The myth holds true throughout almost every state in country. I dont need coverage because I’m single and do not have dependents. This would be an accurate statement IF this individual never acquired any debts, did not expect to have a funeral, and knew that he or she would never become subjected to extremely high insurance rates due to a doctors unfortunate diagnosis. Lets talk about debt first. If a single person dies and does have dependents, the only way the debts will be canceled is if he or she does not have money or assets. If the person who dies owns a car or property, a bond or CD, or a bank account with money in it, the money acquired from these various avenues will be used to pay off debt. If a college student co-signed a student loan with his or her parents, then the parent will be left responsible to pay for the entire loan in the case of students death. The same story holds true if a single person has co-signed with another person for a car lease. The sad truth is that debt outlives death, and remaining oblivious to this fact can be extremely detrimental.
Now to the morbid talk of funeral costs. Whether we like it or not, there is a cost of death, and its not a minimal one. According to the National Funeral Directors Association (NFDA), the average cost of a funeral is over $6,000. How can a funeral possibly cost that much? Well, the move/transfer of remains to the funeral home costs about $250, embalming costs about $628, other preparations of the body cost about $200, a basic memorial printed package costs about $125, and this doesnt even include a casket and vault, which average $2,295 and $1,195 respectively. Were not quite done yet – now add in the costs/charges of the cemetery, monument, flowers, and obituaries. Did we mention that these statistics are from 2009? Take into consideration inflation rates for four years and youll begin to see just how expensive a funeral is. These costs will be passed on to the family of the deceased person, which would have been been otherwise covered if he or she had a life insurance policy.
The last thing well touch base on in this post is the incentive to purchase life insurance at an early age. The younger you are, the healthier you tend to be. The healthier you are, the less expensive your policy will be. This is your chance to lock in a good rate for a policy that provides you with the coverage you need. That way, if anything were to happen in the future, you would already be covered and wouldnt be bombarded with a skyrocketed insurance rate.
We encourage you to research policies that are most beneficial for you at this time in your life. If you dont feel like doing intense research on your own, just fill out a short form here and get a free quote within minutes. Either way, we urge you to be aware of the risks that you take each day without life insurance, and that you are better off investing sooner rather than later.