Wednesday, April 8, 2015

Single? You Still Need Life Insurance

Life insurance is for everyone! Unfortunately, however, it’s something that mostly married people tend to buy. While it is true that, as a singleton, you may be able to get away with having less coverage than your married friends, you want to protect what’s yours and to protect your family and loved ones in the event of your death. If you’re still not convinced that you need a policy until marriage, read on to learn about some of the reasons why you do.

You’ll Save Money
As mentioned, a lot of people put off getting life insurance until they’re married. The problem is,
though, that more and more people are getting married much later in life than they once did,  which means that  some people don’t take out life insurance policies until they’re well into their thirties or older, which is risky. Furthermore, the longer you wait to take out a life insurance policy, the more it’s going to cost you! When you’re young, healthy, and in the prime of your life is the best time to lock in low rates and awesome terms. Wait until health conditions have developed, however, or your age is climbing, and your wallet could take a beating.

Protect Your Loved Ones
When a person dies, his or her financial responsibilities don’t just melt away. This is especially true when it comes to co-signed loans. While no one likes to think about death, it’s necessary. If you have co-signed students loans or a co-signed mortgage, your beloved co-signor will be on the hook for the loan in the event of your death. Even if you don’t, your loved ones could still be stuck paying your high funeral and burial costs. The last thing you want is to be a burden on those you care about most, and having life insurance will keep that from happening. Also keep in mind those who are dependent on you. Whether you’re a single parent or even just a pet owner, life insurance enables you to leave something behind for those who depend on you.

Continue Your Business
If you’ve gone into business with someone or if you own your own business with employees, chances are you want that business to continue after your death. Whether you want someone else to take over the business or just to provide for your former employees, a life insurance policy helps you to determine ahead of time what will happen and provides money to back your plans.

Do Something Good
Finally, if you want your money and assets to go to a good cause or even just to go to someone you care about, it needs to be easily accessible. Having money stashed away through a life insurance policy is an easy way to make sure you leave something behind. Then, you can use your will to show where and how you want those funds to be allocated.

Remember, life insurance may not be fun to think about, but it’s necessary if you want to have control over what happens after you die.

No comments:

Post a Comment