Term Life Insurance for Single Individuals
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, so learn about why it’s necessary for you to have life
insurance in you life, even if you don’t think you should.
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.
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 you’re 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. 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 to get life insurance 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.