Learn about Life Insurance for Singles
Are you single and considering life insurance? If so, you may be asking yourself, do I really need life insurance? After all, you don’t currently have a spouse requiring financial support.
Actually, that’s a very good question. And, it is possible you don’t need coverage, at least not right now. But times change, and your life will change, as you grow in age and responsibility.
However, there are some important reasons you or a loved one might want to purchase life insurance protection, even if you are single.
Here are some important situations where life insurance can provide valuable options, even for someone who is single.
You Support Your Child or Other Family Members
You might be raising a child, or maybe you have other loved ones who can’t afford to lose you, such as, a disabled sibling or an elderly parent who relies on you for financial support. A life insurance policy could help them when you’re gone.
You’ve Got Financial Obligations
If you’ve cosigned a loan and pass away, the co-signee will be responsible for the entire amount of the outstanding loan, but if you have life insurance, it could help cover what’s owed to pay off the loan.
Funeral costs are another expense that could be offset by owning your own life insurance policy.
You Want To Provide for a Charity
Do you have strong ties to a charity, church, organization or school? A life insurance policy can allow you to leave a legacy.
You Want To Be Prepared for The Future
Life insurance rates can be lowest when you’re in good health. If you’re young now may be the best time to buy a life insurance policy, so you’ll be covered when it’s time for marriage, kids or other responsibilities.
You May Have Future Health Concerns
A policy that includes a clause for an accelerated death benefit can be used to fund end-of-life medical expenses or extended care, or even to take a last trip before passing away.
You Decide to Help a Young Relative
Maybe you have a niece, nephew or grandchild who doesn’t fully recognize the benefits of obtaining life insurance coverage now. You might consider purchasing a life insurance policy for him or her. And if it has a guaranteed purchase option, it will allow your young relative to buy additional life insurance coverage if needed in the future.
You May One Day Get Married and Start a Family
Today you may be young and single, but your life may change if you meet that special someone you choose to spend the rest of your life with. Choosing to start your life insurance now can guarantee financial security for those you may one day call your family.
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