Life Insurance: Why You Need It Even If You Are Single
Many people feel that life insurance is only for those with spouses and/or children. After all, those are the people who would need the financial assistance of your life insurance policy should something happen to you, right? While it is true that people with husbands/wives and children absolutely should have life insurance, it is not true that those living the single life should not. There are several factors that make life insurance a smart choice for everyone.
There will be funeral expenses
The average funeral in the United States today costs more than $7000. That's a lot of cost for your family to bear. A life insurance policy can help alleviate those costs. A term life insurance policy allows a beneficiary to collect a designated amount upon your death which can help pay for your final good-bye.
You have debts and co-signed loans
If your parents or other loved ones co-signed a student loan, car loan or mortgage for you, they will be on the hook for the full amount should you pass away. Likewise, any debts that you leave behind become the responsibility of your loved ones. In order to protect them from having to bear that financial burden if you pass away, invest in a life insurance policy that will eliminate your debts. This way, they won't have any financial distress accompanying the emotional distress of your passing.
You support someone
You may not have a spouse or children, but that doesn't mean you don't have dependents. If you have an aging parent you help support, you're going to want that support to continue after you pass. The same applies to a special needs sibling you help care for or anyone else who relies on you for financial assistance. The right life insurance policy casts a proverbial safety net, providing the funds for that special care to continue when you are gone.
You have a passion
Perhaps you spent a lot of time at a local community center as a child. Maybe your happiest hours are spent volunteering at an animal shelter. Maybe your church played a major part in the structure of your life. If you have charities, organizations or causes that are near and dear to your heart, a life insurance policy can provide them with a sizable financial gift upon your passing. It's a thoughtful way to say "thank you" as well as a practical way to help their services continue for others.
Life insurance is often dismissed as something young, single people don't need. But the truth is that purchasing a policy can help the people you leave behind. Consider it your final gift to the people you love. To learn more, contact a company like Creamer Insurance Agency, Inc. with any questions you have.