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If you are single, you might be wondering if you really need the added expense of a life insurance policy.
It’s a great question and one that you should definitely consider – especially if you are thinking of one day getting married and starting a family.
Single people absolutely need a life insurance policy for a number of reasons. So, if you are wondering if this year is the year to make the investment, here are three reasons to consider.
You want to lock in coverage
In many cases, your age and health status can have an impact on how much life insurance you can get and how much it costs you. So, if you are young, single and healthy, now is the time to get life insurance because it could likely get more difficult as you get older.
Locking in coverage at a less expensive rate is never a bad idea, so do it now!
You have debt or own a business
If you have debt or own a business, you will definitely want to consider getting life insurance – and fast. If you share a mortgage, a loan or a business with someone, it’s time to make sure they are protected if something should happen to you and one of the best ways to do that is with a life insurance policy.
Private student loans aren’t discharged even if you die, so if someone cosigned those loans with you, they will need to be paid off – mostly likely by a parent or guardian. A mortgage is a similar issue.
And if you own a business, especially if you have a business partner, they could be left hanging if you pass away.
Dependents and planning
If you have a child or another person who depends on you, like an aging parent or a sibling with a mental or physical disability, you have dependents – which means you need a life insurance policy! If you are helping someone else with living expenses, you’ll need to protect them in some way in case you pass away.
Life insurance is also a way to pre-pay for funeral expenses – which can run into the thousands.
Leaving a gift
For many people, life insurance is a way to leave a legacy in the form of a financial gift to a non-profit organization, a school or religious organization. If you have a beloved group or organization, having life insurance can enable you to gift a contribution that can help others.
Crumrine Financial Services
At Crumrine Financial Services, we can help you find the life insurance policy you need. Call us for a quote.