What you need to know about life insurance as a single person.
Typically, most people only think about life insurance once they get married and start having kids. However, what happens if you are currently single? Should you secure life insurance, or is this coverage unnecessary? Here’s why single people should consider securing life insurance today.
- You Never Know What Life has in Store
While you might not want to get married now, you never know if this will change in the future. Many people are starting to get married later in life so they have the opportunity to extend their education, focus on their careers, and simply enjoy their independence. However, if you do end up settling down when you’re older, then trying to get life insurance will be on the more expensive side. This is because life insurance tends to be way more affordable when you are young and healthy. So rather than waiting until you are settled to secure coverage, you are better off planning for your future by securing life insurance now.
- You May Have Debts
Today, the average person is walking around with a considerable amount of debt on their shoulders. Between student loans, credit card debts, car payments, and even home mortgages, single people typically have just as much (if not more) debt than a married person. If you were to die unexpectedly, then the debts that you leave behind would go to your parents or co-signer. As this could leave your loved ones under significant financial hardship, it’s best to take steps to mitigate this risk. If you are in debt and expect to be in debt for an extended period of time, then you can secure the financial protection that your loved ones need with the right life insurance. Your death benefit can be used to pay off your debts, meet your ongoing financial obligations, and pay for your final expenses such as those related to your funeral and burial. In short, securing life insurance is a great way to protect your parents and the other loved ones who are set to inherit your debts.
These are some of the reasons why single people should consider securing life insurance. Do you have questions about securing this type of essential coverage? If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California. We are ready to assist you with all your life insurance needs today.