Life insurance is not just for married couples or people with children. Single people should invest in their future as well. The following provides a few things to think about:
• Your debt does not die with you. While federal government loans may be forgiven or waived, personal loans are not. For example, if your parents co-signed your student loans through a bank, they would be responsible for that debt.
• If you are living with a significant other but not married, you still may share the household expenses. In the case of your passing, that full burden would be passed to your partner. Would they have to move if they couldn’t afford the full rent/mortgage?
• If you are planning on a family ‘someday’, why not put coverage in place? According to the USAD, it costs $245,340 to raise a child to age 18 (that is without factoring in college).2 Putting life insurance in place now provides coverage for the future.
• It is a great idea to purchase life insurance while you are young and healthy. Age, weight, and health concerns are major drivers for your rates and insurability. It’s a great idea to lock in a low price now which will provide coverage in later years. You can’t predict what your health will be 20 years from now. According to Life Plans, a healthy 30-year old can purchase a $250,000 term life policy for as little at $13/month.
• There is always the possibility of taking care of aging parents or perhaps someone with special needs. Having a policy in place can ensure money would be there if you and your support were not around.
• Lastly, while no one likes to think about their own funeral, it is a reality. When you die, someone is saddled with paying for those expenses. In a time of grief, that’s not a burden you want to leave for your family. The National Funeral Directors Association estimates the average cost of a funeral as $7,100.3
While it may seem overwhelming, purchasing life insurance does not have to be a daunting task. We can walk you through your options and provide you with a no-obligation quote and help you budget for your future needs.