Life Insurance For Singles
It is a very common perception that life insurance is only applicable to married couples and those who have kids. That is not true. There are a lot of reasons why getting yourself life insurance when you are single makes really sense. In this article, we are going to discuss life insurance for singles and why is it necessary.
You Might Have Student Loan Debt
Many people often tend to assume that all monetary debt dies with them when they bite the dust! That is not always true. Only the loans through the federal government happen to be discharged or forgiven if and when an individual happens to die. When it comes to personal loans which have a co-signer, they do not get discharged. This basically means if your parents or some other relatives, for instance, happened to co-signed your student loan via a bank, then they’d be stuck paying the rest of the loan if you die. Previously, there have been many instances wherein the bank called for the repayment of the loan in full, immediately after death. This is one of the major areas wherein life insurance comes in handy.
You Are in a Live-In Relationship
When you happen to be living together with your partner, a lot tends to become a shared financial burden. For instance, you both always need your income to pay the mortgage or rent where you both live. Have you ever thought about what might happen if either of you or your partner dies prematurely? Will the other partner have to sell or give up the place immediately? Will he or she immediately need a new place to live? This is once again one of the situations wherein life insurance is literally a ‘life-saver’.
You Want to Have Kids
If you are someone who plans to have kids someday, then you have to be ready to bear all the extra expenses and bills. According to the USDA, to raise a child to age 18, it costs a whopping $245,340. Note that this figure doesn’t even account for the cost of college. Now, if you get yourself life insurance while you are still single, then you will enjoy having coverage in place for when you happen to have a child. Additionally, you will also be able to protect your insurability when it comes to the future.
You Have to Take Care of Your Family Members in The Future
This can mean various things. You might have aging parents or perhaps a special-needs sibling who will need your help in the future when it comes to caring and supporting them financially. Have you ever thought about exactly what will happen to them if your support disappears all of a sudden? This is where life insurance can facilitate or ensure that there will be enough funds in place to take care of their needs in the future. Also, it might really be wise for singles to consider a permanent life insurance policy.
