Nobody likes to think about what will happen to them when they pass away, and this means few people actually take the time to consider what would happen to their loved ones in the event of an accident or illness that suddenly take them away. Most people think of life insurance as something that’s reserved for senior citizens or those who have a high value to their families or their careers, but the fact is that anyone can benefit from a high-quality life insurance policy. This includes young, single people who are just starting to make their way in the world.
Here are the top six reasons why single people need a life insurance policy as much as anyone else.
Student Loan Debt
If something were to happen to you, your outstanding student loan debt
doesn’t necessarily disappear. Federal government loans are discharged
should you pass away, but personal loans with a co-signer rarely have
this benefit. In fact, if your parents co-signed on your student loans,
they would most likely be responsible for paying back the rest of the
loans after your passing. Life insurance can help pay the rest of these
loans off to prevent this massive burden on your loved ones.
Living With a Significant Other
Living together means a lot of aspects of daily life become a shared,
mutual responsibility. Often times significant others who share an apartment
or a home require both of their incomes to make their rent or mortgage
payments. When one of the housemates passes away prematurely, the other
partner may not be able to make their ends meet. Adequate life insurance
is a great way to answer the questions of financial uncertainty following
an untimely death.
If You Plan on Having Kids
The USDA claims it costs nearly a quarter of a million dollars to raise
a child to the age of 18, and that doesn’t factor in the huge expense
of college. If you were to pass away while your significant other is raising
the children, they may not be able to afford a lot of the needs your child
or children may have. If you purchase a life insurance plan now, even
if you don’t have kids yet, you have taken an important step in
protecting your future family from financial disaster should you pass away.
Lower Rates
When you’re young and healthy, the cost of life insurance is significantly
lower than those who are older and have more health problems. When you
purchase a life insurance policy now, the monthly costs are minimal due
to your lower risk. As you age, the costs will only grow more and more.
Lock in a great rate now and you’ll protect your loved ones for
years with a minimal financial burden.
Future Certainty
Do you help support your parents? What about a special-needs sibling who
cannot care for themselves? What would happen to these loved ones if you
were no longer around? A quality life insurance policy can make sure their
need are met in the future. If you have any of these individuals to care
for, you may also wish to consider purchasing a permanent life insurance
policy, which stays in effect as long as you pay your monthly premiums.
Funeral Expenses
It shocks a lot of people how much a funeral can actually cost. On top
of the burden of grief and emotional turmoil that comes with the loss,
funeral expenses can average over $7,000, which
someone has to pay for. A quality life insurance policy can help pay these expenses
as well as resolve any affairs you may leave outstanding for your loved
ones to deal with.
If you need help selecting a life insurance policy that meets your needs and stays within your budget, call Insurance Specialists, Inc.! Our professional staff is trained to help you find the perfect policy that protects your life and the future of your loved ones should anything unexpected happen to you. Your complete and total satisfaction with the product you receive is our number-one priority, and we offer more than five decades of experience and knowledge to help you make the right choice.
Want to learn more about the great life insurance options available to you? Call Insurance Specialists, Inc. today at 888.451.0883 to speak with a representative!