Ask anyone about life insurance, and they will give you answers relating to dependents. But is life insurance all about dependents? Do people living without spouses or children need life insurance? Nieroda Insurance Agency of Saint Charles, MO, is here to explore why you may need life insurance even if you are single.
To take care of your funeral expenses
Research shows that Americans don’t have enough savings to pay for their funeral expenses. Without life insurance, the funeral expenses burden is usually left with the loved ones. With the average cost of funerals costing about $8,000, this is a significant amount to let your dear ones handle when undergoing a difficult time mourning your demise. The good news is that when you have invested in life insurance, your loved ones can use the proceeds to finance your funeral expenses.
Your circumstances could change
There are chances you won’t remain single forever. At some point, you could marry, have children, or adopt kids. Either way, it’s actually to your advantage to purchase life insurance when you are young. Life insurance premiums may be cheaper when you buy life insurance at a young age, given that factors like age and health condition are considered when computing your premium.
Even if you are not aspiring to have children or get married in the future, your aging parents or siblings could become your dependents, benefiting from your life insurance plan.
Your debts have cosigners
Some debts could be discharged when you die, while others can be covered by assets you leave behind. Unfortunately, if you have cosigned debts, your cosigners will remain on the hook for the outstanding debts when you die. However, when you purchase life insurance, the death benefit can be used to clear your debts.
Buy life insurance today!
As you can see, you don’t only need life insurance if you have dependents — other circumstances in life necessitate you to purchase life insurance. If you are looking for life insurance in Saint Charles, MO, and its environs, you can’t go wrong with Nieroda Insurance Agency. Contact us today for an affordable quote.