While many people believe that life insurance is only for those who have dependents such as a spouse or children, the truth is that there are benefits for those who are single as well. Life insurance for single people offers a number of benefits that might not be foreseen by those who have no obvious dependents.
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Should I Get Life Insurance if I am Single?
The truth is that even if you have no dependents, if you were to pass away unexpectedly it would leave behind more than just grieving family and friends. Someone will have to pay for your funeral expenses and cover your debts. If your estate does not have the financial wherewithal to handle all of what is needed to be covered, then you are leaving behind a financial burden as well as an emotional one.
The benefits that a life insurance policy can provide will not only cover the immediate needs of your funeral expenses, but it can do so much more for your family.
Reasons for Single People Getting Life Insurance:
Burial Insurance: This will cover all funeral expenses, so you will need a policy that offers roughly $9,000 to $10,000 of benefits as that is the average burial cost in the US. You can have a beneficiary receive the benefits to pay for the funeral or you can work with a funeral director who offers a pre-planning service where the benefits will directly cover the expenses.
Personal Debts & Loans: Your debts do not automatically disappear if you should unexpectedly pass away. Credit cards and personal loans may need to be covered, so your life insurance policy benefits should be large enough to cover most, if not all of your personal loans.
Mortgage & Business Loans: Paying off your mortgage means that the house is yours to give free and clear to those who you want to inherit it. Plus, if you have business loans a life insurance policy will help ensure that any debts are paid and that your loss will not have as great a financial burden on the company.
Leave Behind a Legacy: Leaving behind a legacy for your children, nephews, nieces and others that you love will have a major impact on their lives when it comes to college expenses or perhaps opening up a new business. This is especially true with life insurance for single moms as their children can reap the benefits of having a legacy help pay for some of their most important expenses.
You can also leave behind money for your siblings, parents or grandparents to help them cover expenses in case of your untimely demise.
When you consider how your life affects so many others, getting life insurance for single person really makes sense. This is especially true if you do not have the financial resources to cover your burial expenses. No one wants to leave behind a financial burden for their family, so having life insurance for singles makes great sense, especially with policies that are very affordable.