Do You Need Life Insurance If You Are Single?
Do you need life insurance if you are single? This is a very common question among single individuals. It feels unnecessary to some because no one is directly relying on their income for financial support, but there are some reasons why single people should at least consider a quality life insurance policy.
One of the most common reason single people benefit from life insurance is to have funeral costs covered in the event of their death. Young people generally are not aware of how expensive a funeral can be, but it can be thousands and thousands of dollars. According to MyDollarPlan.com, the average funeral can cost somewhere around $10,000 and this can easily be covered through an affordable life insurance plan.
Another important reason to consider life insurance is if you have outstanding debts that will need to be paid off upon your death. Whether you own a home, are buying a car or have credit card debt, a life insurance policy can pay for these debts and take the stress off of loved ones who may feel obligated to pay for your debts. It makes it easier on all parties involved if there is money to take care of all of these costs.
One last thing to consider is how possible it will be to obtain life insurance if you do end up having a family. Life insurance is generally more affordable the younger you are, so if you choose to obtain a policy when you are young and single, you could end up saving once you do have a spouse and a family relying on your income through more affordable life insurance. Take the time to research all of your options if you are single and considering life insurance. It can be very affordable and will give you peace of mind as well.