5 Reasons Why You Should Have Life Insurance Even If You’re Single
August 26, 2021
Many people may think that life insurance is only necessary to have if you have a family, but this is not the case. While the main goal of life insurance is to provide a payout to a spouse or your children in case of death, there are many reasons why a single person should have it as well. Here are five reasons why you should consider life insurance if you’re single.
Many funerals can easily cost more than $10,000, which is the main reason single individuals should carry at least a small amount of life insurance. If you don’t have insurance, you’ll be leaving friends and family on the hook to cover those costs.
Paying Off Debt
Another important reason to have life insurance is to not saddle others with your debts. While some debts will go away after someone dies, it can be particularly cumbersome for cosigners on a loan or if you happen to share a mortgage with a family member or friend. Private student loans can also be an issue, because unlike federal student loans, most are not discharged after death.
Locking in Coverage Premium
As you get older, life insurance becomes more expensive. Generally, younger people tend to have better health than older people which is why they also tend to pay less for life insurance. If you wait to get insurance until you’re older and in declining health, coverage may not be as affordable and it could be more difficult or impossible just to get coverage.
You Are a Business Owner
If you’re a small business owner and need a business loan, chances are the financial institution issuing the loan will require you to have life insurance. This helps ensure that they will get their money back if you die. There is also a special kind of life insurance called key person insurance, that a business can buy, that will help a business stay afloat in the event of an untimely passing.
People Depend on You Financially
Just because you’re single doesn’t mean you don’t have people relying on you financially. Perhaps you have aging parents or a sibling that counts on your income to supplement theirs. In these situations, it is vital to have life insurance so the people you care about are looked after in the event of an early death.
We hope these reasons help demonstrate why even single people need to consider life insurance. And while you may not want to think about an untimely passing, it’s important to be prepared. Fortunately, we make the process as easy as possible. If you’re considering life insurance, give us a call or fill out our contact form to get in touch about life insurance coverage.