I know seems like a crazy question. Why in the world do I need life insurance if I’m not married? Most single men and women may think this way. After all, you have no spouse to protect in the event of your premature death. Seems logical that your financial responsibilities are minimal. Well maybe not…
Here are a few life situations in which Life Insurance would be of benefit to those who are single…
- If you provide financial support for aging parents or siblings, you may want to consider having a policy in place for their continued care and support. Also very important in this situation is to have a Trust along with your Last Will and Testament in order.
- Do you have educational loans or other debts? If anything happens to you, who pays the bills you leave behind? Are you setting up your parents or other family members for a financial mess in the event of your premature death? I know maybe not intentionally, never the less, now is a good time to think this through and eliminate passing along added stress to surviving family members.
- Pay for your own final expense costs. 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. Final expense’s can run into the thousands of dollars, but is easily taken care of with life insurance. Remember, generally, life insurance benefits are not held up by taxes or estate disputes and benefits are paid out fairly quick in comparison to many other investment forms.
- Protect your future insurability. Say what? Yes, perhaps the most important, life insurance purchased today can protect your future insurability. Being single today, does not mean no family in your future. Whole Life (cash value) life insurance, is a policy in force for life, assuming all required premiums are paid. How is this a Good thing? If you have any health changes later in life that would prevent you from obtaining life insurance. Remember life insurance is a product that needs to be obtained when you are healthy.
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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