Many people think of life insurance as something that financially protects a spouse or child following the death of a family member. If you’re unmarried and don’t have any dependents, you may wonder how life insurance is relevant to you and why you would need it. Being single doesn’t mean that you aren’t attached to anyone or that you are alone. You may have people in your life who depend on your income or regular help and it is important that they be protected financially.
American young adults are staying single longer and acquiring property and assets without a partner or spouse. If you were no longer around, who would be able to pay your mortgage, car loan or student loan debt? Life insurance benefits can pay for these expenses.
Do you have parents or older relatives who depend on you financially or for their medical care? You should consider what their lives would be like if you were unable to assist them anymore. Other family members may be able to help or hire a caregiver, but this costs money.
You do not have to think about purchasing life insurance in a negative light. If you have no debt or dependents, you can designate a charity to be the recipient of the policy. Leaving a legacy gift is a great way to support a cause that you love.
Younger people have a distinct advantage when it comes to shopping for life insurance policies. Because they are typically in good health, and have not had any major medical problems, it is significantly cheaper. For an instant life insurance quote, explore our website and find out which option is best for you.