Is Life Insurance worth it if I am single?
If you are unmarried with no children, this thought may have crossed your mind when reading the title of this article. You have no spouse that depends on you financially, and no children whose college education you need to fund, so why would life insurance ever be worth it? As you might expect, there are actually a multitude of reasons why you need life insurance, even if you’re single.
After-Death Expenses
The weeks after the death of a loved one are already stressful and emotional, so don’t make the situation worse by placing a financial burden on your loved ones. The average funeral cost in Georgia is $8,533, which can be a huge financial stressor if your loved ones do not have that cash on hand. Life insurance policies can cover the cost of outstanding medical bills, estate taxes, and funeral expenses.
Life Insurance Is Worth It For Debt Holders
If you are a new homeowner or have outstanding debt, it is wise to purchase life insurance because that debt could fall on your loved ones after you die. If your parents are still alive, the debt will fall to your parents after you pass away. This can be a huge financial burden for them depending on their situation and the amount of debt outstanding.
Additionally, if you have a joint bank account, a co-signer on a mortgage, an authorized user on a credit card, or any other shared debt, that other person is responsible for your debt after you’re gone. Purchasing a life insurance policy ensures that all of your debt is taken care of and that nobody is left with a financial burden during this already difficult time.
Other Dependents
Although you aren’t responsible for taking care of a spouse or children, there are other people who may require your financial support. If you have aging parents, siblings that are in need of assistance, or even non-relatives that depend on you, life insurance guarantees that they will always be taken care of. When drafting a life insurance policy, you can name the beneficiaries that will receive the death benefit from your policy.
Life Insurance Is Worth It For Business Management
If you are a small business owner, life insurance is imperative. If you have a business partner, life insurance will protect your partner from financial losses incurred by your death. This money can be allocated to finding your replacement, allowing your business partner(s) to purchase remaining shares, or to pay your company’s bills.
Health Issues
If you are young and healthy, but have a family history of serious health issues, you may want to consider purchasing life insurance now. This way, you may be able to qualify for a more affordable policy. This policy can also cover medical and long-term care costs that may result from future illnesses.
Inheritance
Even if you don’t have any children, you can still leave an inheritance to other loved ones. The death benefit can fund education costs for a niece or nephew, or help out a friend who is financially insecure.
Charitable Donations
Life insurance is not only for providing for loved ones. It can also be utilized to leave a charitable donation to an organization of your choice. You also have the option to split your insurance benefit between loved ones and organizations of your choice.
Lower Premiums
If you are still relatively young and healthy, you should consider life insurance now to lock in a low premium. You never know what the future will bring, so a plan with a low premium can ensure financial security no matter what happens.
Cash Value
Whole life policies grow cash value, which you can access while you are still alive. You can utilize this money to fund a major purchase or as a rainy day fund. You also have the benefit of lower interest rates compared to many other financing options.
Have You Decided That Life Insurance Is Worth It? Call Us Today!
Unsure how to go about finding a life insurance policy that is affordable and the right choice for your family? Contact Arlington Greene Agency now. Coming to a decision about life insurance can be so much to consider. With so many different policies it can be hard to determine what you need on your own. At Arlington Greene, we have experts in the life insurance field who are ready to help. Our family-owned insurance brokerage has the insight to uncover the firm that is right for you. We are here to answer all your insurance questions and make this an easy process for you and your family.