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Top 5 Reasons to Have Life Insurance Even If You’re Single

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Top 5 Reasons to Have Life Insurance Even If You’re Single

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When you think of life insurance, you might think it’s for people with families. After all, many life insurance advertisements feature images of young children accompanied by messages about “protecting your family.†But what about single people without children? If no one depends on you, should you bother paying for a life insurance policy? Turns out, single people may need life insurance, too. The good news is that your policy is likely to be smaller, and the cost of the policy much lower, than for someone seeking coverage to provide for a family.

Reason #1 – Someone Depends On You

If you are financially responsible for someone, you’ll want life insurance in place to protect and provide financial relief for them in case they should have to carry on without you unexpectedly. The most obvious example of a financial dependent would be your children. If you don’t have children, there still could be others who depend on you for their financial future, like an elderly parent, grandparent, disabled sibling, or a child in your family who is not biologically yours. The policy is there to enable your loved ones to maintain their lifestyle if you should die and otherwise would be unable to keep the promises you have made to them.

Reason #2 – You Have Debts

Single people without dependents generally don’t need life insurance – unless you’re in debt. If you have a home mortgage, car loan, student loan or credit-card debt and you have a cosigner listed on the debts, they likely have to pay those debts if you should pass away. Without a life insurance policy in place, your loved ones will be left to deal with debt collectors and headaches. With a life insurance policy in place, your beneficiary could use the death benefit to pay your debts.

Reason #3 – You Want to Cover Funeral Expenses

End-of-life ceremonies are pricey. According to the most recent report by the National Funeral Directors Association, the average cost of a funeral is $9,135, PLUS the cemetery, headstone/marker and other charges, which can push the total to $11,000 or more. You could take comfort knowing that these expenses are taken care of so that your mourning loved ones won’t have to pay. Here’s a Pro Tip: Check to see if your employer offers life insurance and if it is enough to cover funeral expenses.

Reason # 4 – Your Health Might Deteriorate

Do you have a family history of cancer, heart disease or other potentially fatal illness? If so, you might have difficulty buying a life insurance policy when you’re older, especially if your health is worsening. In situations like these, it is smart to buy life insurance before it gets too expensive or you become uninsurable.

Reason #5 – You want to Leave a Legacy

It’s natural to want to leave a legacy after you’re. One of the easiest ways is through a life insurance policy. The payout (also known as the death benefit) from your life insurance policy can be a legacy that outlasts your time among the living. Those funds can serve as an impactful donation to your favorite charity, organization or movement. You could give back to charity via life insurance by naming a trust as the beneficiary of your policy. You’ll just need to be sure the trust has instructions for how much of your estate to give to the charity in the event of your death.

To start a discussion with a Glenn Insurance Life Insurance specialist, schedule an appointment Mike Sheeran, CFP ® here >>

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