There is an intrinsic relationship between life insurance and family. When talking about these products, without mentioning them at all, they are always thought of as a financial option to leave some monetary benefit for the owner’s surviving spouse or children, in the event of their death. But also There are at least 5 compelling reasons for singles and children to consider taking out their own life insurance policy.
1. You have debts
When you die, the debts do not go with you. Depending on the type of debt, creditors take your money one way or another. For example, in some loans you should have put guarantors who are responsible for the debt, if you do not pay it. Maybe you don’t have children, but you do have parents, siblings or friends to whom you could leave problems.
If you have an estate, creditors will keep any assets with which they can collect the debt you left behind. With or without guarantor, life insurance could help you leave some resource that allows you to pay your debt.
2. If you have other types of dependents
As we said in the case of debt, you may not have children, but that does not mean that you do not have other types of dependents. If you have elderly parents or a disabled sibling who depends on your income, life insurance can give you peace of mind that you will leave some economic resource for those who need you.
3. You live with someone
Suppose a scenario where you have no parents, relatives or family, unless you are completely alone, you could usually live with someone you care about, from a couple to roommates. If you have a joint responsibility like paying rent, it would be nice if you had the decency to leave your part, in case you are missing.
Also, if you live as a couple, even if you are not married and do not want to have children now, doesn’t mean you can’t have them laterso life insurance will always be a life-saving product for those who live with you.
4. You have a business with partners
If you have business partners, they too depend on you to keep things going. When you create a society, you should always have contractual provisions to keep the business going if one of the partners dies. In fact, life insurance could be part of the commitment between society to see for the good of the business.
5. Someone has to pay for your death
Even if you live completely alone, have no family above or below you, are debt-free and do not have a business, In any case, someone you know must pay your funeral expenses, if the worst happens. A $10,000 life insurance policy may be enough to cover these expenses.
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