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Party of One? Three Reasons Singles Need Life Insurance
Admin • August 8, 2017
Life insurance is commonly associated with married couples or older individuals. When it comes to life insurance products, many single people overlook the importance of securing their own policy. Life insurance can play a critical role in helping singles protect their financial peace of mind and prevent passing on their debt to surviving family members.
Before you overlook a life insurance policy just because you are single, here are three ways a life insurance policy can benefit singles that you should take into consideration when investing in insurance products.
1. Life Insurance Can Protect Your Parents From Your Student Loan Debt.
Many young people recognize the importance of completing a college degree, and some students find that taking out loans is the only way to pay the cost of tuition. Since college students might not have the credit to obtain a loan on their own, many ask their parents to co-sign their college loan applications.
In the event of your untimely death, any private student loan debt that you incurred with your parents as co-signers would be passed along to your parents for payment. This student loan debt can place a serious financial burden on your parents, leaving them in a difficult financial situation as they cope with your passing.
By obtaining a life insurance policy that names your parents as the beneficiaries, you ensure that your parents will have access to the financial resources needed to pay off your student loan debt.
2. Life Insurance Can Provide for Your Live-In Partner.
Many young couples choose to build a life together without going through the formality of getting married. Unfortunately, without a legally recognized marriage, it can be difficult for your partner to gain access to any of your financial assets after your passing.
When couples move in together, they typically share the financial responsibilities of maintaining a household. If your live-in partner would have a difficult time paying for shared car loans, a mortgage that is in both of your names, or any other shared debt after your passing, then obtaining a life insurance policy can be a great way to shield your loved one from financial ruin.
By naming your live-in partner as a beneficiary on your life insurance policy, you will be able to financially provide for him or her in the event of your untimely death.
3. Life Insurance Is More Affordable When You Are Young and Healthy.
Age and health status are two factors that play a significant role in determining the overall cost of a life insurance policy.
Many singles are young and healthy, making them perfect candidates for a life insurance policy. By making it a point to lock in your policy now, you will be able to enjoy a lower monthly premium as you carry your life insurance policy with you into the future.
Should your health status change as you age, you will be able to reap the benefits of an affordable life insurance policy premium because you took the time to invest in a life insurance policy while you were still single.
Life insurance policies can provide financial protection for many different people in your life. Securing a life insurance policy while you are single ensures that your parents will not have to bear the burden of paying off your student loans without financial assistance, that your live-in partner will have access to the funds needed to cover joint debts, and that your future financial obligations will remain minimal by keeping your insurance premiums low.
Talk to your insurance agent
about securing a life insurance policy today. You will save money and feel better knowing your loved ones are protected.
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S.N. Anthony Insurance Inc.
104 S. Washington St.
Ripley, TN 38063
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Halls, TN 38040
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