Single people with no children don’t have anyone who is relying on their income, therefore it seems logical to think you do not need life insurance. Here are a few life examples in which Life Insurance is a benefit for those who are single…
If you financially provide support for parents, siblings, or loved ones, you may want to consider having a policy in place for their care and support when you are no long here to provide for them.
Do you have substantial debt, or perhaps you’re a joint debtor with your sister/brother on a mortgage? This person would be responsible for the entire debt if you die. You may not want to pass this burden on to surviving family members. Life insurance benefits provide the resources for family members to take care of your debts, or possibly pay off an entire mortgage while going through a very difficult time.
Pay for your funeral costs. Even a simple ceremony can be costly. Not only are you able to pre-plan the arrangements the way you want them, you also do not pass this burden of planning and payment onto your loved ones.
Insuring your insurability. It’s possible that your health may decline at some point in your lifetime. If cancer or heart disease for example appear in your medical future you may have trouble buying life insurance. Even if you’re single, it may be wise to buy life insurance before it is too expensive or you become uninsurable from medical issues.
Term life insurance is one of the most affordable types of life insurance available, especially at young ages. You may also want to consider permanent Whole life insurance at this point in your life, since the premiums are much less when you are young and healthy. Whole life insurance also provides cash value that builds over the years.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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