If you’re single, life insurance may be a topic that you have skipped over. You might think that you don’t need it, so you don’t pay much attention to it. I used to feel the same way. I used to think since I didn’t have children that paying money for life insurance didn’t make much sense.
However, thinking like that isn’t always correct.
There are plenty of reasons for why a single person might want to look into life insurance.
You have co-signers on your loans.
I recently read a story about a person who had taken out $200,000 in student loans and had a co-signer. This person then passed away shortly after they graduated and their parents were stuck with the bill. Now, this person’s parents are stuck with a $2,000 a month student loan payment.
I know that you wouldn’t want to do that to someone who helped you co-sign a loan, so you should definitely get life insurance in this situation.
You need to be able to pay off your debt and not hurt those around you if something were to happen to you. I understand that the person co-signed and they took on the risk, but you should do your part as well and help lower their risk.
You take care of others.
If you take care of your parents or siblings (or some other family member), then getting life insurance is most likely crucial. You will want this loved one to continue being cared for (just like you would with children) if something were to happen to you. Life insurance can make this possible.
This especially used to apply to me. While I don’t completely take care of my sibling anymore, I used to. My sibling is older now, but I used to help my sibling out significantly.
Funerals are becoming more and more expensive. The average funeral costs around $6,000 to $7,000, and life insurance can help your loved ones out with the costs if something were to happen to you.
Life insurance is cheaper when you’re young.
Life insurance isn’t something that every single person needs, but if you are young and you feel like you are saving enough money, then life insurance may be the next thing you want to tackle. This is especially so because life insurance is usually cheapest when you are young and single. You can then lock in cheaper rates now for later.
Do you have life insurance? Why or why not?
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