Reasons Single People May Need Life Insurance

Life insurance policies are always aimed at older people or those with families. They encourage people to have money for their dependents. As a single person, you may think there's no need to have life insurance. This is where you're wrong. Here are four reasons to get life insurance as a single person today.

You Don't Know What the Future Holds

You may be single now, but what about in the future? Within a few years, you could end up married with kids. Taking out a policy now would mean no need to rush around looking at companies while you're pregnant or with a new family. All you have to do is add your dependents onto your policy as the people the money is paid out to.

Cover Your Funeral Expenses

Funerals don't come cheap, and when you die you need to consider who would end up paying those expenses. It's not just the cost of the coffin, but the service and burial or cremation costs. The last thing you want is to leave elderly parents struggling with the extra financial burden. A life insurance policy could pay out just enough for your funeral costs. Just having a small payout would mean smaller costs for you on a monthly basis.

Cover Your Debt Costs

Like funeral expenses, there may be debts that have to be paid out after you die. While some of these will come from your assets, if you don't have assets your relatives may end up having to pay them for you. You can keep them protected by having a life insurance policy that covers enough for your debts.

This is something to seriously consider if you have co-signed loans with friends or other family members. You don't want to leave the financial burden on them, just like you wouldn't want the financial burden left with you.

Policies Are Cheaper When You're Younger

Signing up to a policy now will work out much cheaper than when you are older. You're less at risk of an accident or death when younger, so the insurance policies keep the premiums low. You can set up the term for your whole life if you want, just to make sure you are covered and don't have to worry about increasing premiums at a later date.

Single people may not have dependents, but it doesn't mean you don't need a life insurance policy. There are other financial burdens you may have that you don't want to leave to other relatives.