A lot of single people believe there’s no point to getting life insurance. That makes sense, at first look. But, when you really give it serious consideration you may find that even if you’re single you might benefit from a policy.
Think You Don’t Need Life Insurance? Think Again.
Life insurance isn’t for everyone, but if you’re single you might be surprised to find out that purchasing a policy can be a good idea. Life insurance can help in certain situations:
1. You have debt.
Debt doesn’t always just go away when you die. If your parents or somebody else co-signed on a loan, for instance, they’ll be liable for any student or other loans still outstanding. Life insurance can give you peace of mind knowing nobody else will be stuck with your debt.
2. You’re in a serious relationship.
If you are living with a partner, he or she might not be able to pay all the household bills alone. With a life insurance payout, a mortgage could be paid or your loved one could stay put instead of having downsize.
3. Someone depends on you financially, or will in the future.
Many find satisfaction in helping support elderly parents. If you’re not there to help, they may be forced into less than desirable living conditions.
4. A payout can cover your funeral expenses.
It’s not something people particularly want to think about, but after-death expenses are usually very high. A life insurance policy can save a loved one from having to pay thousands of dollars in funeral expenses.
5. Getting life insurance while you’re young is smart.
Although it may seem counter-intuitive, getting life insurance coverage while you’re young and healthy can save you money in the long run. Coverage is more expensive the older you get. If you secure a good rate now you can keep your rates lower throughout your life.
Need help sorting through the ins and outs of life insurance? Read our article Life Insurance: What Is It? and find out about the different kinds of coverage.