Single people are sometimes misled into thinking that they may not need life insurance. The opposite is true. Single people can benefit from having life insurance in much the same way as couples do. The only difference is that they do not have a family to support or care for after they pass away. They do, however, have many of the same final expenses and other needs that can be taken care of by purchasing the right life insurance coverage.
Here are a few ways in which life insurance can benefit you even though you are single.
Pays Your Final Expenses
As a single person, you will have the same type of final expenses as someone with a family. Even though you are not in a relationship, you may want to save your family members from the uncomfortable task of having to take care of your final expenses. It doesn’t matter if you will be buried or cremated; there will still be some expense in dealing with your remains. With a life insurance policy in place, you can rest assured that it will all be well arranged.
Takes Care of Any Unpaid Debts That You May Have
Today, single people are buying homes and vehicles at a much earlier age than in the past. Many are also carrying a great deal of student loan debt. With a good life insurance policy in place, all of your debts will be paid off so that your family won’t have to deal with covering those debts. Your life insurance policy will take care of most of it. Some forms of debt, like car loans, come with a death benefit policy that will pay the car off if you pass away and still owe money on it.
Sets Aside Money for Your Parent’s Care
Many people have elderly parents that they are responsible for and want to ensure are still provided for if they were to pass away before their parents. Life insurance can offer a plan that will make sure that everything is taken care of. Having this type of policy in place may be a godsend for parents who could never save up enough money for their retirement.
Establishes a Financial Safety Net
Having the right type of life insurance will also establish a financial safety net that you can borrow against if you are ever in a bind. There are life insurance policies that allow you to invest a portion of your equity in the stock market to help boost its equity. While this type of policy isn’t for everyone, it is ideal for individuals who are financially secure.
If you are single and considering purchasing a life insurance policy, consider talking to our agents at Schwab Agency in Colleyville, Texas. We can help you figure out which plan of action is best and match you with a policy that will meet all of your financial needs. Contact us today for all your coverage needs!