Do You Need Life Insurance if You Are Single?
We talk a lot about families and children, but what if you are single? Do you still need life insurance?
Life insurance is a smart financial move for everyone, not just families. If you are still unsure, think about these things:
Outstanding Debt
Unfortunately, if you have any outstanding debt it could be passed on. In particular, personal loans with co-signers usually aren’t forgiven by financial institutions. Additionally some banks could even call for the loan to be paid in full after death. Life insurance can ensure this burden isn’t passed on to your survivors.
It’s Cheaper When You Are Young
Maybe you are young and single. Now is the best time to buy life insurance. Life insurance rates increase as you age so inevitably there is not a better time to get covered.
Care for Other Family Members
Do you provide financial support to other family members like your parents or your siblings? Life insurance can help them maintain their standard of living.
Whole Life Insurance Provides an Emergency Fund
Whole life insurance has many living benefits should you need them. Should you need cash for any purpose, you may borrow against the cash value in your life insurance policy.
You May Not Always Be Single
At some point you may have a spouse and/or children. By getting covered now, you ensure that your future family is taken care of if the unexpected were to happen.
Written by Kristina Wendell
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