It is easy to believe you don’t need life insurance when you are single but if you die without life insurance, your family will have to worry about all of your final expenses. These include paying for your funeral and burial out of pocket and dealing with any taxes or debts themselves. They also won’t have much leeway in terms of financial security. The following are some reasons a single person should consider life insurance…
If You Have Debt
Have you ever had a cosigner for a loan? If so do you want to saddle them with loan payment after your death? Or do you have a shared mortgage with a friend? Do you have student loans with a cosigner that can be especially burdensome? An easy and affordable solution is to get term life insurance. It would pay off your portion of the loan if you were to pass away prematurely.
If Anyone Depends On You
You could be a single parent with young children. Or do you have an aging parent or a disabled sibling who relies on you? These people may need some form of income to make ends meet so you need some form of insurance.
If You Own a Business
If you have business partners, they also depend on you to keep things going. When you create a partnership, you should always have contractual provisions for keeping the business going if one partner should pass away. But in order to make that happen, each partner may need to commit to putting life insurance funds in to keep the business going. In most cases, the financial institution that issues your business loan will require you to have life insurance.
If You Want to Grow Your Wealth
There are a couple of different types of permanent policies, whole life, and universal life. A whole life plan is a more long-term one with fixed premium payments and death benefits, whereas a universal life plan is more flexible. But the shared benefit of each of these is the accumulation of cash value. You can use the accumulated cash to increase your personal wealth or to buy a home, supplement your retirement income or cover an emergency expense.
If You Want to Pay for Final Expenses
A funeral usually costs about $10,000. This is a big reason why single people need life insurance. Without it, your friends or family will be on the line to cover those costs.
If You Want To Lock in Coverage When You Are Young
Life insurance policies will always be cheaper in annual premiums the younger you are when you buy your policy. Good health also translates to lower insurance costs and buying a policy younger also lowers the chances of having an illness like diabetes or heart disease. Your health affects whether you get life insurance and how much you pay for it. Generally speaking, younger people are in better health and will pay less for their whole life.
If You Want to Leave a Legacy
Did you know you can use life insurance as a fund for your legacy goals? Whether you want to provide an inheritance for loved ones or gifts to charity, permanent insurance could offer you flexibility and certainty that you’ll reach your legacy goals. Leaving money to a beloved school, religious organization, charity or a person is another reason for single people to buy life insurance.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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