More of us are staying single than ever before. Both marriage rates and childbearing rates are slowing down and happening at later ages, as people realize they have more choices for how they want to live. This is great! And if you’re among today’s strong force of singles, it’s time to consider life insurance.
Yes, life insurance. There’s a common misconception in society today that if you’re single with no spouse or dependents, you don’t actually need life insurance. While it’s true that many people do enroll in life insurance for the sole purpose of protecting their close loved ones (who depend on them financially) after they’re gone, that is only a small portion of what a good life policy can do. Here’s what all single people should know about life insurance and why it may be a good choice for their lifestyle:
Life Insurance Can Help Cover Your Funeral Expenses
Nobody likes to think about “the end,” but the truth is that we can’t predict the future, and it can happen at any time. When someone passes without a good life insurance policy in place, their loved ones (both family and friends) often end up having to foot the bill. Even small, simple funerals can end up costing a lot, but a life insurance policy can help ease the financial burden either partially or entirely.
Life Insurance Can Pay Your Remaining Debts
Many of us live with at least some kind of debt (student loans, mortgages, car loans, and credit card debt are big ones), and so many people pass while still owing considerable amounts of money. If you don’t want your assets seized after you die, or your assets are not enough to cover the debt you owe, then life insurance can be used to pay off remaining balances. It is especially important to consider life insurance if you are a co-signer on something, as the other person will end up being responsible for everything once you pass.
You Don’t Have to Have a Spouse or Children in Order to Name a Beneficiary
You can name whoever you like as your beneficiary, and many single people choose not just family and/or close friends, but also a charity that is near and dear to them. Life insurance gives you some lasting power after you’re gone. Interested in learning more about your coverage options? Contact our team at TruePoint Insurance in Fisherville, KY today!