Prior to working in the insurance industry I was like most people who assumed that only married older people with children needed to purchase life insurance. Now, I’m not here to say that all single people need life insurance, but consider the 4 reasons below to see if it might be a good idea for you.
1. There may be other family members who rely on your financial support:
When people think about life insurance, they generally think about spouses and children. Often times many other people rely on us financially for support. Aging parents/in-laws are examples of people who may need our support financially. With a life insurance policy there will be money to take care of those who relied on us when we were alive.
2. You are young and healthy:
This is arguably the best reason to get life insurance. Life insurance coverage will never be cheaper as you get older because age and health status are two very important aspects of how your premiums are determined. If both age and health are favorable, why not lock into a low monthly premium now. The future is not promised and a lot could change in terms of health. Poor health can result in prohibitively expensive premiums or even a decline for coverage.
3. You plan on having children one day:
Maybe you don’t have kids today but you may have them in the future. A policy purchased now would be less expensive than one purchased in the future when you are older and would mean that coverage is ready and in place for when you do have children. In some cases, for permanent policies, you can pay off the premiums within a few years and the policy still remains in force for life.
4. It will cover your funeral costs:
It’s tough to think about, but the truth is we are all going to die one day. The average funeral cost today is around $15,000 – $20,000. Life insurance can help cover those funeral costs. Imagine your future spouse, children, or your parents mourning your death and at the same time trying to figure out a way to cover the financial burden of your funeral.
Getting life insurance coverage does not have to be difficult. Reach out to me anytime and I can walk you through your options—free of charge.