Many people believe that life insurance is only for married people with children. This thinking means they are overlooking all the benefits that come from having a policy. While it is true not all single people need life insurance, there are many reasons having this coverage makes sense.
Here are some of the benefits of life insurance.
- It Helps with Student Loans
While many people assume that your debts die with you, this isn’t always the case. If you have personal loans with a co-signer,these debts are not waived even in the event of your death. This means that your co-signer will likely be held financially responsible for paying off the remainder of your debt. If you don’t want your student loans adding to your loved ones’ grief, make sure you get coverage to pay back your debts with the right life insurance policy.
- It Helps with Your Funeral Costs
While it’s not fun to think about, the reality is that someone is going to have to pay for the costs associated with your death. With the average funeral and burial costing upwards of $7,000, these expenses are not something you should overlook.
If you don’t want your loved ones to be financially responsible, get a life insurance policy with a benefit large enough to cover costs associated with your funeral and burial.
- It Helps You Plan for the Future
Finally, while you might be single and childless now, this doesn’t mean that you will always be. If you do get married and start a family down the road, life insurance is the best way to ensure your spouse and children are financially stable even in the event of your untimely passing.
By investing in life insurance now when you’re young and healthy, you can get a better deal on your policy. Waiting until you are older and have a family means that your life insurance premiums will be on the higher side.
These are some of the reasons why single people should still consider getting life insurance. Interested in getting the right policy to fit your needs and budget? Don’t hesitate to contact the professionals at John Scott Insurance. Our dedicated team is ready to assist you with all your coverage needs.