What You Need to Know About Life Insurance for Single People
Life insurance for single people is a subject that often goes overlooked in the insurance community. After all, most people purchase a life insurance policy because they want to leave something behind for their partner and/or their children. But there are plenty of reasons why a single person might consider buying life insurance:
Single Today, Married Tomorrow
Even if a person is a self-declared bachelor or bachelorette doesn’t mean that they will stay that way forever. A person might have zero intentions of getting married or settling down, but life is always full of the unexpected. A single person should still consider purchasing a life insurance policy today because they will be able to lock down a lower rate. If they decide that they want life insurance 10 years down the road, they’ll get stuck paying higher premiums.
Paying Off Debt
If a single person were to die before they have a chance to pay off their student debt, mortgage, or a car payment, their parents or a co-signer would be forced to inherit that debt. In addition to mourning the loss of their loved one, those families would be left in an unfortunate financial situation. If a single person is still in debt and expects to be in debt for an extended period of time, they can do their loved ones a favor by purchasing a life insurance policy.
Taking Care of Loved Ones
Even if a single person has no dependents, they are not entirely alone in this world. Chances are that the person still has siblings, parents, godchildren, or nieces and nephews that might suffer financially if they were, in some way, dependent on the deceased person’s income. A newborn niece will need a college education some day, a person’s parents might need some help with retirement, or a sibling might fall on hard times due to an illness or a disability. Any one of these scenarios can easily become reality.
If you’re single and considering purchasing a life insurance policy, you can get quotes from top insurance providers right here on LifeInsure.com. Simply use our life insurance quote tool and instantly compare the best rates and policies for you.