There are countless blogs and articles that stress the importance of life insurance for the sake of the security of children and their futures. This can easily lead many to believe that all couples without children do not need life insurance, which is false. There are plenty of reasons for non-parents and single people to invest in life insurance.
One of the benefits of getting life insurance without having children is that you don’t have to sign up for an expensive coverage plan and still receive protection in case of your untimely demise. You can still get financially protected for a much lower price if you are single and don’t have a family to worry about.
Still not convinced? Here are some reasons why non-parents and singles need life insurance:
Although you may not have any living dependents to provide for in your absence, you probably have assets you will need to protect if you pass away. This includes your house, your cars, and any other valuables you may have. While it is important to protect these assets by ensuring you have the appropriate insurance policies in place, you may be underinsured if you don’t have life insurance.
If you pass away unexpectedly, your family members may not be capable of paying off your debts and other expenses related to your estate. This will leave them in serious debt while struggling to make ends meet after losing your income. Not to mention the loss of everything you worked hard for in your life.
If you like to invest for retirement or have a significant amount of student loan debt, you likely have debts you need to pay off in the event of your death. Life insurance can help your loved ones pay off any outstanding debts so that they don’t have to deal with a financial burden after you are gone. It will also ensure that any investments you have made will continue to benefit your loved ones if you pass away.
This also includes business owners with partners who will assume their share of ownership should one partner die suddenly, leaving the surviving partner with no choice but to sell the business at a reduced price or lose it altogether.
Many working adults decide to invest in life insurance so that they will have more financial security when they retire. This is because they plan on having a fixed income in retirement and won’t have enough income to cover their expenses on their own.
However, if you don’t have life insurance when you retire, your family will have to pay for your funeral and other expenses out of pocket. This can create a lot of stress for your family when they’ll already be dealing with losing a loved one. Make sure to invest in final expense life insurance so that you can leave your family with peace of mind after you are gone.
If you have a family history that includes health issues like heart disease or cancer, you may need a life insurance policy that will cover your medical care and treatment. This type of policy will cover all of your medical expenses in full so you don’t have to pay for anything out of pocket if you have a medical emergency.
If you’re planning on having children one day, you may want to consider investing in a child rider on your life insurance policy to ensure that they will have the financial support that they need if you pass away before they become an adult. The younger and healthier you are when you purchase your policy, the lower your premium will be.
We understand getting life insurance without children or with them can be overwhelming if you don’t know all your options. At Franklin Life and Annuity, we can help you choose the best life insurance coverage plan for you.
Get in touch with us today to get learn more!