When it comes to planning for the future, few products play as important a role as life insurance. While couples with children often understand the importance of having an adequate life insurance policy, single people can be tempted to forego investing in life insurance because they feel it isn't needed.
Here are three reasons why you, as a single individual, should make a life insurance policy a priority in the future.
1. The money from a life insurance policy will help pay off your debt.
Many young, single people have significant amounts of debt. Because you haven't had time to pay off large investments like the purchase of a home, vehicle, or your education, the balance on these accounts can be greater than an older individual. Married people also tend to pay off debt faster, especially if both spouses work.
To ensure that your parents don't get stuck footing the bill for your debts in the event of your death, it can be beneficial to have a life insurance policy in place.
2. The money from a life insurance policy can help provide care for your parents.
In the event that you die while you are young, your parents will outlive you. This presents a unique problem when it comes to providing care for your parents as they age. Since you wouldn't be around to pay for medical expenses or an assisted living facility if your aging parents need to utilize these services, it can be beneficial to have a life insurance policy in place.
The payout from a life insurance policy can provide adequate funding for your parents to ensure they get proper care as they age, despite the fact that your passing would prevent you from being physically present to help foot the bill for their care.
3. The money from a life insurance policy can help pay for your final expenses.
Young singles often haven't had time to accumulate a large amount of money in their savings accounts. This means that you might not have the funds needed to pay for your own funeral if you die unexpectedly. The average cost of a funeral is somewhere between $7,000 and $10,000.
If you don't want to leave your parents with this expense, it can be beneficial to have a life insurance policy in place that will provide funding for your final expenses.
Once you are able to recognize the unique ways that a life insurance policy can benefit you as a young, single individual, it's easy to see why you should talk to your insurance agent about adding a life insurance policy to your portfolio of benefits.Share