Life insurance isn’t just for people with kids or even people who are married. In fact, even if you’re single and unattached, life insurance might be an extremely wise purchase for you to consider. How do you know if you’re a good candidate for life insurance? There are a few characteristics of single adults that make life insurance especially advantageous.
Single Adults Who Are Young and Healthy
Maybe you’re young and healthy enough that you haven’t really thought about what will happen when you die. First of all, be thankful. But also be financially savvy and future-focused: now is the time to lock in low rates. Typically, you can lock in a low rate for 20 years, paying about as much as you would for the price of a single fast food meal out per month. (Never mind that skipping that so-called meal will help you continue your good health streak.) If you wait until you’re older or after you have a health issue, you’ll be paying a lot more.
Single Adults Who Care About Those Who Love Them
Who would pay for your funeral if you were to die? Chances are, it’s someone about whom you care deeply. Someone you wouldn’t want to have to shell out that kind of money. The typical funeral costs over $7,000. You can easily provide for that expense by purchasing a very minimal life insurance plan. Especially if you buy it now, while you’re still young and healthy. As much as we all wish we could be, you won’t be young and healthy forever.
Single Adults with Student Debt
Have you believed the myth that when you die, your debt dies with you? Well, it’s just that: a myth. As a general rule, federal government loans are essentially forgiven, but personal loans with cosigners are not. So think: if your parents co-signed a student loan for you through a bank and you die, they will be responsible for paying the remainder of your debt. Sometimes banks even require that such loans be paid in full immediately following a person’s death.
Single Adults with Live-in Partners
For single adults who share a residence with a significant other, plenty of other financial responsibilities are typically shared as well. Especially if your partner counts on your income to make monthly rent or mortgage payments, your premature death could mean that in addition to the grief of losing you and the loneliness of living without you, that person would also have to move immediately. If you purchase life insurance, you’re guarding them against that added difficulty during a time that would be hard enough already.
Life insurance isn’t something any of us want to have to need, but it’s a wise way to prepare for the inevitable future. If you will possibly have others depending on you in the future — a child or aging family members, for instance — your need for life insurance is even more significant. Even if you’re single.
The Nicholas Insurance Agency, led by Greg Nicholas, is a family owned business serving the York county, Pennsylvania region. In the insurance business since 1981, Greg Nicholas helps families, businesses and individuals understand the value of different insurance products and make wise decisions when selecting the best insurance products for their specific situations.
Offering exclusively Allstate insurance products, the Nicholas Agency provides auto, homeowners, rental and landlord insurance as well as life & disability, recreational vehicle, motorcycle and personal liability insurance.
For more information, visit our two York, PA locations at Westgate Plaza or York Marketplace, visit our website at nicholasins.com, or call us at (717) 764-2024.