When you’re single, life insurance may be one of the furthest things from your mind. Maybe you have no dependents, and you’re just focusing on paying back your student loans and putting away money for retirement, so life insurance hasn’t even occurred to you. Since you’re young and healthy, life insurance might not seem like a big concern, but actually, if you take out a life insurance policy now, it could help you and your loved ones out in a big way down the road. Here’s 6 reasons you need life insurance, even when you’re single:
It’s Cheaper Now
The younger and healthier you are, the cheaper it will be for you to take out a life insurance policy, which can help you out down the road. Life insurance for a single 25 year old is considerably cheaper than life insurance for a 32 year old father of two. If you have the money, why not plan ahead and lock in those low rates now? You can always add on to your existing policy if you have kids or get married down the road.
You Have Cosigned Loans
If your parents, or someone else that’s important to you has cosigned on your student loans, they’ll be stuck with your debt in the event that something happens to you. While this is only true of private bank loans, it’s fairly simple to take out an insurance policy that ensures your debt is covered, and it’s a good way of making sure your parents aren’t stuck with your loan payments in the event of your death.
Funeral Costs
Although no one like to think about it, funerals are costly.The average funeral and burial costs around $7,100, which is a hefty sum that you can easily take care of with a life insurance policy. If you’re worried about who would take care of that expense, life insurance might be a good idea.
You Support Others
Whether you’re a single parent, you support a special-needs sibling, or you care for your aging parents, a life insurance policy can help protect them if something happens to you. In this case, a permanent life insurance policy may be in your best interest, as it’s there for your entire lifetime. With this type of policy, those that you support will benefit even if you’re no longer there.
You’re Living With Someone
If you’re living with a significant other, and you share the financial responsibility of your living space, life insurance will give them time to find another, more affordable place if something happens to you. Life insurance can help pay the rent, or pay off those housing loans, if you’re not there to do it. This goes for any other shared financial responsibilities as well.
You Want Your Business to Continue
Are you a business owner? If your business has partners, a life insurance policy will help them to purchase your portion of the company more easily. Your partners could enter into a buy-sell agreement that would allow them to buy policies on the lives of other co-owners. In the event that one partner died, the payout would go to the deceased partner’s family, though it would give them no stake in the company.
Everyone should have life insurance, you might be surprised how affordable it is, give the experts at Doyle & Ogden a call! As West Michigan’s first choice for insurance advisors, we’ve got close relationships with over 15 companies. That means we can work to find you better coverage, for the best price. Give one of our experts a call at 616-949-9000 or request a free quote online today!
