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.
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.
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.
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.
Before talking to your financial advisor, My Insurance View can help you understand how much protection you need now and in the future.
