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7 Reasons You May Need Life Insurance When You’re Single

Most people who are single assume that they don’t need Life Insurance, mainly because the most common reason for having Life Insurance is to provide financial security for your family should you pass away. But even if you’re single there are situations where it would be advantageous to have Life Insurance.

1. You have debts

Not leaving others with debt is a major reason single people take out Life Insurance policies. Typical examples of debt that can be passed on include private student loans which have a co-signer and mortgages shared with a friend. A Term Life policy for the repayment period of the debt would be wise in these circumstances.

2. You have people who depend on you

Single people can also have people who rely on them, single parents with young children, people with aging parents or disabled relatives. If anyone relies on you for financial or any other kind of assistance it would be wise to have a Life Insurance policy that will cover the replacement of your assistance, should you pass away.

3. You want to cover final expenses

A funeral can easily cost $10,000! Without preparing for these expenses your friends or family could be forced to cover these costs, or maybe not give you the sendoff you would like.

4. You want to increase your wealth

Life Insurance isn’t just for leaving money behind after you die. A Permanent Life Insurance policy accumulates a cash value on a tax-deferred basis you can use for anything you like.

5. You’re a business owner

If you own a business and your business takes out a loan the financial institution issuing the loan will usually require you to have life insurance to make sure they get their money back if you die. If you have partners in your business each partner should have life insurance as the business would likely suffer should any of them pass. In this situation the business should get Key Person insurance to make sure the company is protected.

6. You’re young and healthy

Your health affects whether you qualify for Life Insurance and how much you will have to pay for it. If you take out a policy while you are young and healthy you will be able to lock in coverage at a considerably cheaper rate than when you are older. If you develop an illness in the future, you may not be able to get a policy.

7. You want to leave a legacy

Perhaps you have a charity, organization, school, or person you feel strongly about. A Life Insurance policy could name them as the beneficiary and provide them with financial security after your death.

Protection you can Trust

At the J G Petit Insurance Agency we help clients ensure they are covered for all risks.  Call us today on (855) 509-0001 to discuss your situation and see how we can help find the right Life Insurance policy for you.

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John Petit

John has a degree in Finance, a Master’s degree in Management, and is licensed to offer insurance products, financial products such as mutual funds and retirement plans.

Published March 27, 2022. Updated September 15, 2023

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