If you think that life insurance is only for happy families or those with dependents, you wouldn’t be the only one. Many of our clients tell us that they have no need for life insurance if they are single and that they would only consider taking out a life insurance policy if they were to get married or have children.
The truth is, life insurance is important for everyone, whatever their marital status and regardless of whether they have dependents or not. There are plenty of reasons why you should seriously consider investing in life insurance as a single person, and better still, your coverage will likely be less expensive than those who have spouses or families to support.
Still not convinced? Here are some more reasons why you still need life insurance, even as a single person:
Your debts could be left even after you die
While some types of debt will be written off should the worst happen, and you die, there are other types of financial commitment that will not. If you have private loans for tuition, for example, that have been co-signed by your parents or guardians, they will still be liable for payment even after you pass. The same applies to all other types of co-signed debts including car loans, rental agreements and even jointly-owned credit cards.
Any debts or obligations that you jointly enter into will be left for them to clear if you are no longer around. Life insurance, however, will provide them with the income to pay off any outstanding amounts comfortably.
Your business partners will need protecting
Being young, free and single does not mean that you are without responsibilities to your business. If you are a partner in your own firm, your business partners will rely on you for both your hard work and your share of investment responsibilities.
If you die without leaving provisions for keeping the company going without you, it could land your business partner in severe financial difficulties. You may have bank loans that you have co-signed or have made investments into the business that could be difficult for them to keep hold of after you are gone.
To prevent problems at a later date, you and your business partner should both take out life insurance coverage to help fund the continuation of the business should either of you pass away.
Your partner or roommates may also need your help
While not quite as serious as having a spouse or dependents that will need to be taken care of way into the future, your partner or roommates may need some financial assistance after you die.
If someone you live with depends on your financial contributions to keep a roof over their head, you should consider taking out a small amount of cover to enable them to continue to pay bills and rent until the end of the lease.
You could save yourself from higher premiums if you have a history of poor health
If your parent/s suffers or suffered from severe health conditions such as heart disease or diabetes, you should definitely consider getting life insurance while you are still in good health yourself.
If you are diagnosed with certain conditions in the future it can make obtaining life insurance really expensive and difficult to come by. Getting your life insurance now will also help you plan for the future and help to know that your spouse and children will be covered, whatever any future diagnosis is.
There are always end of life expenses to be paid
Very few people are truly alone, and whether you intend on being single and child-free forever, there will also be someone responsible for covering the costs of your funeral and settling your estate when you die.
A small life insurance policy should leave enough to give you a good send off and pay any outstanding debts or financial commitments.
Life Insurance from The Sena Group
If you would like advice on the right life insurance coverage for you, call us today at 561-391-4661 to find out how we can help.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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