Think life insurance is only for couples that are married with children? Think again. While a life insurance policy would certainly benefit a traditional family should a provider pass away, life insurance could also prove beneficial to a single person with no children. If you’re currently single, here are some things to consider when thinking about life insurance.
- Your health could deteriorate. When you’re young, you feel invincible. Grey hair and back pain are things of the far, far future, but what about diseases and health issues you can’t predict? Does your family have a history of heart disease, diabetes, or cancer? If so, you could have difficulty purchasing life insurance in the future, especially if your health has already started to deteriorate. It could be a wise decision to purchase life insurance before it gets too pricy or you become uninsurable.
- You have loans or debt. If you co-signed a student loan or mortgage with a family member, you should know that in the event of your passing, that family member would be burdened with the remainder of the loan. Say, for instance, that you co-signed a mortgage with a sibling. Could your brother or sister continue to make the monthly payment without your income? If not, a life insurance policy naming your sibling as the beneficiary could help them pay for your share of the mortgage.
- A funeral isn’t free. If the unthinkable were to happen, who would pay for your funeral? According to the National Funeral Directors Association, the average cost of a funeral can range from $7,000 to $10,000. Is that something you’d want your family members to foot the bill for? During such an emotionally difficult time, a life insurance policy could help reduce your family’s financial stress and help them pay for the cost of your funeral service.
- You’re taking care of parents, grandparents, or siblings. If you’re responsible for taking care of a family member, having a life insurance policy could help make sure that your dependents are cared for in the event of your death.
- You want to leave a legacy. Is there a cause you’re particularly passionate about or a family member you’d like to help send to college in the future? A life insurance policy could help your beneficiary make sure these goals are met.
Not all single people need life insurance, but it could provide many individuals with peace of mind, especially if they can relate to one of the above reasons. If you’re considering life insurance but aren’t sure how much you should purchase, meet the Life Coach. Just answer a handful of questions to see how the right amount of life insurance could benefit you.