Most single people assume that if they ever get married or have children, that is when they will need to think about life insurance. But the truth is that even single people with no dependents need to at least consider a life insurance policy. If you can answer “yes” to one or more questions on this list, give us a call to discuss your life insurance needs.
Do you have student loans? Some types of student loans are discharged if you die, but others are not. If your parents co-signed on any loans with you, they will be required to continue making payments if something happens to you. In fact, some lenders demand payment in full at this time.
Are you caring for aging parents, or will you be taking care of them in the future? What would happen to them if your support disappeared? Your life insurance benefits can ensure that their needs will be covered in the event that you are no longer around to provide care.
Do you plan to have kids someday? You don’t have to wait until your first child is born to purchase a life insurance policy. In fact, you can generally get better rates when you’re younger and choose a policy now.
How would your family pay for your funeral expenses? The average burial can cost over seven thousand dollars. If you die unexpectedly, your closest relatives will face the burden of that expense.
Do you have a significant other? Even if you aren’t married, you and your significant other might be sharing many living expenses. Your sudden absence could force some difficult financial decisions upon the person you love most.
Do you have a retirement plan? The best way to prepare for retirement is to start planning early. Since many life insurance policies offer benefits that can benefit you in retirement, this is yet another financially sound way to prepare for the future.
There are many reasons that single people might need life insurance. The most important one might be cost; younger and we can discuss the different types of life insurance available to you.