If you’re single and have no children, you may feel life insurance isn’t for you as no one is depending on you for financial support. A life policy from Robnett Integra Insurance Services in Brownwood, TX can come in handy for other reasons. Here are a few ways life insurance can benefit you as a single.
Pay for Funeral Costs
If you died unexpectedly, would your loved ones have to bear the burden of funeral costs? Most young singles don’t plan for their funeral in advance. If you take out a life policy, however, death benefits can cover these costs, freeing your loved ones from this responsibility.
Pay for Outstanding Debts
Federal student loans may be forgiven upon your demise, but private loans are not. If a family member co-signed on these loans, they would be responsible for paying them back after you’re gone. Any debts that you accrued with someone else – car loan, mortgage, etc. – would fall on your partner’s shoulders if you were to suddenly pass on. Benefits from a life insurance policy can be used to pay your outstanding debts so your family or friends don’t have to.
Security for Future Family
You may be single now, but what about the future? If you plan to marry and start a family one day, it’s to your advantage to get a life insurance policy when you’re younger as the cost is lower. The cost of life insurance increases as you grow older.
Support for Significant Other
If you’re single but living with a significant other, life insurance can help provide financial support for him or her if you were to suddenly pass on. Your significant other will appreciate your thoughtfulness in providing this financial support.
To learn more about life insurance options and costs, contact Robnett Integra Insurance Services, Brownwood, TX.