Should you Get Life Insurance Even if you are Single?
If you aren’t married and don’t have kids, you probably think you don’t have anyone to worry about upon your passing. Life insurance is just for those that have to support others after their passing. They don’t want to leave the financial burden of a mortgage and raising children on their spouse or family. But, there are certain reasons that a single person does need coverage. Some of the reasons may surprise you.
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Pay for Your Arrangements
First and foremost, someone has to pay for your arrangements. Whether you have a big funeral or a low key one, it still costs money. Do you want to leave your family members with that burden? What if they don’t have the money?
Instead, you can get yourself a low-cost life insurance policy and make certain family members the beneficiaries. This way you know they can pay for your arrangements without putting any financial burden on themselves.
Pay Off Your Debts
If you have any debts with anyone else’s name on it, they become liable for the debt upon your passing. Let’s say for example that your parents co-signed your mortgage for you. Without them you would not have been able to buy a home. If you pass away unexpectedly, that mortgage payment suddenly becomes your parents’ problem. Is that something you want to burden them with upon your unexpected passing?
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If you have proper insurance coverage, your beneficiaries can use the funds to pay off debts as large as a mortgage or as small as co-signed personal loans. Think of it as taking care of the person or people that took care of you in your time of need.
You Have Others Who Depend on You
Even though you are not married or have kids, you may have other family members that rely on you. Do your parents live with you? Maybe you have a younger sibling that lives with you or counts on you for financial support.
Whatever your situation is, if you want the support to continue upon your passing, life insurance can help. You can name the person or people that you support as the beneficiaries. This way you know their support should continue even with you gone.
You Own a Business
If you own a business with others, you could put the business at risk if you pass away without any financial support for them. If it’s your wish for the business to continue, you can buy a small insurance policy that gives the co-owners enough money to buy your portion of the business. This way the business keeps going and it stays in the hands of the people that started it, even if you are gone.
You May Get Married and Have Kids
If you are young and single, you probably don’t think about the future too much yet. However, you may want to think about buying life insurance now because you’ll save money. The younger and healthier you are when you buy life insurance, the cheaper the premium.
Consider it setting yourself up for financial success in the future. Let’s say you are 25-years old now, but in 10 years you get married and have kids. Sure, you could buy your insurance policy then, but you’ll be 10 years older. Your premiums will be higher. You also don’t know what your health condition will be like at that time.
What if you were to buy the policy now? You’ll get lower premiums and still have coverage in 10 years, if you buy a long enough policy. You’ll enjoy the lower premiums despite your higher age, giving you the satisfaction of having coverage without going broke.
It used to be that if you were single you didn’t need life insurance. Today, it’s much different. As the economy continues to improve, more and more singles are buying insurance policies. Even if you have a basic policy at work, you might want a little more coverage if any of the above situations apply to you. Shop around with different agents and find the policy that provides the coverage you need at a price you can afford.
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