
