For many people, life insurance is something that will help to give their family the money they need to thrive and realize their dreams should something happen to them. It's money for things like mortgage payments, college tuition, soccer uniforms and weddings. It's easy to think that if you don't own a home or have children that you don't need this type of insurance. However, there are some very good reasons why life insurance is a good investment, even for singles.
Why single people should consider purchasing life insurance
1. Final expenses. If you don't have enough money in your savings account for your funeral, last medical bills and other final expenses, these obligations will fall on your family and friends. Not only could this put an extra burden on them, but it might mean that there isn't enough money available to honor all of your final wishes. Life insurance can provide the necessary money for these items.
2. Pets. Just because you don't have children doesn't mean that you don't have creatures that depend on you for their well-being. All responsible pet owners should have a written plan that details who will take care of their pets should they die. This might be a pet sanctuary, a friend, or a family member. Opting for life insurance will give that person or organization the money necessary to care for your pet for the rest of his or her life.
3. The advantage of youth. Even though you don't have a family, purchasing life insurance while you are young and healthy can mean that you'll have the coverage when you need it later, even if you develop a serious illness. If you wait, you may not be able to qualify for life insurance or you may have to pay a great deal more for it.
4. Investment potential. Certain types of life insurance can also bolster your retirement portfolio while still providing you life insurance coverage when you're young. So-called "whole life" policies have a cash value that can be withdrawn after a certain period of time or may be used as collateral for a loan.
While life insurance might not be the right choice for every single person without children, this type of insurance can make sure that there is money to honor your final wishes, supply money for the care of your pets, and even help boost your retirement portfolio. For more infromation, tlak to a professional like Reed & Baur Insurance Agency.