You’re not married, so why on earth would you need life insurance?
Actually, there are plenty of reasons to get life insurance for a single person. In fact, you might be surprised to hear just how important life insurance can be at any stage.
Below are some of the best answers to the often-asked question: “Do I need life insurance if I am single?”
Answer #1: “You need life insurance if your friends or family members cosigned loans.”
Did you ask your mother to cosign a loan so you could purchase an automobile that you’re still paying off? Is your uncle listed on your apartment lease as a cosigner per your landlord’s request?
If you were to die while a loan or lease was still outstanding, your cosigner would be left paying the bill. However, if you paid for life insurance as a single person, your life insurance could cover cosigned bills.
Answer #2: “You should have life insurance if you plan to help out your family members.”
Is your mother or father a senior? Do you want to help them live comfortably as they age? You can ensure that if you die prematurely, they will still have some money to help them make ends meet.
It isn’t necessary to get the most expensive life insurance policy, either. Even a modest one could provide financial assistance to your loved ones.
Answer #3: “You should get life insurance to cover funeral costs.”
This is one of the most popular reasons to get life insurance as soon as you’re an adult. Funeral costs can quickly add up, and if you die without substantial savings, your relatives will have to figure out how to pay for your burial costs.
Make it easier on everyone you count on and talk with an independent insurance agent to see how large of a life insurance policy is recommended to cover funeral expenses.
Answer #4: “You are living with someone and expect to get married someday.”
A serious relationship that may be leading to marriage is another reason to get a life insurance policy. No, you aren’t married yet, but you’re obviously planning a life together. If the unthinkable occurs, life insurance monies will help your significant other cover bills.
Be sure to talk with your partner about your intentions before determining which life insurance policy to get. He or she may want to get one, too.
Answer #5: “You have a business with other individuals.”
Are you an entrepreneur who has co-founded a startup? Then you definitely need a secure life insurance policy.
Truly, all business owners should invest in life insurance regardless of marital status. Otherwise, you leave your business partners in a difficult position if you pass away.
The next time you find yourself asking, “Why do singles need life insurance? I’ll just wait until later,” think again. Remember that the purpose of life insurance isn’t necessarily for your peace of mind, but for the peace of mind —and ease — of those around you.