If you’re single, you may think that you don’t need life insurance but there may be situations in which life insurance could give you peace of mind.
Life insurance is meant to give your family and loved ones financial support when you pass. This is why so many people are under the assumption that life insurance is specifically for married couples and those with children. While it may be true that not all single people need it, here are a few reasons why single people may need life insurance.
- You and your partner live together. You certainly don’t have to be married to live together. And when you’re living together, everything becomes a shared financial responsibility. If paying the rent or mortgage depends on both of your incomes, then one of you passing may lead to further stress on the living partner. Would they have to sell? Would they have to find a new place immediately?
- You have student loan debt. People think that debt dies with you. While federal loans are indeed forgiven, loans you got through a bank are not. So if your parents were the co-signers on your loan, it’ll be their responsibility to pay them off. You don’t want to give your parents grief AND loan payments.
- You are young and healthy. Age and health are two major factors that decide the premium of your life insurance. Why not lock in a low price while you’re still young and healthy rather than pay substantially more when you’re 40 or 50.
To learn more about life insurance and what it can do for you, contact Donald Weiss Insurance Services. Our dedicated team will help you determine exactly what you need out of your coverage, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this crucial coverage; call us today!
