Reasons why single people might need life insurance.
While you might assume that life insurance is only for married couples with kids, there are many circumstances in which life insurance can help single people too. Here are some of the scenarios in which it pays to have life insurance coverage in place.
- You Have Student Loans
Today, most college graduates have some kind of loan debt. While federal student loans will be discharged in the event of your death, private loans will not. If your parents cosigned on your private loans, then they will be responsible for paying them back in your absence. If you do not want to leave your parents with this financial burden, then you should get a life insurance policy with enough coverage to pay back your creditors.
- You Have Financial Dependents
Even if you are single and childless, you still may have people who depend on your income. In fact, many young people financially care for their parents, grandparents, or siblings. If you do not want to leave your loved ones in a state of financial hardship, then you need to secure adequate life insurance coverage to take care of them.
- You Have Business Partners
If you have started a small business along with a partner, then you may have secure business loans to get your company off the ground. If you were to die unexpectedly, then your business partner would be responsible for paying back these loans all on their own. If you do not want this financial burden to affect the growth of your business, then you should secure life insurance and list your business partner as a beneficiary. This way, they can use your life insurance payout to pay off the loans and keep your business moving forward.
These are some of the situations in which single people can benefit from having life insurance coverage. Looking to secure the life insurance policy you need? Then contact the experts at East End Insurance Agency. We are ready to assist you with all your coverage needs today.