Can I benefit from life insurance if I’m single?

shutterstock_105912482There are several types of life insurance available, and a life insurance policy can be tailored to an individual’s unique situation and specific needs. It’s safe to say that everyone can receive some kind of benefit from having a life insurance policy.

Term life insurance generally has lower premiums, and it can be easily adjusted to accommodate a change in an individual’s needs, making it a great, adaptable option for every one.

While most people associate the need for life insurance with home ownership and starting a family, there are other situations where it can, and will, be beneficial.

Funeral Costs

First and foremost, life insurance will help cover funeral costs. Funerals generally range from $9,000 to $15,000 dollars, and the loss of a loved one is heard enough without worrying about finances. A basic policy can lift some of the burden off of your family’s shoulders by allowing them to take time off from work to grieve and organize a funeral.

Shared Debts

Another benefit to having a policy is that it will cover any unpaid debts that you may be leaving behind to others, such as college or house loans. If you’ve had anyone cosign a loan for you, paying it off would become his or her responsibility if you were to pass. With the college loan ceiling rising higher and higher due to tuition increases, do you parents a favor and get yourself covered so they won’t be left with any unexpected financial burden.

Planning Ahead

The costs of life insurance are significantly lower the younger and healthier you are, and while you may not have a family to provide for right now, it doesn’t mean you won’t in the future. Even if the policy you get now won’t meet all of your future life insurance needs, it is always possible to add an extra policy to the one you have currently. An older policy with a newer, additional policy on top of it will ultimately be less expensive than if you wait to buy a large policy at a future date when you’re already a married homeowner with children.

Caregiving

Besides children, there may be others who depend on you financially (or will in the future), including elderly parents or special needs siblings. The right life insurance policy will act as a crucial safety net for your loved ones who would need care-taking in your absence.

Company Benefits

For your business, a life insurance policy would ensure the continuation of your business when you’re gone. A life insurance policy can be extended to cover any business debts, fund buy-sell agreements with your business partner(s), or provide coverage for key persons (like your employees, who depend on their job with your company to make a living).

Social Good

Life insurance can allow you to leave behind a gift for the charity or cause of your choice that is much larger than you would otherwise have been able to set aside for donation.

With so many different types of policies, uses, and outcomes, the best way to discover what’s right for your specific financial goals and needs is to speak with an experienced professional.

Here at SelectQuote, our experienced agents will work with you closely to help you find the perfect policy for your unique situation.

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