Why To Consider Life Insurance If You Are Singlesiadmin October 1, 2018
Life insurance is something that many young people don’t think about, especially if they are single. However, life insurance is important at almost any age. If you do choose to take out a life insurance policy while you are single and childless, you are looking at smaller policies and lower rates. Plus, the money accrued from a permanent life insurance plan can be used for retirement and other future expenses.
Let’s learn more about the benefits to having life insurance – even if you are single.
Looking toward the future. Do you hope to have kids one day?
Maybe you’re single and don’t have kids right now, but do you plan on having a family one day? If so, life insurance is a great option that you won’t regret. You can purchase insurance now when you’re young and healthy. When you do get married and have children, you’ll already have insurance in place. At this time, you can choose to increase coverage or add another policy.
Does someone else – a parent or sibling – depend on you?
It’s possible that you could have someone else depending on you, such as an aging parent or disabled sibling. If you are planning on helping out this individual, having a life insurance policy is part of this. If something were to happen to you, how would this individual pay the bills or cover your end-of-life expenses?
Are you at risk for inheritable diseases?
If your family has a history of health conditions such as diabetes, heart disease or autoimmune disease, now is the time to take out a life insurance policy. As you get older, you’re more at risk for these inheritable conditions, and this can cause your policy to be more expensive. The best time to take out a life insurance policy is when you’re young and healthy. The rates are lower, and you don’t have to think about it in the future.
Do you own a business with others?
If you own a startup or small business with others in NJ, they depend on you to keep things running. You should have contractual provisions in place, as this allows you to continue running the company if one of the partners were to die. Talk to a financial planner about the possibility of using life insurance for your business.
Do you have debt or cosigners on your debt?
Some debts disappear when you die, but others do not. For example, if you have cosigned loans by your parents, they’ll need to pay off the loan if you die. This includes cosigned mortgages, credit cards, student loans, etc. To protect your cosigners, it’s a good idea to have enough life insurance to cover your debts. Of course, we recommend covering all debts. This way, your estate is clear.
Still have more questions on whether life insurance is right for you? Call Soden Insurance and check out our affordable rates on life insurance policies.