17 Sep Single and Without Life Insurance
If you’re single, why would you need life insurance? No one is depending on you financially, right? There are a couple of things to consider before you reject life insurance as a single person.
Most Americans today have some type of outstanding debt. Who’s on the hook for that money when you die? If you have a loan that you co-signed with someone else, your co-signer would be the responsible party. Whether it’s a car loan, credit card debt, or mortgage, your co-signer pays the remaining balance were you to die. Student loans can vary. Most federal student loans are forgiven if the person was to die, but, a private student loan is not. These do not dissolve if you were to pass away and your closest relative would be responsible for paying them off.
Who would pay for your funeral? In addition to your student loans, your closest relative would be paying your funeral costs. Funerals can cost anywhere from $5000 to $12,000! If you look back at these costs they can add up pretty quickly, but if you have a life insurance policy these costs would not be a burden to your loved ones.
Now is the time to look at life insurance policies while you are young and healthy. The first place to look is at your place of employment. They might offer term life policies for their employees for a minimal monthly cost. After that check with your trusted agent or give The VanDyke Group a call.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.