Six Reasons Single People Need Life Insurance
Life insurance isn't just for those who are married and have kids. In fact, many single people should have life insurance! Here are 6 reasons why.
1. If you still have student loan debt. Most people assume debt dies with you but that's not always true. Although loans through the federal government, such as federal student loans, are forgiven if you die, any personal loans that have a co-signer generally are not. For example, if your parents co-signed your student loan through a bank, they would be responsible for paying off the rest of that loan if something happened to you. There have been instances where the bank will call for the rest of the loan to be paid immediately after death. You wouldn't want to leave your parents dealing with grief AND loan payments, would you?
Same goes with any other co-signed debt. Any debt with someone else's name on it will automatically become their problem should you die.
2. You're living with a significant other or roommates. If you rely on both your incomes to pay for, let's say, your mortgage, what happens if one of you dies prematurely? Will they have to sell the house? Will they have to find new housing right away? Having a life insurance policy will help them finish out the rest of your lease or get them by for awhile till they find new, more affordable housing.
3. You plan on having kids someday. It may not be now, but when kids do come, so do the expenses. Buying life insurance now may be a great option because the younger and healthier you are, the cheaper the policy is. Let's say you are in your early twenties and plan on having kids in the future. It doesn't have to be full coverage, but starting a life insurance plan now will not only lay down a base coverage for your future but you will also get it for less. You can always add on or increase your coverage when you have kids.
4. You're young and healthy. Age and health are two factors that determine how much you'll be paying for life insurance. Why not get it at a lower price if you have both of those factors working for you? Don't wait until a health issue or age puts life insurance out of reach.
5. You know you'll have to take care of a family member in the future. Maybe it's aging parents or a special-needs sibling that you have to support financially. What happens when you and your support disappear? Having life insurance can make sure there is funds to support their needs into the future.
6. It will pay for your funeral. As much as we don't like to think of things like this, if you die, someone will have to pay for your funeral. You wouldn’t want to leave your parents, partner or other family members struggling with grief as well as paying for a funeral and burial.
Be smart, take out a life insurance plan now before it's too late.