Life insurance is important for everyone to have. Just because you're single doesn't mean that you shouldn't purchase a policy for yourself. In today's society being a single is different than it used to be. People are leading independent lives for a much longer time. Learn why life insurance for singles is necessary. In fact, there is no better time than the present to compare term insurance quotes to find the best policy for you.
The old fallacy that only married people need life insurance is slowly dying. Times have changed socially, so it's no stigma any more to be single whether male or female. Young and single might not even apply to you; you might be older, and have lost a partner after many years of marriage. However, a lot of older people do have coverage because it was bought right after marriage. There are a lot of situations that might cause you to need life insurance, even when you're single.
Why Life Insurance for Singles Is Important
One very important reason that you need life insurance is if you own a house. Your immediate family would be hurt financially and emotionally if you died without some type of policy in place. If your home is mortgaged to the hilt, all banks will try to recoup their investment immediately. A simple policy will leave the house to anyone you choose, and they can either live in it, or sell it. Term life insurance rates are reasonable and often fit the needs of life insurance for singles. The proceeds from the distribution of your life insurance will allow them if they're having financial difficulty to make payments while they wait for it to sell. Also, loved ones could make a long term investment, and convert it into rental property, or even sell it on a land contract with much higher interest rates for an extended period with your life insurance.
Another great reason for life insurance for singles is the cost of funeral expenses. The average funeral today, if you don't opt to have cremation, is over $8,000.00. If you want to be opulent for your funeral, expect to pay much higher for the services. Most families can't cover the cost for you with prices this high. Of course, this price includes the burial plot, services, and an average casket, but it's still a lot to ask from a grieving family that's unprepared for your passing.
Debt doesn't go away, but with life insurance it'll pay off your debtors if you pass. You'll need to take a close look at what you owe, before you buy any type of insurance. If necessary talk with a financial advisor for a complete analysis of your financial situation. You need life insurance to cover the expenses other than a mortgage. Credit cards and car loans are still required to be paid, and if you don't provide your estate with the money, it could be sued in court. Don't let this happen to them because you weren't prepared with life insurance. It's always better to be prepared for your peace of mind, and life insurance will provide it. Talk to a life insurance agent or broker to help you assess your needs and compare whole and term life insurance rates.
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