Looking Into Life Policies – When Do I Need It?
Life insurance has always been marketed as a way to provide financial protection for your family– implying you have a spouse and/or children– should you pass away. Therefore, it can be difficult to decide whether or not you need a life policy if you have neither a spouse nor children. However, I’ll argue that even if you’re waiting to settle down or have no plans of doing so, it would still be smart to look into! Obtaining life insurance is a responsible decision to make if anyone relies on you financially. Therefore, your relationship and parenthood statuses should not be the only determinating factors you should take into account.
The purpose of life insurance is to protect people that might suffer financially should the policyholder die. If you have no dependents or family members, you may not be in need of a policy just yet. However, just because you are single and have no children of your own, does not mean that there are not others in your life you help support. Imagine that you have a younger sibling who is living with you rent-free while they finish up their studies. Should you pass away suddenly, that sibling would be left trying to pay the rent of your place or rent of their own. A life insurance policy could provide support, and therefore comfort, in that type of predicament.
Similarly, if you have any joint loans with another person, you should consider getting a policy. Say, for example, that you own a house with your sibling. If you were to pass away, your sibling would take on the whole of that mortgage, and that may not be something that is financially sustainable for them. The payout of a life insurance policy would help them cover your part or even the entirety of the outstanding debt.
Even if you do have no financial responsibilities or joint debts, just think about this; if you die, who will pay for your funeral? Simple ceremonies can be very costly (we’re talking thousands and thousands of dollars) and the person responsible for those arrangements may need the help. Just having a small policy can help your loved ones with those expenses.
Although most life insurance is meant to protect one’s family and assets, you may still find it necessary to have some form of protection put into place for your specific circumstance. If you’re wondering how getting a life insurance policy could provide an extra measure of support in your situation, refer to the information below.
Life Insurance Questions?
We hope that this information on life insurance for single people is useful to you.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.
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