The conversation around life insurance tends to center around families and their financial futures—not single people. And because singles are conspicuously absent in the hundreds of blogs about life insurance, it can lead them to believe they don’t need it.
This is not the case.
There are a number of reasons why singles should consider getting a life insurance policy. One of the main benefits is that the coverage is likely to be less expensive because of a smaller policy.
Here are some situations that warrant a life insurance policy for singles:
You Have Student Loan Debt
In 2019, Americans owed $1.41 trillion in student loans! Never in the history of the country have students been so deep in debt.
Yes, student loans are forgiven in the event of your death, if they are loaned through the federal government. However, if you took private loans that are cosigned by your parents or guardians, that’s a different story. If you die while your parents are still around, they’ll have to pay the outstanding amount.
With that in mind, it’s wise to have a life insurance policy in place so your parents don’t have to spend the rest of their lives in debt.
You Have Financial Dependents Who Aren’t Biological Children
It’s very common for Americans to financially support aging parents, grandparents, or relatives. If you were to face an untimely death, your dependents will struggle to maintain their lifestyles and their health.
That’s why it’s a smart choice to consider securing a life insurance policy to make sure the necessary coverage is in place in case of an unfortunate incident.
You Have Business Partners
If you plan on taking loans to grow your business, you’ll need life insurance first. If you own your business with a partner or partners, an unexpected death will set the company back financially.
With life insurance coverage, your business partner(s) will have both the financial backing and the time to make important decisions about the future of the company.
You Plan on Having Kids Someday
While you may not be considering having kids right now, it can certainly be a possibility down the road. And with kids come bills and expenses.
The U.S. Department of Agriculture (USDA) estimates that it costs a family around $233, 610 on average to raise a child to the age of 18. While no one wishes to financially evaluate their children in this way, it’s important to accept the reality of the situation. Most parents seriously underestimate the first-year cost of raising a baby.
A life insurance policy will mean that you’ll have coverage for when you have a child/children, and you’ll be protecting your insurability for the future.
We are a leading term insurance broker FL with years of experience ensuring its clients and their dependents are secure with strong financial plans and insurance deals.
If you require affordable life insurance or term insurance Pinellas county, Palm Beach County, Hillsborough County, and elsewhere in Florida, get in touch with us for a free quote! Or call us at (800) 381-1245.