Should Single People Without Kids Get Life Insurance?

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Should Single People Without Kids Get Life Insurance? on avanteinsurance.com

To answer that question, see if any of these things apply to you

What’s the first thing that pops into your head when you think about life insurance? It’s probably related to people getting it in order to offer some financial security to their family, right? And while that’s a common reason to get life insurance, even people without kids – or even a spouse, for that matter – should think about getting a policy. Here’s why:

You have debt

Ever wonder what happens to someone’s debt when they pass away? In most cases, somebody will be on the hook for it. Nobody will have to worry about paying your federal student loans if you die (the government writes them off), but private loans with cosigners will have to be paid. The same is true for mortgage, car, or credit card debts that have been cosigned.

And if you have debts that you are responsible for alone, they will be paid from money out of your estate. To make things easier for your next of kin, a life insurance policy is a good way to make sure these debts can be covered.

You have a business partner

If you co-own a business and died suddenly, what would happen to the company you may have spent years building? It may not be the easiest conversation to have, but both you and your partner(s) need to talk about how things could be sustained after someone dies.

You have – or could have – people depending on you

Children aren’t the only ones who need to ensure their future is taken care of. If, for example, you are supporting or may end up supporting older family members, a life insurance policy can be an important safety net for them.

Your situation may change

Just because you don’t have a family now does not mean you won’t have one down the road. Getting a life insurance policy early is a great idea because when you’re young and healthy, it will be cheap. Later on, you can get another policy or increase coverage. Being proactive is especially important if your family has a history of serious health issues.

You don’t want to leave anyone high and dry

The average cost of a funeral now is between $7,000 and $10,000. Combine that with any other end-of-life expenses, and somebody will be looking at a pretty hefty bill. Whether this will be left to family members or friends, even a small life insurance policy will almost certainly cover these costs.

As you can see, life insurance is something everyone should think about getting. Plus, a policy is probably much more inexpensive than you realize. For a free quote, get in touch with Avante Insurance. You can call us at 305-648-7070 or just fill out our online form.