Life insurance is designed to benefit those you leave when you pass away. So why would you need this type of policy if you live alone and have no addictions? Surprising as it may seem, there are a number of reasons why you may need life insurance, even if you are single and have no children.
You may want to have children one day
The younger you are when you buy life insurance, the cheaper it will be. If you are twenty and single and do not want children right now, you can choose to have them in their thirties. It makes sense to buy a 30-year life insurance now that it is cheaper and have it in place when you are ready for children.
Some debts (ie federal student loans) disappear when you pass away. However, this may be a different story with other types of debts or debts signed by others. The co-signer will be responsible for the balance at your death. If you have jointly signed debts, it is wise to buy enough life insurance to help co-signatories pay them if something happens to you.
You want to cover your end-of-life expenses
Funerals and funerals are expensive. When you pass, someone must cover the cost. Buying a small life insurance policy ($ 10,000 to $ 20,000) is a great way to ensure that your family or friends do not have the financial burden of your end-of-life expenses.
You own a business with partners
To qualify for a small business loan to help grow a business, you probably need life insurance. Life insurance income can also help your partners stay in business in the event of your death. There should be a plan to protect the business should any of the partners pass.
You want to contribute to a valuable cause
Even if you are single without children and live alone, you may want to leave something to others. With the income from a life insurance policy, you can make a significant contribution to a cause, charity or organization that is important to you.
You have a mortgage
Buying a house is a big investment. A life insurance policy can be used to pay off your mortgage if you unexpectedly pass. This way, your investment in your home can benefit someone else when you are away.
People other than addicts count on you
Even if you have no relatives, there may be people in your life who count on you to get help. For example, you may have elderly parents, aunts or uncles who are retired and living on a fixed income. You may have planned to help as much as you can in the coming years. Life insurance death benefits can provide financial help for those who rely on you should the worst happen.
If you live alone and are considering life insurance, talk to our friendly agent. We can help you buy a policy that meets your needs at the best available prices.