The Single Life
Life insurance is only for people that have kids or are married, right? Actually, life insurance can be just as necessary and valuable for people who are single. Many single people make the assumption that life insurance doesn’t make sense for their lifestyle, just an unnecessary cost. While singles may not need as much coverage as a married person with children, there are plenty of reasons for single people to invest in life insurance coverage.
Are you curious if getting coverage is the right move for you? Please read on.
Why Singles Need Coverage
If you’ve ever wondered whether getting life insurance coverage is worthwhile when you’re single, please consider the following factors:
You’re Young and Healthy – Lock in Low Rates!
You’re in the best shape of your life; so why in the world would you need life insurance now? Well, that’s exactly the point. Obtaining affordable coverage is an incredibly simple process when you’re young and healthy. In fact, you’ll likely qualify for some of the lowest rates possible. Life insurance is nearly guaranteed to get more expensive with age. Locking in lower premiums can pay off for younger individuals seeking coverage. Plus, you can change your plan as your needs change and still maintain low premiums.
You’re Currently Supporting Others
Being single, doesn’t mean you don’t have people depending on you. According to the U.S. Census, 16 million unmarried parents are currently supporting children. Dependants are not only children. It is not uncommon for single adults to provide support for elderly parents or special needs siblings. You can quickly and easily find a policy to meet your specific needs. Also consider the fact that your situation can quickly change. Though you may not have dependents now, you could in the future. You can lock in low rates now and then update your policy as your needs change.
You Have Major Financial Obligations
Are you currently a co-signer on a mortgage? Do you have any outstanding student loans or credit cards? If you have any major financial obligations, it may be a wise move to invest in life insurance coverage. If you were to suddenly pass, your family could be held responsible for managing these financial obligations and final expense costs. In addition to personal debts, funeral costs average more than $7,000. This significant financial hardship can be overwhelming for loved ones who are already grieving.
You Own a Business
Do you own a business or are currently a partner in a business? If so, obtaining life insurance coverage is vital to the longevity of your operations. Options for coverage include buy-sell agreements, individual policies, and company policies. Be sure to explore all of your options, as life insurance is crucial for business owners and partners.
You Want to Leave a Legacy
Many people are surprised to learn that life insurance can be an incredible tool to use for leaving a legacy. If you’re passionate about a specific cause, nonprofit organization, or a special person you would like to leave your legacy with, purchasing life insurance can be just the tool you need to accomplish these goals. With life insurance, you can leave the legacy you’ve always desired.
If you’re a single person seeking coverage, we can help. At Term Life, our team of specialists is dedicated to helping you find the most affordable coverage. In fact, we will even help you calculate your life insurance needs, without including any personal information. If you’re ready to learn more or have any questions regarding your coverage options, Contact Us today and one of our life insurance experts will be ready and waiting to help.