A lot of single people don’t understand the need for life insurance, particularly if they don’t have children or people dependent on their income. But there are at least three good reasons why you should still consider life insurance protection even if you are single today.
1. You’re not getting any younger
You may be single now…but who knows what the future holds. At some point you may want a partner and possibly children. These events often trigger the need for life insurance and the simple truth is that the older you get, the more likely you are to have a chronic health condition or an illness and that could make it difficult to qualify for the best insurance rates.
2. Taking care of business
No one wants to talk about it, but the end of life comes with expenses. There are final taxes to pay and, of course, there are funeral and burial costs. The death benefits from your life insurance policy can take care of these costs so loved ones don’t have to.
3. Paying off debt
If you were to pass away with debt like a mortgage or loans, assets including your house, car, savings, etc, would be used to pay off what you owe. A life insurance policy can help pay off these debts after your gone so that your estate and assets can be distributed to your beneficiaries according to your wishes.
How much insurance do you really need?
Your insurance needs will change throughout your life. How much do you need now? How about tomorrow?
Find out how much insurance you need, and when you’ll need it, with My Insurance View from ivari.
Disclaimer
This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.
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- Life insurance
- Life stages