Starting out as a single adult, you may think you dont need life insurance. You most likely do not own a home or have someone who will be relying on your income. However, as a single adult, you still need life insurance. At a minimum there are the final costs of your passing to consider. Will your parents, the people most likely to assume these costs, be able to afford it? They may be living on a fixed income, and may not have the resources to afford the cost of your burial and other final expenses.
Another situation to keep in mind is if you are a single mother. Many women in America are uninsured, and often those that are have less coverage than their male counterpart. Single women and single mothers may think that they cant afford life insurance, as they are often on a tight budget. However, since Term Life Insurance is so affordable, their access to life insurance is much more achievable.
As you and your significant other move through life and make the lasting commitment of marriage, life insurance may still not be a top priority. After all, you are still young, and probably still do not have children. However, the cost of your passing may have changed. You may have purchased property or amassed some more debt, the expenses of which will fall solely on your spouse in the event of your passing. Will he or she be able to afford the cost of mortgage or pay off your debts should you pass?
Life Insurance becomes even more important as you and your significant start a family. You have more responsibilities and costs to take care of. A Term Life Insurance policy can be used as back up for a mortgage, or your childs college expenses. Whatever it is that causes the greatest financial concern should you pass, you can cover with a Life Insurance Policy.
No matter what stage of life you are in, be it single or married with children, life insurance can be used to help cover the expenses your passing may leave behind for your loved one. When looking for life insurance, it is best to compare your options, be it amount of coverage or length of term, different companies will offer different choices. Going through an independent insurance agency, like SelectQuote, can help you cut through the clutter and find the best policy for you.