Situations in which having life insurance is a major benefit.
While you might assume that life insurance is only for married couples with kids on the way, this isn’t always the case. In fact, there are many reasons why single people should consider securing life insurance as well. Here are some of the situations in which having life insurance is a major benefit.
- You Have Student Loans
Today, most college graduates have some kind of loan debt. While federal student loans will be discharged in the event of your death, private loans will not. If your parents cosigned on your private loans, then they will be responsible for paying them back in your absence. If you do not want to leave your parents with this financial burden, then you should get a life insurance policy with enough coverage to pay back your creditors.
- You Have a Mortgage
If you are a single homeowner with a mortgage, then you should consider securing a life insurance policy. There are many reasons for this. First, if you have a cosigner on your mortgage, then securing adequate life insurance coverage ensures that the financial burden of paying your mortgage doesn’t fall on their shoulders. Having enough life insurance to pay your mortgage also ensures that your family can afford to keep your home. In this way, your life insurance can be an act of generosity to your loved ones.
- You Have Financial Dependents
Even if you are single and childless, you still may have people who depend on your income. In fact, many young people financially care for their parents, grandparents, or siblings. If you do not want to leave your loved ones in a state of financial hardship, then you need to secure adequate life insurance coverage to take care of them.
Single people, these are some of the situations in which having life insurance is a major benefit. Do you need help securing the right life insurance to fit your needs? If so, then contact the experts at John E. Peakes Insurance Agency for the assistance you need today.