Life Insurance for Singles
Many people think of a life insurance policy as something that’s only for married couples or parents with children. The truth is, there are many benefits to purchasing an insurance policy which keeps you covered even if you’re single without dependents.
Even if you’re unmarried and don’t have children of your own, there are still those who would be impacted by your death financially. For example, even if you’re a legal adult, your parents or other relations listed as “next of kin” will likely be responsible for any final expenses such as funeral costs. If you’re the cosigner of any debts or loans, the other cosigner will become solely financially responsible for that obligation. Financial obligations can be mitigated or settled entirely through the benefits granted even by a cheap life insurance policy.
When you’re young, it’s easy to feel like you’ll be alive forever and things like insurance policies are for seniors. This is even more true if you’re in good health and live an active lifestyle. However, accidents do happen, and it’s a good idea to be prepared. Including financial security through an insurance policy as part of your economic planning just makes good sense. Also, many companies
will offer a much lower rate on premiums for those who are younger. An insurance policy now, while you’re young and healthy, may also serve to ensure your future insurability.
Even if you don’t have family members you’re directly responsible for supporting, you may want to leave your legacy behind for others. Nieces or nephews could be listed as beneficiaries, or benefits could be allotted toward a favorite charity or other organization which is important to you. Benefits can be paid out in a lump sum, or the policy can be issued to a trust and used to create a new income stream in any direction you choose.
Whether you’re the head of the household or flying solo, there are a lot of benefits to purchasing a life policy. It can serve as an investment plan, cover your final expenses, and lift financial burden from those close to you. A variety of life insurance quotes are available for every income level, and the younger you start, the more benefits will be available to you.